Lloyd's of London to abandon various US insurance licenses

Lloyd | July 13, 2020

Centuries-old exchange Lloyd’s of London will be focussing on its core markets, announcing a strategy that will see the world’s specialist insurance marketplace relinquish US admitted licenses. In a market bulletin issued by syndicate capability oversight head Peter Montanaro, Lloyd’s said it will be strengthening its focus on the US reinsurance and excess & surplus (E&S) insurance market “where it is the market leader,” in a move that will be carried out by relinquishing admitted licenses in the US Virgin Islands, Kentucky, and Illinois.

Spotlight

Parents, do you know how important it is for you to have life insurance? In this video, Quotacy discusses life insurance for parents how explains how easy it is to also provide coverage for your children with a life insurance child rider.

Spotlight

Parents, do you know how important it is for you to have life insurance? In this video, Quotacy discusses life insurance for parents how explains how easy it is to also provide coverage for your children with a life insurance child rider.

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CORE INSURANCE,LIFE INSURANCE

Award-Winning Insurtech Company Launches Quility Life Lessons Scholarship Program

Quility and Life Happens | August 24, 2022

Quility, an award-winning insurtech company, has partnered with Life Happens, a non-profit dedicated to educating consumers on the importance of life insurance. This collaboration marks Quility's inaugural college scholarship. Since 2005, Life Happens has provided financial support to college-bound seniors and college students who have experienced the death of a parent or guardian with little to no life insurance. To date, they've awarded more than $2.5M among 750+ students. Quility is thrilled to collaborate with Life Happens and to announce MaKayla Cook as the recipient of the 2022 Quility Life Lessons Scholarship. "These days, receiving a college education is a huge financial burden for many families, I cannot begin to imagine the added financial hardship of losing a parent, with little to no life insurance, while simultaneously navigating the cost of higher education. The Life Happens Scholarship Program offers both an incredible way to support students who have suffered loss, and an opportunity to remind everyone about the importance of life insurance. The student Quility selected has shown grace and perseverance that is, and will continue to be, a wonderful lesson in life for us all. We are truly grateful to Life Happens for creating such an impactful program and we look forward to supporting many more students in the years to come." -Whit Zeh, Quility's Senior Director of Corporate Well Being and Community Outreach About MaKayla: Makayla's mother passed away unexpectedly on August 5, 2021. Just two weeks before her passing, her mother lost her job and all employer-provided benefits, including life insurance. MaKayla paid for her mother's funeral with money she had saved throughout high school and friends and family pulled resources to help with other immediate expenses. MaKayla's resilient spirit and determination have carried her through grief and the collective stress brought forth by the pandemic. Today, she is working 40 hours per week in addition to her coursework at Appalachian State University. When she graduates, MaKayla will be the first in her family to achieve a college degree. As a corporate sponsor, Quility will financially support MaKayla for one full academic year. The company plans on sponsoring additional students in the coming years and is encouraging its large network of agents to do the same. You can learn more about applying for a scholarship, making a donation, or becoming a corporate sponsor by visiting the Life Lessons Scholarship Program. You can also explore the many ways Quility serves its communities through sustainable engagement by reviewing Quility's Impact. About Quility: Quility uses innovative and proprietary technology to modernize the process of qualifying for and purchasing life insurance. The Quility digital platform offers clients the option to apply for life insurance online through a ten-minute application or with the support of a licensed insurance agent. About Life Happens: Life Happens is a nonprofit organization dedicated to helping consumers take personal financial responsibility through the ownership of life insurance and related products. The organization does not endorse any product, company or insurance advisor. Since its inception in 1994, Life Happens has provided the highest quality, independent and objective information for people seeking help with their insurance buying decisions.

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INSURANCE TECHNOLOGY

Advisor360° Introduces New Beneficiaries Capability for Insurance Policies

Advisor360° | July 05, 2022

Advisor360°, a Software as a Service (SaaS) provider of integrated technology for the wealth management industry, today announced a significant cross-product enhancement to its existing Beneficiaries capability. Financial advisors are now able to see and report on their clients’ beneficiaries on insurance products, in addition to custody and investment accounts, in a single view. “Having consolidated beneficiaries reinforces Advisor360°’s leadership position in providing cross-product support and solutions to broker-dealers, advisors, and their clients,” said Patrick Noonan, Product Manager for Wealth Management and Insurance at Advisor360°. “With our latest enhancement, it has never been easier for advisors to guide clients on necessary updates to their intended heirs and beneficiaries, which is a critical part of estate planning.” The improved functionality integrates beneficiaries across all investment products, including insurance and annuities, eliminating the need to visit multiple websites. Advisors can efficiently view and report on primary, secondary, tertiary, and custom beneficiary arrangements for policies that are in effect and those that are pending. This streamlines meeting preparation and allows advisors’ clients to see all of the beneficiary information for their investments in a single view. “On the heels of rolling out Digital Onboarding, today’s announcement is further proof of Advisor360°’s commitment to developing and delivering the very best in cross-product capabilities. We believe continuous innovation is part of our responsibility to existing and future clients,” said Darren Tedesco, President of Advisor360°. “On the heels of rolling out Digital Onboarding, today’s announcement is further proof of Advisor360°’s commitment to developing and delivering the very best in cross-product capabilities. We believe continuous innovation is part of our responsibility to existing and future clients,” said Darren Tedesco, President of Advisor360°. Advisor360°’s insurance and wealth management capabilities are already the most sophisticated on the market, and the company plans to offer new features later in 2022 to remove even more technological hurdles that broker-dealers must overcome to remain competitive. About Advisor360° Based in Weston, Massachusetts, Advisor360° is a Software as a Service (SaaS) provider that builds, integrates and delivers technology for wealth management firms. The company’s proprietary Unified Data Fabric™ (UDF) synthesizes complex and disparate data streams into one platform for a highly sophisticated wealth planning solution. Today, 3 million households with $1 trillion in assets under advisement benefit from the integrated Advisor360° experience. Whether the enterprise back office, the client-facing advisor or the individual investor, Advisor360° brings clarity to all stakeholders seeking a holistic approach to managing household wealth. Advisor360° launched as an independent company in 2019 and was named the second largest fintech company in Massachusetts by The Boston Business Journal in 2021. To learn more, visit www.advisor360.com.

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COMPLIANCE

Counterpart Launches Excess Insurance Product for Small Businesses with Aspen

Counterpart, Aspen Insurance Holdings | July 21, 2022

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