RISK MANAGEMENT
Selective Insurance | October 03, 2022
In recognition of October's designation as Cybersecurity Awareness Month, Selective Insurance today announced that it will remove personally identifiable information from eligible private passenger vehicles and light duty trucks after they're declared a total loss. This new solution deletes sensitive electronic data, such as GPS addresses, phone contacts, telematics, garage and gate opening capabilities, and other personally identifiable information. Personal and business vehicles that are model year 2012 or newer are eligible for this service.
"Technologically-advanced vehicles store a significant amount of personal data, especially in the infotainment and navigation systems, Deleting personally identifiable information after a total vehicle loss prevents it from ending up in the wrong hands. It protects our customers so they can focus on restoring their lives. This service is another way our customers can Be Uniquely Insured® with Selective."
-Jim McKeown, Vice President, Mobility and Customer Experience, Selective Insurance
About Selective Insurance
Selective Insurance Group, Inc. is a holding company for 10 property and casualty insurance companies rated "A+" (Superior) by AM Best. Through independent agents, the insurance companies offer standard and specialty insurance for commercial and personal risks and flood insurance through the National Flood Insurance Program's Write Your Own Program. Selective's unique position as both a leading insurance group and an employer of choice is recognized in a wide variety of awards and honors, including the Fortune 1000 and being certified as a Great Place to Work® in 2022 for the third consecutive year.
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CORE INSURANCE
The Standard and Noyo | October 21, 2022
Standard Insurance Company (The Standard), a leading provider of financial protection products and services for employers and individuals, has entered into a strategic partnership with Noyo. This partnership reinforces The Standard's commitment to digital transformation by bridging member enrollment and eligibility data across benefits technology platforms. The solution will enable faster group connection and processing times, as well as decreasing operational overhead for benefits administration.
By incorporating Noyo's capabilities around handling, standardizing, and transmitting data quickly and accurately, The Standard is making it easier for employers to administer their benefits and employee enrollments and reducing data issues that can disrupt coverage. The partnership will provide an enhanced billing experience and access to data, allowing information to pass quickly and seamlessly between stakeholders.
“The Standard is making a significant investment in our group insurance business to transform the way we connect with and provide service to our customers, We are investing to deliver a superior outcome for our customers through a unique combination of expertise, caring and digital experience."
-Jill Schlofer, second vice president of Implementation and Enrollment for The Standard
Key Partnership Benefits
Streamlines member maintenance updates including open enrollment, new hires, qualifying life events and demographic and termination changes across all group sizes.
Allows brokers to connect clients faster, spend more time advising their clients and less time on administration.
Performs member enrollment data audits to ensure eligibility changes are processed quickly and accurately.
I am incredibly excited to see an insurance carrier with more than a hundred years of history adopt the technology of the future, We look forward to transforming the way key benefits data is managed and enabling The Standard to focus on their mission to protect the lifestyles of their customers,said Shannon Goggin, CEO at Noyo.
About The Standard
The Standard is a family of companies dedicated to helping customers achieve financial well-being and peace of mind. In business since 1906, we are a leading provider of financial protection products and services for employers and individuals. Our products include group and individual disability insurance, group life, dental and vision insurance, voluntary (employee-paid) benefits, absence management services, and retirement plans and annuities for employers and individuals.
About Noyo
Noyo is the modern data infrastructure that makes frictionless employee benefits possible. Founded by leaders in benefits, insurance and API technology, Noyo is the first company transforming the underlying infrastructure of the benefits industry with seamless digital connectivity. With Noyo, crucial benefits data is instantly available anywhere it’s needed, unlocking new possibilities for how benefits are designed and delivered.
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LIFE INSURANCE
PRUDENTIAL INDIVIDUAL LIFE INSURANCE | November 15, 2022
Prudential Financial, Inc., has launched Prudential FlexGuard® Life, an innovative Indexed Variable Universal Life product that offers a flexible combination of protection, growth, and access to meet consumers’ changing life insurance needs.
Inspired by the groundbreaking success of Prudential’s signature FlexGuard Indexed Variable Annuity products, which have reached over $10 billion in total sales, FlexGuard Life is a next-generation solution designed to help meet today’s evolving consumer needs.
“As our customers’ needs continue to evolve, we’re working to provide them with new ways to achieve financial security, including offerings that help to diversify their cash values and realize more benefits from their policies, FlexGuard Life performs exactly in that way, prioritizing protection, growth and access.”
-Salene Hitchcock-Gear, president of Individual Life Insurance at Prudential
FlexGuard Life offers buffered index strategies with potential for strong cash value accumulation, while also providing levels of downside protection during periods of market volatility. It includes death benefit protection with guaranteed duration options, multiple ways to grow cash values and the ability to accelerate death benefits in the event of a chronic or terminal illness if an additional rider has been added.
The solution is customizable and can be adjusted based on changing needs, giving consumers the opportunity to take control over their future. It affords them access to cash values when needed, providing the unique opportunity to leave a legacy while also expanding access to living benefits.
ABOUT PRUDENTIAL INDIVIDUAL LIFE INSURANCE
Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better by creating financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for more than a century.
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