Allianz Australia to support athletes’ Olympic dreams in new tie-up

Insurance Business America | May 07, 2019

Allianz Australia has teamed up with the Australian Olympic Committee (AOC) to provide support for the Olympic movement in Australia, including plans to provide insurance to the AOC, the Australian Olympic teams, and athletes, from now through 2028. This development comes following a September 2018 announcement introducing Allianz as the Worldwide Olympic and Paralympic insurance partner and member of the Worldwide Olympic Partner programme (the TOP programme), from 2021. The insurer also sponsors Paralympics Australia since 2011. The partnership will see Allianz providing Australian athletes support for the Olympic Games Tokyo 2020, Olympic Winter Games Beijing 2022, the Olympic Games Paris 2024, the Olympic Winter Games 2026, and the Olympic Games LA 2028. “These athletes are great role models for all Australians, and we’re proud to invest in partnerships that reflect inclusivity and spark inspiration,” said Richard Feledy, Allianz Australia managing director.

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Certified Community Behavioral Health Clinics must provide person- and family-centered treatment planning within their scope of services. This service must align with Section 2402(a) of the Affordable Care Act which includes self-direction of services.


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INSURANCE TECHNOLOGY

NSI Insurance Group Acquires Majority Stake in InsurTech Startup HoneyQuote

NSI | March 28, 2022

Florida-based digital insurance agency HoneyQuote.com has been acquired by one of the largest independent insurance agencies, NSI Insurance Group – a move that will enable the startup to expand its operations nationally, launch new product lines, and facilitate larger distribution partnerships. HoneyQuote’s machine learning algorithm matches users with property insurance carriers in real-time. Its proprietary search engine allows consumers to shop and purchase homeowners' insurance online. Since its launch in 2019, HoneyQuote has partnered with 30 of the top insurance carriers in Florida and has insured over $1 billion in property value. The startup now has its sights set on expanding nationally with additional insurance products in the works, including condominium-owners, renters, personal umbrella, pet, and auto insurance. We could not be more thrilled about the acquisition, Partnering with such an established player in the market with similar entrepreneurial roots poises HoneyQuote to grow exponentially.” HoneyQuote co-founder Franklyn Taveras. We’ve designed a digital experience that lets online shoppers compare real quotes and purchase policies instantaneously from a wide range of regional, national, and technology enabled insurance providers. With NSI, we’re able to deliver this seamless experience to customers across new geographies, products, and embedded partnerships.” Sean D’Sa, HoneyQuote’s co-founder and Chief Technology Officer. NSI Insurance Group’s acquisition of HoneyQuote marks its entrance into the InsurTech space, where the firm’s CEO Oscar Seikaly believes the industry is heading. About NSI Insurance Group NSI Insurance Group is among the largest privately-owned insurance brokerage firms. Founded in 1958, the firm operates in over 85 countries with five business segments, including personal and commercial insurance, employee benefits, and specialty programs. About HoneyQuote HoneyQuote is a digital insurance agency powered by a proprietary search engine allowing clients to compare and purchase insurance coverage in an online marketplace. Licensed in Florida and Texas, HoneyQuote’s products include homeowners and flood insurance across 30 of the top insurance carriers.

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LIFE INSURANCE

Mutual of America Financial Group Announces Agreement to Acquire Landmark Life Insurance Company

Mutual of America | April 27, 2022

Mutual of America Financial Group announced today that it has entered into a Stock Purchase Agreement to acquire Landmark Life Insurance Company, a widely licensed Texas life and annuity insurance company ("Landmark Life"). The transaction is expected to close during the third quarter of 2022, subject to customary closing conditions, including regulatory approval. The acquisition of Landmark Life represents another positive step toward achieving Mutual of America's strategic growth plans in the guaranteed retirement income space." John R. Greed, Chairman, President and CEO of Mutual of America Financial Group. This transaction will enhance our financial and distribution capacities to provide guaranteed income solutions and other products to individuals outside the state of New York. Simpa Baiye, Executive Vice President and Chief Actuary of Mutual of America Financial Group. The sale of Landmark Life represents a meaningful step toward our plans to focus on providing high-value, third-party administrative services to life insurers nationwide." Tom Munson, CEO of Landmark Life and Jarvis Family general partner. Merger & Acquisition Services, Inc., served as the financial advisor, and Eversheds Sutherland (US) LLP served as the legal advisor to Mutual of America for the acquisition. Propel Advisory Group, Inc., served as the financial advisor, and Winstead PC served as the legal advisor to The Jarvis Family Limited Partnership. About Mutual of America Financial Group Mutual of America Financial Group is a leading provider of retirement services and investments to employers, employees and individuals. We provide high-quality, innovative products and services, together with outstanding personalized service, at a competitive price to help our customers build and preserve assets to meet their retirement and investment related needs for a financially secure future. Our mission is built upon our values—integrity, prudence, reliability, excellence and social responsibility—which have guided us since 1945 and continue to serve us and our customers well. About Landmark Life Landmark Life, based in Brownwood, Texas, is a wholly owned subsidiary of The Jarvis Family Limited Partnership. Founded in 1964, Landmark Life underwrites life insurance and annuities in 36 states. Landmark Life solicits annuity and life business via an independent agency force.

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INSURANCE TECHNOLOGY

Spot Pet Insurance Enters the Global Pet Insurance Market

Spot Pet Insurance | April 08, 2022

Spot Pet Insurance, a digital-first pet insurance provider in the United States has strengthened its reach internationally with the launch of its services across Canada. With an estimated 8.3 million Canadian households that own cats, and 8.2 million that include a dog, Spot offers affordable plan options for the pet-centric community to help them secure their pet's well-being so they may enjoy healthier lives together. Only 3% of pet parents have pet insurance for their furry friends in Canada[ii]. Spot's mission is to help protect pet parents while continuing to help build strong communities of pet lovers. Through pet health-focused education, we spread the importance of peace of mind, to enjoy many years of pet health together." Trey Ferro, CEO at Spot. Caring for pet parents is just as much a priority for Spot as caring for their pets. With that in mind, the business focuses on a 'Love Brand' approach to pet health and supports policyholders in the U.S. with personal calls welcoming them to Spot, and bereavement calls when their pet has passed away. The pet insurance provider recognizes the many challenges of pet parenting, and aims to reduce difficult decision-making when it comes to the love for their furry family members. Through a holistic approach to pet health, plan options in the U.S. provide coverage for behavioral problems, alternative therapies for covered conditions, and additional options for Preventative Care coverage at a nominal extra fee. Pet insurance plans provided by Spot in the U.S. feature: Easy claims submission through the Spot App., website or email. 24/7 VetConnect™ telehealth support whenever you need it. Up to 90% reimbursement rate. 30-Day money-back guarantee[1] if the policy is cancelled within the first month. Technology and innovation is at the forefront of Spot's approach to pet wellness, conveniently enabling pet owners to create custom plans and easily manage their entire account on https://spotpetins.com/. Claims submissions are processed fast in a secure, dedicated web platform and mobile app. Assisted by automation processes, the claims team works to speed up reimbursements whenever possible. The user-friendly site is also able to quickly generate a free quote in under 30 seconds, and additional pets receive a 10% multi-pet discount with plans in the U.S. Spot's digital-first, self-service members portal allows pet parents to easily access its cat insurance and dog insurance offerings, and rest assured of reimbursements of covered vet costs. Spot's agile business model allows us to react quickly to market trends and drive technology and innovation, which has helped us enhance critical processes such as the user experience, customer service, and digital claims, As an insurtech our focus on technology, innovation, and people sets us apart from other businesses and helps Spot stand out." Spot President, Scott Taylor. Administering the claims for U.S. pet insurance policies offered by Spot is one of the trusted industry veterans and specialists in insurance policies for cats and dogs, C&F Insurance Agency, Inc. U.S. pet insurance policies offered by Spot are underwritten by United States Fire Insurance Company. Canadian pet insurance policies offered by Spot are underwritten by Northbridge General Insurance Corporation and administered by PTZ Insurance Services Ltd. About Spot Pet Services, LLC: Spot Pet Services, LLC is an insurance producer founded in Miami and West Palm Beach, Fl. In the U.S., Spot offers plan options that include Accident-Only and Accident & Illness insurance. Spot provides insurance plan options, communications, and employees that support humans in forming the best relationship with their pets over a long, healthy life together. Pre-existing conditions are not covered. Waiting periods, annual deductible, co-insurance, annual limits and exclusions may apply. For all terms and conditions visit spotpetins.com/sample-policy. Preventive Care reimbursements are based on a schedule. Accident and Illness coverage reimbursements are based on the invoice. Products, schedules, discounts, and rates may vary and are subject to change. More information available at checkout. About Spot Pet Insurance Services, ULC: Spot Pet Insurance Services, ULC is a company with an Ontario, Canada-based team that offers products in Canada. In Canada, Spot Pet Insurance plan options include Accident-Only, and Accident & Illness insurance with optional Routine or Preventative Wellness Rider. Spot pet insurance plan options, communications, and employees help support humans in forming the best relationship with their pets over a long, healthy life together.

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INSURANCE TECHNOLOGY

Pacific Life to Discontinue New Sales of Pacific PremierCare Choice and Pacific PremierCare Advantage Life Insurance Products

Pacific Life | April 19, 2022

Effective May 2, 2022, Pacific Life’s Pacific PremierCare suite of products will no longer be available for new sales. This includes Pacific PremierCare® Choice one-year, five-year, 10-year, and lifetime premium whole life insurance products with long-term care (LTC) benefits1 and Pacific PremierCare Advantage Universal Life Insurance with Long-Term Care Benefits2 in California. Pacific Life remains committed to the long-term care market as we continue to recognize U.S. consumers’ large, unmet need in this area, We conducted a thorough strategic review of the LTC marketplace and see great potential in the market for chronic health (CHR) and LTC riders on cash value life insurance policies.” Greg Reber, Pacific Life senior vice president and chief distribution officer, life insurance business. Pacific Life has seen sales of hybrid LTC products decline as the current environment has made it difficult to be both competitive and profitable. By focusing solely on riders for our cash value products to meet the LTC need, the company can prioritize and utilize resources more effectively. Pacific Life will continue to service all in-force Pacific PremierCare policies. For existing policyowners, there will be no change and they will continue to receive the exceptional service they’ve come to expect from Pacific Life. About Pacific Life For more than 150 years, Pacific Life has helped millions of individuals and families with their financial needs through a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative products and services that provide value and financial security for current and future generations. Pacific Life counts more than half of the 100 largest U.S. companies as its clients and has been named one of the 2022 World’s Most Ethical Companies® by the Ethisphere Institute. Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of June 2021 is compiled by Pacific Life using the 2021 FORTUNE 500® list. Policy Form P17PCH and S17PCHMAXM or ICC17 P17PCH and ICC17 S17PCHMAXM; P17PCH and S17PCH100S or ICC17 P17PCH and ICC17 S17PCH100S; P17PCH and S17PCHMAXS or ICC17 P17PCH and ICC17 S17PCHMAXS; based on product and state of policy issue. Pacific Life Insurance Company’s Pacific PremierCare Advantage (Policy Form #P12PPC-CA) is a flexible premium adjustable life insurance policy with long-term care insurance payable through reimbursements. These products are subject to underwriting and approval of the application and may include obtaining records from a physician. No medical exam is required, but a Medical Information Bureau (MIB) and prescription report will be ordered and a Personal History Interview and Cognitive Assessment will be performed via telephone as part of the underwriting process. These products are intended to provide federally tax-qualified long-term care insurance as defined in IRC Section 7702B(b). Tax treatment of long-term care benefits may depend on factors such as the amount of benefits in relation to certain IRS limitations (referred to as "per diem" limitations), the amount of qualified expenses incurred or if similar benefits are being received under other contracts. When benefits are received from multiple policies providing long-term care for a given insured, including policies with different owners, those benefits must be aggregated to determine their taxability. Pacific Life cannot determine whether the benefits are taxable.

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Certified Community Behavioral Health Clinics must provide person- and family-centered treatment planning within their scope of services. This service must align with Section 2402(a) of the Affordable Care Act which includes self-direction of services.

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