The Penn Mutual Life Insurance Company | November 23, 2021
The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, is pleased to announce that the company has maintained its dividend scale for 2022 and the Board of Trustees has approved a $123 million payout to eligible policyholders in 2022.
Dividends are a key measure of a mutual company's performance and Penn Mutual has consistently paid dividends to eligible policyholders for nearly 175 years. This announcement extends the company's long track record of delivering strong performance and value to policyholders.
"We're proud to continue our track record of financial strength and maintain our dividend scale, A mutual life insurance company's ability to consistently pay dividends is a solid indicator of its financial strength. Over the last 20 years, our dividend action remains one of the strongest and most consistent in the industry, reinforcing our commitment to serving the best interests of our policyholders and financial professionals now and into the future."
- Eileen McDonnell, chairman and CEO.
About The Penn Mutual Life Insurance Company
Penn Mutual helps people become stronger. Our expertly crafted life insurance is vital to long-term financial health and strengthens people's ability to enjoy every day. Working with our trusted network of financial professionals, we take the long view, building customized solutions for individuals, their families, and their businesses. Penn Mutual supports its financial professionals with retirement and investment services through its wholly-owned subsidiary Hornor, Townsend & Kent, LLC, member FINRA/SIPC.
P&C | May 30, 2022
Rising rates have overwhelmed the simplified user experience, smooth customer service, and enhanced navigation that were intended to define the digital revolution of the property and casualty (P&C) insurance industry—and boost consumer happiness. The J.D. Power 2022 U.S. Insurance Digital Experience StudySM released, shows that even though insurers have put a lot of money into websites and mobile apps for customers, customer satisfaction with insurers' digital services is going down this year.
Although insurers keep upping the ante on technology, improvements are being offset by frustration among customers who are going online to shop for a better rate—and not finding one. We’re also seeing a clear trend in which more than half of digital insurance shoppers choose not to use digital tools or educational resources to help them through the shopping process. This further exacerbates the decline in customer satisfaction.”
Robert M. Lajdziak, Director of Insurance Intelligence at J.D. Power.
The research, which was updated this year, assesses digital consumer experiences among both P&C insurance purchasers seeking quotations and existing customers performing routine policy-servicing tasks. The study looks at four elements that affect the functionality of desktop, mobile web, and mobile apps: ease of navigation, speed, visual appeal, and information/content. Corporate Insight, a renowned provider of competitive intelligence and user experience research to the financial services and healthcare industries, collaborated on the project.
Key findings of the 2022 studies are as follows:
Customer satisfaction with the P&C insurer's digital purchasing experience is only 499 out of 1,000, down 16 points from a year ago. Overall, customers are satisfied with their digital service experience at 705, down one point from 2021. Customer dissatisfaction with escalating rates and the inability to obtain premium cost relief by searching for a new policy is driving the fall in shopping satisfaction.
Digital shopping tools, which help insurance consumers find discounts, policy details, and specific coverage or unique advantages, are linked to a satisfaction rise of 137-211 points, depending on which shopping tool is utilized. However, during their quotation requests, 54% of insurance shoppers did not use any shopping tools.
The study reveals considerable discrepancies in mobile app performance when it comes to account service. The average satisfaction score for the top 25% of respondents who use a mobile app is 885, which is much higher than any other channel. However, satisfaction with a mobile app among the bottom 25% of respondents drops 358 points to 527.
Traditional insurers and digital native InsurTech firms both have similar levels of consumer satisfaction with digital account servicing. Traditional carriers make up the difference with better information/content and access to human support when customers need it. While InsurTechs outperform on speed and visual appeal metrics, traditional carriers make up the difference with better information/content and access to human support when customers need it.
DOXA INSURANCE | October 07, 2021
AGIA, Inc. and its sister company Worldwide Rescue and Security, Inc. (collectively AGIA) are pleased to announce their respective acquisitions by DOXA Insurance Holdings, LLC (DOXA). AGIA will continue operations under the leadership of CEO Chris Burke and team and will retain the AGIA and Worldwide Rescue and Security names.
AGIA is one of the industry's few remaining affinity focused program managers of its size, scale, and brand value. For more than 65 years, the company has maintained a national reputation for delivering creative and effective affinity products, marketing excellence, and providing a superior level of service to its marquee client roster, which includes some of the largest and most iconic associations, affinity groups, and organizations in the country.
Our senior leadership, board of directors, and ownership considered a variety of strategic plans to power AGIA's continued growth and ultimately decided that it was time to make AGIA a part of something bigger, with more growth opportunities and an investment appetite that would also include funding targeted acquisitions,Taken together, DOXA's mission, vision, and corporate cultures were a perfect fit for us.
- Chris Burke, President and CEO of AGIA.
DOXA is a privately held company whose mission is to build a diversified underwriting and distribution platform that delivers value for clients, customers, carriers, and investors via thoughtful acquisitions and organic growth. AGIA represents for DOXA an entry point of scale, highly specialized expertise, and intellectual capital in the affinity space; it will become the platform upon which DOXA will build its business and growth in the affinity and program management sector.
I'm excited to welcome AGIA to the DOXA family of companies, We share a vision to become the choice builder and provider of highly specialized niche programs and products; and we look forward to helping AGIA achieve the next-level growth they so strongly desire.
- Matt Sackett, DOXA's CEO.
Dowling Hales, LLC advised AGIA, Inc.; the terms of the transaction were not disclosed.
ABOUT DOXA INSURANCE:
DOXA INSURANCE HOLDINGS is a Midwest-domiciled holding company that acquires specialty niche-focused insurance distribution companies such as Managing General Agencies, Wholesale Brokers, and Program Administrators. DOXA focuses on assisting proprietors through a strategic, reengineered approach to succession planning and organizational sustainability. DOXA's founders are experienced insurance executives with credentials in the niche and specialty insurance market.
For more than 65 years, AGIA has served as the insurance and member benefits marketing and administration partner to some of the largest and most iconic associations and organizations in the country. Working closely with discipline, science, and creativity, we craft affinity benefit programs that help members protect what they value most.