Swiss Re’s iptiQ and IKEA Partner to Offer Home insurance

Swiss Re | February 18, 2020

Swiss Re’s iptiQ and IKEA announced the launch of HEMSÄKER, home insurance that provides accessible protection at an affordable price, said Swiss Re in a statement. HEMSÄKER, which can be purchased online via the IKEA website, was created to extend home insurance to more people and in turn increase their financial resilience. Created by iptiQ and IKEA, HEMSÄKER is initially being introduced in Switzerland and Singapore. Swiss Re’s digital platform iptiQ is a white-label provider of property and casualty as well as life and health insurance solutions. The B2B2C business model “enables brands such as IKEA to provide innovative new services for their customers by rolling out bespoke insurance offerings using the iptiQ platform,” said Swiss Re. “We are thrilled to be partnering with IKEA to offer HEMSÄKER to consumers – a tailored home insurance that can be purchased with a few clicks using any digital device,” said Andreas Schertzinger, CEO of iptiQ EMEA P&C.

Spotlight

Historically, many organizations believed that their existing insurance policies — general liability, commercial property or business interruption, among others — would cover them in case of a cyber breach. This is often no longer the case. A key turning point in public perception came after a recent high-profile cyber-attack on a major media company. The firm’s general liability underwriter went to court and successfully got a preemptive ruling establishing that the breach was not a covered incident. This proved to be a wake-up call for many businesses.


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CORE INSURANCE

CITIZENS NATIONAL ANNOUNCES LAUNCH OF CRITICAL ILLNESS PRODUCT

Citizens National Life Insurance Company | January 24, 2022

Citizens National Life Insurance Company ("Citizens National"), a subsidiary of Citizens, Inc. (NYSE: CIA) announces the launch of its new Critical Illness Coverage product. This will be Citizens National's third product launched in the past 12 months. The company is focused on developing products that provide value and benefits for their policyholders. Citizens National new Critical Illness Coverage product pays benefits directly to the policyholder to assist with added expenses in the event of a qualifying critical illness. The Critical Illness Coverage is unique in that a policyholder with a qualifying illness is directly paid benefits and decides where to spend the money – its uses are flexible and can be used for anything from medical deductibles to everyday expenses such as rent, food or childcare. "We are excited to be launching our third product just months after our Whole Life product Longevity Max. Critical Illness is an exceptional product designed to give policyholders coverage where they need it and help supplement their Health insurance to give them protection if they were to have a critical illness. One of the best features is it gives the policyholder the power to decide where to spend it. We are proud to continue to develop products that can help our policyholders." -Bob Mauldin, President and Chief Marketing Officer of Citizens National Citizens National offers an exclusive, customized service with its understanding of the Spanish and Portuguese languages and the Hispanic culture so customers can be confident in making the most informed decisions. The entire customer and agent experience is provided in a choice of Spanish, Portuguese and English languages. Our broad trajectory and experience in the life insurance market in Latin American, along with our excellent digital and customized service, make Citizens National a top option. About Citizens National Life Insurance Company Citizens National Life Insurance Company is a member of the Citizens, Inc. group of life insurance Companies. Citizens National was incorporated in the State of Texas on June 2, 1965 and began transacting business in 1966. CNLIC is licensed in 9 states. The company gains additional financial stability through the long trajectory and strength of its holding company, Citizens, Inc., which adds value to each of our policies by providing state-of-the-art technology systems, strong investment strategies and streamlined operational leadership. About Citizens, Inc. Citizens, Inc. is an insurance holding company listed on the New York Stock Exchange under the symbol CIA. The Company utilizes a three-pronged strategy for growth based upon worldwide sales of U.S. Dollar-denominated whole life cash value insurance policies, life insurance product sales in the U.S. and final expense and limited liability property product sales in the U.S.

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RISK MANAGEMENT

The Standard Selects Vitech's V3locity To Accelerate Technology Transformation

Vitech® | February 15, 2022

Vitech Systems Group announced that Portland, Oregon-based Standard Insurance Company (The Standard) has selected V3locity, Vitech's cloud-native administration, engagement, and analytics platform, to provide its ongoing policy administration services. The Standard will use V3locity's onboarding, enrollment, policy administration, and billing and commissions capabilities. "V3locity will be instrumental in helping us create new opportunities in our business and market differentiation, We are confident that our partnership with Vitech will help us accomplish our goals of an enhanced customer experience, improved efficiency and quality, and provide a foundation to build intuitive digital experiences." -Graeme Queen, second vice president of Policy Administration Transformation at The Standard. The Standard chose Vitech after an extensive evaluation based on its cloud-based technology, deep functional capability, and organizational fit. Key to their decision was Vitech's proven experience in implementations for group and voluntary benefits insurers leveraging Vitech's accelerated approach and pre-configured products and processes. "V3locity provides a single modern platform that will improve our ability to deliver value to our customers while shrinking our legacy footprint, We look forward to the accelerated and efficient performance resulting from V3locity's unified and robust system." -Cherri Roden, assistant vice president of Applications and Solutions Delivery at The Standard. V3locity is Vitech's cloud-native administration, engagement, and analytics platform. It is a transformative suite of complementary applications that offers full life-cycle business functionality and robust enterprise capabilities. It marries core administration with a revolutionary digital experience. Its modular design enables flexible and agile deployment strategies. V3locity employs an advanced, cloud-native architecture that leverages the unique capabilities of AWS to deliver a solution with unparalleled security, scalability, and resiliency. About Vitech® Vitech is a global provider of cloud-native benefit and investment administration software. We help our insurance, retirement, and investment clients expand their offerings and capabilities, streamline their operations, gain analytical insights, and transform their engagement models. Vitech employs more than 1,600 professionals, serving the world's most successful insurance, retirement, and investment organizations. An innovator and visionary, Vitech's market leadership has been recognized by industry experts such as Gartner, Celent, Aite-Novarica, and ISG. For more information, please visit www.vitechinc.com. About The Standard The Standard is a family of companies dedicated to helping customers achieve financial well-being and peace of mind. In business since 1906, we are a leading provider of financial protection products and services for employers and individuals. Our products include group and individual disability insurance, group life, dental and vision insurance, voluntary (employee-paid) benefits, absence management services, and retirement plans and annuities for employers and individuals.

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RISK MANAGEMENT

Five Sigma Partners with Medlogix to Deliver Seamless Medical Claims Management

Medlogix | February 17, 2022

Five Sigma, an emerging leader in cloud-native Claims Management Solutions (CMS), today announced the launch of native integration with Medlogix, LLC, a national leader in U.S. medical claims management solutions. This innovation connecting the two platforms will help insurers to improve decision making, maximize efficiencies, increase ROI and enhance outcomes in medical claims management. Five Sigma's cloud-native claims management solutions enable property and casualty (P&C) carriers, MGAs, Insurtechs, and self-insurers, to simplify their claims process from first notice of loss to resolution. The partnership with Medlogix provides Five Sigma US-based customers with an out-of-the-box integration to itemize, assess, and aggregate special and general damages for bodily injury claims - to ensure proper, timely settlement and accurate reimbursement while complying with regulations that differ state-by-state. "Five Sigma is on a mission to simplify the claims journey. Our flexible SaaS solution and open APIs allow us to quickly add new partners and integrations to our claims management ecosystem," stated Oded Barak, Co-founder and CEO of Five Sigma. "We are proud to partner with Medlogix to provide our customers a more comprehensive, accurate and efficient claims process." According to Craig Goldstein, President of Medlogix, "Our partnership with Five Sigma represents a strategic combination of two technology-driven organizations that share a dedication to providing innovative, streamlined claims management solutions that exceed the expectations of our customers." About Medlogix Medlogix is a technology-driven, clinically-based medical claims management provider specializing in managed care solutions that deliver exceptional outcomes. Medlogix offers an end to end, integrated medical management solution powered by MyMedlogix™ proprietary technology. Through an exception-based workflow, recommendations from highly qualified medical professionals, and access to a directly contracted network of premier health care providers, Medlogix delivers an efficient, disciplined, and scalable medical claims process suite of solutions. Medlogix develops technology which achieves savings you can measure and see by eliminating redundancies and reducing manual processes. Learn more about the Medlogix story at: www.medlogix.com About Five Sigma Five Sigma is a cloud-native, data-driven Claims Management Solution (CMS) with embedded AI/ML capabilities to allow intelligent claims processing for the insurance industry. Five Sigma optimizes claims management by adding automated claims processing workflows, using data modeling and AI to provide smart recommendations, improving adjuster's decision-making, and reducing errors. Leading insurance carriers, Insurtech, TPAs and Self-Insured companies use Five Sigma's CMS to modernize their claims management operations, reduce claims leakage, enhance compliance and improve their customers' experience.

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LIFE INSURANCE

$100k In Guaranteed Life Insurance Now Available Through WAEPA

WAEPA | April 12, 2022

WAEPA (Worldwide Assurance for Employees of Public Agencies) is now offering $100k in Guaranteed Life Insurance coverage for a limited time. Civilian Federal Employees under the age of 50 who are not currently WAEPA members are eligible to apply for $100k in Guaranteed Life Insurance coverage with no medical exam required. Approval is guaranteed, and coverage is fully portable for those that leave federal service. At WAEPA, we want to provide Civilian Feds with the peace of mind that their family's financial future is secure, Civilian Feds serve our country every day, and our goal is to serve them. This guaranteed offer provides the opportunity to realize that goal." M. Shane Canfield, CEO of WAEPA. This limited time offer expires on May 25, 2022. Existing WAEPA members, spouses, and dependents are ineligible, and you must be a United States citizen to apply. About WAEPA Worldwide Assurance for Employees of Public Agencies (WAEPA), is a nonprofit association (not an insurance company) formed For Feds, By Feds. The goal of WAEPA is to provide access to products and services that promote the health, welfare, and financial well-being of its members. After more than 75 years in business, WAEPA has over 46,000 members.

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Spotlight

Historically, many organizations believed that their existing insurance policies — general liability, commercial property or business interruption, among others — would cover them in case of a cyber breach. This is often no longer the case. A key turning point in public perception came after a recent high-profile cyber-attack on a major media company. The firm’s general liability underwriter went to court and successfully got a preemptive ruling establishing that the breach was not a covered incident. This proved to be a wake-up call for many businesses.

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