QBE Insurance signs lease for new CBD digs

QBE Insurance | July 22, 2019

An Australian insurance giant has inked an anchor lease for new office space in Sydney’s CBD. QBE Insurance’s new city digs is a nine-floor, or 11,950-square metre, space at the 388 George Street skyscraper on the corner of George and King Streets, which will combine the insurer’s two current offices at Chifley Square and 2 Park Street. Vivek Bhatia, chief executive at QBE Australia Pacific, said the group’s property strategy “allows for changes in workplace practices, support of multiple working styles, such as flexibility and collaboration, and will improve the employee experience with a focus on wellbeing,” as well as, “offer QBE an opportunity to reduce costs by improving the efficiency of the space it occupies,” The Sydney Morning Herald reported.

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The impact of Gen X, Millenials, and Gen Z reflect a growing momentum and swing across multiple areas with participation.

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The impact of Gen X, Millenials, and Gen Z reflect a growing momentum and swing across multiple areas with participation.

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CORE INSURANCE

American Life Announces Inclusion of the Goldman Sachs Xenith Index to its Fixed Index Annuity Policy Holders

Midwest Holding Inc. | January 13, 2022

Midwest Holding Inc. (NASDAQ: MDWT), a technology-enabled, services-oriented annuity platform, announced today that its subsidiary American Life & Security (ALSC) will begin offering exclusively to American Life's Fixed Index Annuity policy holders the Goldman Sachs Xenith Index. The Goldman Sachs Xenith Index is a multi-asset strategy that uses the anticipated macro regime, as identified by a leading economic indicator, to make asset allocations. By using a leading economic indicator, the Goldman Sachs Xenith Index differs from indices that rely on a backward-looking methodology alone. Instead of relying purely on the S&P 500 Index for exposure to U.S. equities, the index employs an intraday overlay that can reduce equity exposure based on intra-day trading "signals". As a result, the strategy incorporates real-time market movements, in addition to other factors, in its rules-based methodology. Depending on the prevailing market regime, the Goldman Sachs Xenith Index also provides commodity exposure by switching between copper and gold based on anticipated economic growth. In addition, regardless of the economic regime, the Goldman Sachs Xenith Index provides constant exposure to a long-short strategy taking positions on different points of the commodity curve in an attempt to capture performance that may be less correlated to other asset classes. "The Goldman Sachs Xenith Index is quite meaningful to Midwest Holding and American Life as we are one of just a few select insurance providers offering this type of index. We are glad to be positioned front and center, as we collectively bring a new opportunity with strong potential to our investors," - Midwest Holding President and Chief Investment Officer Mike Minnich. "Goldman Sachs is pleased to license the Goldman Sachs Xenith Index to American Life & Security. This is our first index licensing engagement with American Life and we are excited about working with their team" - Pratik Pareek, Head of Insurance Equity Derivative Sales at Goldman Sachs. About Midwest Holding Inc. Midwest Holding Inc. is a technology-enabled, services-oriented annuity platform. Midwest designs and develops in-demand life and annuity products that are distributed through independent distribution channels, to a large and growing demographic of U.S. retirees. Midwest originates, manages and transfers these annuities through reinsurance arrangements to asset managers and other third-party investors, who are actively seeking these financially attractive products. Midwest also provides the operational and regulatory infrastructure and expertise to enable asset managers and third-party investors to form, capitalize and manage their own reinsurance capital vehicles. About American Life & Security Corp. American Life & Security Corp. is a wholly owned subsidiary of Midwest Holding Inc. In 2018, the company was recapitalized and reimagined by a team of seasoned insurance, technology and investment experts with a new purpose - build a platform on modern technology with simplicity, transparency and cost efficiency to remedy inefficiencies in the life and annuity industry.

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LIFE INSURANCE

Resolution Life acquires Voya Financial’s Individual Life in-force Business

Resolution Life | January 05, 2021

Resolution Life Group Holdings LP, a global manager of in-force life insurance businesses, is charmed to declare today that it has finished the acquisition of Voya Financial, Inc.'s, individual life in-force business. The fulfillment sees Voya offer to Resolution Life significantly the entirety of its in-force individual life business, including Security Life of Denver Insurance Company, Midwestern United Life Insurance Company and certain different subsidiaries, just as the reinsurance of Voya's remaining in-force individual life and annuity blocks. Voya moved roughly 350 employees, along with the resources and frameworks used to deal with the business. On finish more than $25 billion of resources were added to the Resolution Life accounting report and it accepts accountability for the administration of the obtained business. Following a transition period, which is relied upon to require as long as two years, Resolution Life will supplant Voya's corporate frameworks with its own frameworks. Resolution Life's more current platforms will give improved customer administration at lower cost. Resolution Life has raised over US$3 billion of capital since 2018. Notwithstanding the acquisition of Voya's individual life in-force business, acquisitions to date include the A$3 billion acquisition of AMP Life in Australia and the fulfillment of a reinsurance transaction with Symetra Life Insurance Company with US$5.7 billion of stores. The transaction gives Resolution Life a strong platform to benefit from future development openings in the US market, expands the Group risk profile against the Resolution Australasia and Resolution Re liabilities, and quickens its development story. Sir Clive Cowdery, Resolution Founder and Executive Chairman of Resolution Life, said: “We are delighted to welcome our new customers and colleagues to Resolution Life. By acquiring or reinsuring businesses from partners such as Voya, Symetra and AMP, we provide a well-capitalised and stable environment to deliver on long-term customer promises. There is great opportunity for growth in the United States and completion of this transaction gives us an excellent platform to build from.” About Resolution Life Resolution Life is a global life insurance group focusing on the acquisition and management of portfolios of life insurance policies. Since 2003, prior Resolution entities together with Resolution Life have deployed US$16 billion of equity in the acquisition, reinsurance, consolidation and management of 30 life insurance companies. Together, these companies have served the needs of 12.6 million policyholders while managing over US$354 billion of assets. Resolution Life has operations in Bermuda, the U.K., the United States, Australia and New Zealand.

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CLAIMS

Majesco Recognized as a Challenger in 2021 Gartner® Magic Quadrant™ for Life Insurance Policy Administration Systems, North America

Majesco | August 31, 2021

Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced that it has been recognized as a Challenger in the August 2021 Gartner Magic Quadrant for Life Insurance Policy Administration Systems, North America. Per the report, which evaluates 15 vendors, “The pace of policy administration system adoption by life insurers in 2020 continued uninterrupted despite COVID-19. North American life insurance CIOs can use this research to identify vendors that are most relevant to their future.” “The life insurance industry was upended in 2020 due to the COVID-19 pandemic. But through that upheaval, life insurers in North America continued to move forward with legacy modernization and implementation of new policy administration systems at a pace consistent with 2019,” wrote Richard Natale, Senior Director Analyst and Rajesh Narayan, Senior Director Analyst in the report. “This signals that CIOs took advantage of this time to eliminate technical debt and prepare for the future. And the pace could accelerate. Life insurers expect to spend more on legacy modernization in 2021 than they did in 2020.” The report also notes, “As insurers focus on getting ready for the new normal or resetting for new market conditions, they must be adequately prepared with the right foundation for success. As life insurance CIOs execute against their modernization roadmaps, they should be aligning core system characteristics with those needed in what will be a very dynamic and fast-changing market. Examples include: Low-code product and system configuration to rapidly launch new products and to provide a more adaptable and easy-to-configure user interface. A service-oriented architecture (SOA) that exposes insurance products, rules, algorithms and processes to wider enterprise systems. In addition, it supports integration and ease of upgrade using technologies common to all life insurance business models — such as APIs and an enterprise service bus (ESB). SaaS or off-premises deployment options that support seamless introduction of state-of-the-art native technologies offered by technical giants, such as Amazon or Microsoft, and that provide ready-made resilient infrastructure. Continuous integration/continuous delivery (CI/CD) that provides seamless and frequent upgrades to avoid technical debt accumulation. Digital accelerators, including business intelligence (BI) capabilities, with an array of dashboards and key performance indicators (KPIs) that assist with decision making and portal capabilities to deliver a multichannel, intuitive user experience configurable for different distribution channels and devices. Maintaining safeguards around security and compliance.” “We have seen the acceleration of life insurance companies moving to a robust, cloud-based core insurance platform that will position them to compete with new products, services and customers experiences demanded in our new normal,” stated Adam Elster, CEO of Majesco. “We are honored to be recognized as a Challenger and will continue our investment and commitment to our customers and the industry in providing next generation SaaS solutions that keep them ahead of the competition and market changes. We believe that the report showcases not only our robust capabilities, but our Ability to Execute with the tremendous growth momentum over the last year in terms of new wins and our growing strategic partnerships with systems integrators supporting our implementations. In our opinion, this recognition reaffirms that we are helping our customers seamlessly transition to building the future of insurance with digitally enabled solutions.” Majesco L&A and Group Core Suite supports all individual, group and voluntary benefits on a single platform, recognizing that growing and retaining customers, regardless of where they originate, is critical to insurer’s growth strategies. The suite provides essential core system capabilities for policy, billing, and claims across a wide array of products, both traditional and new. It brings a host of exciting, innovative capabilities to life, group, and annuities insurance, such as an AI-powered group sales process to deliver digital RFP, an AI bot-driven conversational UX for navigation, and an always straight through processing approach to speed up transaction processing individually or across multiple points. The powerful design allows for rapid adaptation for new, innovative products or benefit plans, giving insurers the power, flexibility and speed needed to capture opportunities and create profitable growth. “Nearly every insurance company is in the midst of transforming their business, recognizing the significant need to improve, both operationally and innovatively, to enable profitable growth,” said Manish Shah, President and Chief Product Officer of Majesco. “This era of life insurance is different than even just two years ago and Majesco L&A and Group Core Suite brings a strong, innovative solution to life, annuities, group and benefits insurance market that digitally enable carriers to meet the emerging shift in new customer needs and expectations while helping them maintain their competitive advantage.” Gartner Disclaimer GARTNER and MAGIC QUADRANT are registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. About Majesco Majesco is the leading software partner to both the P&C and L&A insurance markets to modernize, optimize and innovate their businesses at speed and scale. Over 330 insurers, from greenfields, start-ups and MGAs to the largest insurers, reinsurers and brokers use Majesco’s next generation SaaS platform solutions of core, data and analytics, digital, distribution, absence management and a rich ecosystem marketplace of established and InsurTech partners to build the future of insurance. Our technology, expertise and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our customers on Cloud with Majesco platform solutions, together we have an amazing track record of innovation and real-world results.

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