Sunset Life Insurance | April 26, 2022
Sunset Life Insurance Company of America announced that it would rename Ibexis Life & Annuity Insurance Company as Ibexis. The renaming will be a part of a brand relaunch under new leadership and direction. Ibexis represents the next chapter for Sunset Life as it seeks to build a best-in-class insurance platform. The process will take place following the appointment of CEO Nate Gemmiti, and significant capital investment from global alternatives firm Investcorp happened in November 2021.
Ibexis will launch a new fixed annuity product in the second quarter of 2022. The launch will include insurance licenses in 43 states and the District of Columbia. Ibexis is a long-term stable provider of retirement-oriented fixed annuity products. It has been doing so through a platform that forces innovative technology to provide a better experience for both customers and distribution partners.
As the company organizes to launch new products, AM Best recently upgraded Ibexis to an A- (Excellent) Financial Strength Rating and Long-Term Issuer Credit Rating (Excellent). The outlook for both ratings is "stable." The ratings reflect Ibexis' strong balance sheet, Investcorp's $40 billion capital commitments and financial resources, and good financial flexibility and liquidity resources.
We are delighted that AM Best recognized our exceptional financial strength and credit. Advisors and clients believe in financial security from the underlying insurance company when selecting a retirement product. We are very pleased that all stakeholders can review this independent assessment as we prepare to launch a new fixed annuity product."
Nate Gemmiti, President and CEO of Ibexis.
Parachute Digital Solutions | November 23, 2020
Parachute Digital Solutions Inc., a Munich Re company, reports the dispatch of Parachute 2.0, a turnkey product and carrier agnostic online insurance platform for carriers, brokers, employers, associations, and retailers to offer life and supplemental health protection plans in a simple to-utilize, secure and smoothed out digital environment.
“Parachute 2.0 reinforces our core philosophy and commitment to making insurance simpler for all involved, whether that’s carriers or brokers who want to make life easier for their clients, or Canadian families who want coverage that fits their lifestyles and the current reality,” said Richard Letarte, Head of Parachute Digital Solutions. “The new platform takes the realities of COVID-19 and the evolving needs of the online insurance consumer into account.”
The underlying Parachute 1.0 platform was dispatched in December 2017 to improve the insurance purchasing experience and brought the life and supplemental health insurance application/purchasing measure into a virtual environment by changing leads over to deals with a prompt endorsing choice.
Parachute 2.0, which was dispatched in Canada in June 2020, makes it a stride further. From showcasing to purchasing, policy issuance, administration, and analytics, Parachute 2.0 is a completely digital start to finish arrangement. The platform is accessible to any insurance transporter, dealer or retailer wishing to offer life and supplemental health insurance items to their clients. Whenever access is in all actuality, clients can buy a policy shortly or less from any PC or cell phone in a completely digitized online experience. All items sold through Parachute 2.0 are reinsured by Munich Reinsurance Company.
“The effects of the COVID-19 pandemic will be with us for a long time. Continuous innovation, industry resilience and adaptable creativity are core to our value proposition,” said Letarte. “The Parachute 2.0 platform offers new levels of service to our clients, while shaping the future of our industry.”
About Parachute Digital Solutions Inc.
Parachute Digital Solutions Inc., a Munich Re company is an insurance agency that offers a fully digital, end-to-end platform, hosting an array of insurance and protection solutions with our partners. The company’s platform, Parachute, provides carriers, brokers, employers, associations, and retailers with the tools and tactics they need to help future-proof their insurance business and offerings.
About Munich Re
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals. “Munich Re” is a registered trademark of Munich Reinsurance Company.
YF Life, eBaoTech | April 26, 2021
eBaoTech Corporation (eBaoTech), a global provider of digital insurance solutions, and YF Life Insurance International Ltd. (YF Life), a major Hong Kong insurance firm, are pleased to announce the successful launch of their new policy management system for YF Life, which replaces a legacy core system that had been in operation for many years. The new core system, eBaoTech® LifeSystem Suite, is now used to serve all YF Life business lines in Hong Kong and Macau.
YF Life is a technology-enhanced insurance and wealth management firm that is part of the Yunfeng Financial Group, which is listed on the HKEX. The firm has been in the Hong Kong insurance industry for over 40 years and is dedicated to offering customers one-stop risk- and wealth-management advisory services, as well as MPF services. YF Life provides adaptable and cutting-edge insurance solutions, such as the award-winning lifetime annuity scheme. YF Life is the only company in Hong Kong to have been named Best-in-Class/Outstanding Achiever for Annuity Plan and Retirement Product in the BENCHMARK Wealth Management Awards for nine consecutive years, owing to its distinctive product advantages.
During its first two months of operation, the new core structure has already provided strong business values while operating seamlessly and successfully in support of YF Life's business growth. This demonstrates eBaoTech's reliability and maturity as a leading insurance core system and digital solution provider.
About YF Life Insurance International Limited
YF Life Insurance International Limited is a member of the Yunfeng Financial Group, a Hong Kong Exchange-listed firm whose main shareholders are Yunfeng Financial Holdings Limited and Massachusetts Mutual Life Insurance Company, one of the "Five Largest US Life Insurance Companies." YF Life is committed to building a better future for customers by providing professional and technology-enhanced one-stop risk- and wealth-management advisory services, as well as MPF services, by leveraging its strong reliability and robust financial history.
eBaoTech® is a provider of technology solutions to the global insurance industry. The goal has always been to "make insurance easy." They do business in more than 30 countries across all continents, representing various insurers, agents, brokers, InsurTech startups, and other insurance ecosystem participants. eBaoTech has two types of solutions: eBao® Cloud, which includes SaaS and PaaS solutions, and eBao® Software, which is used in conventional insurance carriers' core systems.