CORE INSURANCE
InsurCard | September 23, 2021
InsurCard® the nation's leader in electronic payment solutions, has launched a breakthrough insurance technology for MSA recipients. InsurCard's Medicare Set-aside (MSA) Program helps MSA recipients manage their own insurance settlements using technology available through the payment card networks.
MSA recipients manage their own insurance settlements using technology available through the payment card networks.
Our program is a debit card-based product designed for individuals who have received an insurance claim settlement and need to follow Medicare Set-aside regulations. The MSA program is a set of automated tools that give the advantages of professional administration to those who choose to self-administer their settlement.
- InsurCard Founder and CEO Robert Mendte
While professional MSA Administration companies are available, more than 90% of MSA recipients choose to self-manage their insurance settlements. However, the regulations established by the Center for Medicare Services (CSM) can be complicated, and MSA self-management requires meticulous record keeping and comes with steep penalties for errors. This is one of many reasons why InsurCard's MSA solution is an ideal option.
Here are additional noteworthy features:
Discount programs for pharmacies, medical providers, drugs and durable medical equipment
Reduced pricing for hospital and medical bills based on State Workers Compensation schedules
Automated record keeping and CMS reporting assistance
Payment tracking
Programmed Merchant Category Codes (MCC)
Debit cards that avoid inappropriate purchases based on CMS guidelines
Fund exhaustion mitigation through low balance notifications
Website access to all account transactions and balances
A HIPAA compliant 24-hour Call Center
In the InsurCard program, a debit card doubles as a pharmacy card and payment card. The debit card will only work on purchases allowed under CMS guidelines. All purchases are tracked and recorded for CMS annual reporting. If appropriate, money can be withdrawn from the account, but must be tracked by the individual.
Congress established the MSA legislation and subsequent regulations to protect the interests of Medicare and the U.S. taxpayer. Failure to properly administer an MSA account carries potentially severe consequences, including the denial of Medicare coverage when needed, which potentially leaves the beneficiary responsible for all medical claims and mismanaged funds.
Enrollment in the InsurCard MSA program is free of charge. Settlement recipients should always consult with their legal representative about the program.
About InsurCard
Headquartered outside of Philadelphia, InsurCard has been the leader in electronic payments for the insurance industry for more than a decade processing over $4 billion in payments annually. InsurCard is a wholly owned subsidiary of Service Network Design, LLC. The InsurCard Prepaid Card programs are specifically designed to meet the stringent requirements of both the insurance and prepaid card industries.
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CORE INSURANCE
Ameritas | January 17, 2022
Ameritas has introduced enhancements to its whole life insurance products, creating additional options to help meet client needs while maintaining current product competitiveness. The four new whole life insurance products are Ameritas Access Whole Life, Ameritas Growth Whole Life, Ameritas Growth 10-Pay Whole life and Ameritas Value Plus Whole Life. The products are issued by Ameritas Life Insurance Corp. and Ameritas Life Insurance Corp. in New York and became effective Jan. 1.
"We are excited about the reprice of the Ameritas whole life products, as the entire portfolio has been updated to include enhanced and consistent features,The purpose and performance of each product has been positioned to complement one another. Whether you're looking for early access to guaranteed cash value, long-term cash value accumulation or low cost guaranteed death benefit protection, Ameritas has strong options."
-Craig Schommer, vice president, individual product development.
Ameritas has introduced enhancements to its whole life insurance products
The products were repriced to address the lower guaranteed contract rate and utilize a range of contract rates to accomplish different goals for each product. Ameritas Access Whole Life maintains strong early guaranteed cash value performance. A clear choice for clients seeking long-term accumulation, Ameritas Growth Whole Life.
Ameritas Growth 10-Pay Whole Life offers improved long-term current cash value accumulation with a 10-year short pay. Ameritas Value Plus Whole Life is staying focused on low-cost death benefit protection while remaining competitive with other options available in the market.
Additional features include a non-direct recognition for dividends when using variable loans, a more flexible funding range using the Flexible Paid-Up or Level Term riders and the Care4Life Accelerated Death Benefit Rider can now be used across all four whole life insurance products.
About Ameritas
Ameritas is a marketing name for Ameritas Mutual Holding Company and its affiliated subsidiary companies, including Ameritas Life Insurance Corp. and Ameritas Life Insurance Corp. of New York. Founded in 1887, Ameritas offers a wide range of insurance and financial products and services to individuals, families and businesses. These products and services include life insurance; annuities; individual disability income insurance; group dental, vision and hearing care insurance; retirement plans; investments; asset management; and public finance. Securities offered through affiliate Ameritas Investment Company, LLC., member FINRA/SIPC and investment advisory services offered through affiliate Ameritas Advisory Services, LLC.
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INSURANCE TECHNOLOGY
Pie Insurance | August 28, 2021
Pie Insurance, an insurtech company specializing in workers' comp insurance for small businesses, today announced that Pie Carrier Holdings has received regulatory approval from the Illinois Department of Insurance to acquire Western Select Insurance Company, a property casualty insurance company that is licensed in Illinois, California, and New York, from a subsidiary of Premia Holdings Ltd. The proposed acquisition represents an important step by Pie Carrier Holdings, a subsidiary of Pie, formed in May 2020, to execute on Pie's strategy of becoming a full-stack insurance carrier.
Upon the closing of the proposed acquisition, Western Select Insurance Company will be renamed Pie Casualty Insurance Company.
"Since Pie was founded in 2017, our goal has been to offer the entire small business insurance experience to our customers as a full stack insurance carrier," said John Swigart, co-founder and CEO of Pie. "Receiving regulatory approval to acquire Western Select Insurance Company is a key milestone on the path for Pie to write our own policies, and to bring our seamless commercial insurance experience to even more small businesses across the country."
About Pie Insurance
Pie Insurance is leveraging technology to transform how small businesses buy and experience commercial insurance, with the goal of making it affordable and as easy as pie. Pie's intense focus on granular, sophisticated pricing and data-driven customer segmentation enables Pie to match price with risk accurately across a broad spectrum of small business types, which allows Pie to offer more affordable insurance to small business owners. Since 2017, Pie has received over $300M in funding and commitments for future funding, grown its gross written premium to over $100M, and partnered with over 1,000 agencies nationwide.
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