LIFE INSURANCE

Quility Launches Fully Digital Term Life Product, Quility Level Term, in Collaboration With SBLI and Afficiency

Afficiency | September 22, 2021

Quility Insurance, a digital platform offering financial solutions through an online application or support from a licensed insurance agent, announced the launch of its new proprietary product, Quility Level Term. The company launched the level term product in collaboration with Afficiency, a startup that designs, builds, and delivers life insurance via API, and SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts). 

Through Afficiency's digital infrastructure and SBLI's tech-driven insurance product offerings, Quility Level Term offers clients a simple, personalized policy with an entirely digital application and purchase process. Clients can apply online from the comfort of home and receive their new policy in just minutes.

SBLI is very happy to expand on our product and distribution offers for our customers through this valuable partnership. This collaboration supports digital initiatives to continue offering an accessible and seamless life insurance application process.
- Denis Clifford, SVP of Sales & Distribution at SBLI.

The simplified issue product provides a 100% digital experience with no medical exam necessary to qualify for coverage and an on-the-spot decision in minutes. Quility Level Term provides a maximum coverage amount of $1 million with level premiums throughout the policy term. Included within the policy at no additional cost is a charity rider that allows the client to select a charity of their choice as an additional beneficiary of their policy. 

Licensed life insurance agents can sell the Quility Level Term product to their clients directly by applying with the client in real time through the digital platform. Through this digitized application process, Quility clients will receive an instant decision and obtain coverage that meets their needs at an affordable price.  

The Quility Level Term product provides a significant value-add to the Quility agent through its streamlined application process. At Afficiency, our goal is to modernize the life insurance process for the customer, and this bespoke product aligns not only with our goals, but also with Quility's mission to deliver simple, customized solutions to clients.
- Mark Scafaro, Co-Founder and CEO of Afficiency.

Backed by thousands of licensed insurance agents nationwide and access to over 80 insurance carriers, Quility provides clients with convenient access to expert advice and support. Quility's sales divisions include Symmetry Financial Group, Asurea Insurance Services, and Quility Wholesale.   

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 with the support of a licensed insurance agent. 

About SBLI 
For over 115 years, SBLI has specialized in providing hassle-free, affordable life insurance. Whether it be term life, whole life or a plan that combines the two, we offer simple, dependable protection at a fair price. 

About Afficiency 
Afficiency is an insurtech company making life insurance easier to understand and purchase. Afficiency developed a digital life insurance platform that allows new products to be quickly stood-up and made available for digital distribution, completely via API. All Afficiency's life insurance products are designed to be digitally underwritten and issued within seconds. Afficiency has been partnering with carriers and re-insurers since late 2018 to bring products to market. The team has also been working with some traditional and new distribution channels to deliver these products.

Spotlight

The insurance sector is currently facing pressures from several sides. Among the latest challenges are new regulatory frameworks, the inflow of alternative capital, and the ongoing low-interest-rate environment. An even more groundbreaking transformation, however, will be brought about by the successively advancing digitization of the industry. In combination with substantial changes in customer needs and demands, new technologies are beginning to intensify competition to erode margins. Faster offers, a higher transparency and comparability, more personalized services, and a simplified claims process are swiftly becoming essential success factors.


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RISK MANAGEMENT

Liberty Mutual Insurance Completes Acquisition of State Auto Group

Liberty Mutual Insurance | March 02, 2022

Liberty Mutual Insurance has completed the acquisition of State Auto Group, a super-regional property and casualty insurance holding company headquartered in Columbus, Ohio that distributes personal and small commercial coverages in 33 states through approximately 3,400 independent agents. More than 2,000 State Auto employees will join Liberty Mutual's Global Retail Markets US business unit. Through the mutual transaction and merger, originally announced in July, Liberty Mutual adds $2.3 billion in premium and becomes the second-largest carrier in the independent agent channel. Under the terms of the agreement – which received all required regulatory approvals – State Automobile Mutual Insurance Company members became mutual members of Liberty Mutual Holding Company Inc. and Liberty Mutual acquired all of the publicly held shares of common stock of State Auto Financial Corp. (NASDAQ: STFC) for $52 per share in an all-cash-deal of approximately $1 billion. The companies will continue to operate as separate businesses throughout most of 2022. "Across Liberty Mutual and State Auto, we have a shared commitment to the Independent Agency channel and being the carrier of choice for independent agents, We are closely aligned in how we put people first, strive to make things better, and behave with integrity every day. Together, we'll be a leader in both the personal lines and small commercial insurance markets, helping policyholders when they need it most and giving our people more opportunities to grow and thrive." -Liberty Mutual President & COO, Global Retail Markets US, Hamid Mirza. With the completion of the acquisition, Liberty Mutual also confirms the immediate appointment of Kim Garland as president of State Auto. Garland was most recently the company's senior vice president of personal and commercial lines and managing director of State Auto Labs. He added, "We bring together two organizations of passionate, driven, and talented individuals. Our combined strength allows us to significantly expand our relationships with independent agents and brokers, and make more strategic investments in the independent agent channel to continue driving profitable growth." Waller Helms Advisors LLC and Goldman Sachs & Co. LLC acted as financial advisors and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Liberty Mutual in the transaction. Houlihan Lokey Capital, Inc. acted as financial advisor and Kirkland & Ellis LLP acted as legal advisor to the Special Committee of Independent Directors of State Auto Financial Corp. in the transaction. Keefe, Bruyette & Woods, a Stifel Company, and BofA Securities, Inc. acted as financial advisors and Squire Patton Boggs (US) LLP acted as legal advisor to the Special Committee of Independent Directors of State Auto Mutual in the transaction. About Liberty Mutual Insurance At Liberty Mutual, we believe progress happens when people feel secure. By providing protection for the unexpected and delivering it with care, we help people embrace today and confidently pursue tomorrow. In business since 1912, and headquartered in Boston, today we are the sixth largest global property and casualty insurer based on 2020 gross written premium. We also rank 71 on the Fortune 100 list of largest corporations in the U.S. based on 2020 revenue. As of December 31, 2021, we had $48.2 billion in annual consolidated revenue. We employ over 45,000 people in 29 countries and economies around the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property.

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INSURANCE TECHNOLOGY

Custard Insurance Adjusters Announces New Dedicated Special Investigation Unit

SIU | March 09, 2022

Custard Companies is pleased to announce the launch of their new dedicated full-service Special Investigation Unit (SIU). Established through their recent acquisition of Specialty Group Inc. (SGI) out of Winter Haven, FL, the investigation unit will operate under the leadership of George Perez, Director, SIU Division. Perez joined Specialty Group Inc. after retiring from a successful long-term career with the Walgreens Company as Corporate Manager for Special Investigations, and prior to that retiring as Master Sergeant with the US Air Force. Both positions provided Perez with a wealth of experience within the surveillance range of services. During his employment with SGI, Perez's experience and expertise in protective service operations, fraud, loss prevention, risk management, surveillance and investigations provided for successful growth of SGI's Surveillance Unit. The SIU Division gives CIA the ability to completely manage a claim file "in house". We have the resources to investigate any "red flags" without moving the file outside of CIA. This "one stop shop" approach will support our Customers without requiring them to go outside of CIA to hire a Private Investigations Company to conduct SIU related activity. We are a full-service Special Investigation Unit with national investigation and surveillance capabilities." Perez The SIU provides nationwide coverage to perform a variety of standalone services related to any investigation, including: Fraud Investigation Surveillance Data Investigation Services (Social Media, etc.) Hospital and Medical Canvass Vehicle/Tag/Registration Searches Background Checks (three levels) Field Adjuster Support. A dedicated SIU division will allow us to further meet our clients' needs through detailed investigative activity and full surveillance capabilities. Not only that, but it will also act as a resource for our field adjusters. This will ensure our clients quickly have access to the most detailed claim information and any red flags encountered during the claims handling process are vetted. We're extremely excited to have the SIU Team on board." Senior Vice President of Operations, R W Custard.

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CORE INSURANCE

Inszone Insurance Services Acquires Pacific Redwood Insurance Agency in Pacifica, CA

Inszone | January 15, 2022

Inszone Insurance Services: a rapidly growing, national provider of benefits, personal and commercial lines insurance, announced the acquisition of Pacific Redwood Insurance. Pacific Redwood Insurance Agency was incorporated in 2002 under the direction of agent Lynne Fried. The agency grew organically through the years, with a focus on providing first-class service to both personal and commercial insurance customers. Pacific Redwood Insurance Agency customers will continue to receive the service they are accustomed to under the Inszone Insurance brand. “Pacific Redwood Insurance Agency has done phenomenal work connecting and growing locally, We are looking to build and connect Pacific Redwood customers to our expanding network in California and provide them with expanded resources to better serve their needs.” -Norm Hudson, CEO of Inszone Insurance The acquisition continues Inszone Insurance Services rapid growth within its home state of California as the company continues to broaden its national footprint and continues its steady growth trajectory. A number of important transactions will be completed and announced in the upcoming months. About Inszone: Founded in 2002 and headquartered in Sacramento, California, Inszone is a full-service insurance brokerage firm which provides a broad array of property & casualty insurance, along with employee benefits solutions. With a strong, experienced management team, Inszone continues to grow organically, as well as through acquisitions. With 26 locations across California, Arizona, Nevada, Utah, Colorado, Missouri, Texas and Illinois, the company is looking to further expand throughout the United States.

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INSURANCE TECHNOLOGY

HUB INTERNATIONAL LAUNCHES NONPROFIT SPECIALTY PRACTICE

HUB International | May 16, 2022

Hub International Limited (HUB), a leading global insurance brokerage and financial services firm, announced today the launch of its Nonprofit Specialty practice, HUB's 10th Specialty in five years. The formation of the practice formalizes HUB's capabilities in serving the unique risk management, insurance and human capital needs of associations, arts and cultural entities, foundations, public advocacy, religious and other charitable organizations. HUB has a long-proven track record of successfully assisting nonprofit organizations and creating a new Nonprofit Specialty practice formalizes our work in this area, Nonprofits face unique operational, financial, and governance challenges, and our specialized brokers will help them flourish by offering proactive consultation and advice to protect against all aspects of their risk." Marc Cohen, CEO and President of HUB International. HUB's nonprofit insurance veteran Scott Konrad will lead the new specialty practice. He will be responsible for galvanizing HUB's decades of nonprofit client experience, industry relationships and sector engagement to develop innovative risk management, insurance and human capital products and solutions. Konrad is a nationally recognized author and speaker on nonprofit risk management themes with direct experience as a servant leader of nonprofit civic, religious and professional organizations, including the Nonprofit Risk Management Center's Corporate Advisory Council. According to Independent Sector, nonprofits make up 10% of the American workforce, the third largest in the U.S., behind retail and manufacturing. In Canada, there are more than 170,000 charitable and nonprofit organizations, and over 85,000 of these are registered charities recognized by the Canada Revenue Agency. According to Statistics Canada, nonprofits represent nearly 13% of all jobs in Canada. Nonprofits face increasing pressure to demonstrate operational efficiency and prudent stewardship, which means maximizing value at every turn -- in reducing risk, safeguarding their assets, and taking care of their people, We understand the charitable sector's challenges, needs, and temperament, and use our skills and resources to tackle issues such as board protection, talent recruitment and retention, volunteer risk management, and more. By lightening the burden for busy nonprofit leaders so they can focus on mission, we're an effective catalyst for the greater good." Konrad. Having a dedicated practice supports our effort to build out more specialized products, expand carrier relationships and provide industry specific integrated P&C, employee benefits and retirement solutions for our customers, This is a unique sector of the economy with unique needs, and we are excited to provide specific services to fuel its success." Chris Treanor, HUB President of Programs & Specialties. About HUB International Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 14,000 employees in offices located throughout North America, Hub's vast network of specialists brings clarity to a changing world with tailored solutions and unrelenting advocacy, so clients are ready for tomorrow.

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Spotlight

The insurance sector is currently facing pressures from several sides. Among the latest challenges are new regulatory frameworks, the inflow of alternative capital, and the ongoing low-interest-rate environment. An even more groundbreaking transformation, however, will be brought about by the successively advancing digitization of the industry. In combination with substantial changes in customer needs and demands, new technologies are beginning to intensify competition to erode margins. Faster offers, a higher transparency and comparability, more personalized services, and a simplified claims process are swiftly becoming essential success factors.

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