Broker World

OneAmerica® announced the appointment of Jason Lilien as senior vice president of enterprise operations for the Indianapolis-based financial services company. Lilien brings nearly 25 years of financial and operational experience to the newly created role.

Lilien most recently served as managing director and global co-head of operations for Goldman Sachs Private Wealth Management. He was responsible for a budget of more than $150 million and 475 operations professionals across six global locations. His 22-year Goldman Sachs career also included a nine-year stint as vice president/associate and global head of banking operations for custody, reporting and private banking operations, private wealth management, where he established operations for Goldman Sachs’ Salt Lake City office. Lilien holds a FINRA Series 7 license and earned a bachelor’s degree in business administration from State University of New York at Buffalo’s School of Management.

“Jason’s business acumen and operational discipline make him well-suited to lead our operating units that provide ongoing service to customers across the enterprise,” said Jeff Holley, OneAmerica executive vice president of finance, operations and institutional markets. “He and his team will help us better leverage technology and other resources to improve our efficiency and effectiveness throughout our claims, contact centers, in-force service and participant services areas.”

Lilien is a member of the SIFMA private clients operations committee and has been active in the Salt Lake community, serving the Fourth Street Clinic as finance committee co-chair, and as senior sponsor for Goldman Sachs’ Salt Lake City Veterans Network and Disability Interest Forum.

“I’m excited to join OneAmerica and I look forward to focusing on further differentiating the client experience to support recent and anticipated business growth,” said Lilien. “A key focus will be working with the team to build on the strategic vision and create the operating leverage necessary to support the growing businesses.”

Lilien will begin his new role on Sept. 10.

A national leader in the insurance and financial services marketplace for more than 140 years, the companies of OneAmerica help customers build and protect their financial futures. OneAmerica offers a variety of products and services to serve the financial needs of their policyholders and customers. These include retirement plan products and recordkeeping services, individual life insurance, annuities, asset-based long term care solutions and employee benefit plan products. Products are issued and underwritten by the companies of OneAmerica and distributed through a nationwide network of employees, agents, brokers and other sources who are committed to providing value to customers. To learn more about products, services and the companies of OneAmerica, visit www.oneamerica.com/about-us/companies-of-oneamerica. 

OneAmerica® announced new expanded roles for two experienced Individual Life and Financial Services leaders. Chris Coudret will lead distribution and market strategy for all individual life products, and Tracey Edgar will lead sales and distribution for Care Solutions asset-based long term care products. Both have been instrumental in driving growth of the Care Solutions product suite. 

“We are looking to continue to build upon our success as a market leader among asset-based long term care protection providers,” said Dennis Martin, president of Individual Life and Financial Services at OneAmerica. “We see tremendous opportunity in the marketplace as more advisors and their clients choose the guarantees offered by our products.”

By 2020, more than 118.7 million people will be 50+, up from an estimated 108.7 million in 2014. As the number of people grows who are either retired or preparing for retirement, the market for solid financial guidance grows as well. OneAmerica products can help advisors plan with their clients for a solid retirement and income protection from a major health event.

In his new role Coudret will be responsible for driving strategy across all distribution channels as well as for internal distribution and sales support resources for all OneAmerica individual life products.

“Chris has been a key driver of Care Solutions’ success story since its inception,” said Martin. “In his new role Chris will continue to impact our Care Solutions growth while also leveraging his expertise to help drive growth in our traditional product lines as well.”

Previously Coudret led sales and distribution for Care Solutions products.

“Now, more than ever, the American public is in need of sound financial direction from trusted advisors,” Coudret said. “At OneAmerica, we strive to put our distribution partners in the best possible position to meet the needs of their clients. My new role provides the opportunity to put even more leadership and focus toward these efforts.”

Coudret joined OneAmerica in 2006 and has successfully served in many sales management and marketing positions in the insurance industry since 1989. He frequently leads seminars on asset-based long term care products, speaking with both financial professionals and consumers. A graduate of the University of Dayton, where he earned a Bachelor of Science degree in Business with a concentration in Accounting, Chris has earned the Chartered Financial Consultant (ChFC) and Chartered Life Underwriter (CLU) designations from The American College of Financial Services.  He has also completed Indiana University’s Fellows of the Tobias Leadership Center’s program.

In her expanded role, Edgar will lead Care Solutions sales and distribution across all distribution channels.

“Tracey has led tremendous growth in Care Solutions brokerage sales over the past three years,” said Martin.  “She brings extensive market knowledge and passion for long term care, and now is the right time to expand her role and continue to drive growth across all Care Solutions distribution.”

An industry veteran, Edgar has been helping brokerage general agencies with strategic direction, planning and marketing for more than 18 years.

“Over the years, OneAmerica has built a strong relationship with our distribution partners across all channels and within the financial services industry,” Edgar said. “I’m excited to bring my knowledge, drive and experience to the Broker Dealer/Bank channel, as well as build on our existing relationships. I look forward to leading these highly skilled sales teams to grow the Care Solutions product lines.”

Edgar, RN, BSN, CLTC, is a national speaker on the topic, “The Long-Term Care Crisis in America.” Her professional history includes Critical Care nursing and nine years of military service. Edgar is a registered nurse in the state of Michigan, is certified in long term care, and holds a life and health license. She holds a Bachelor of Science in Nursing from Grand Valley State University and has completed the Harvard Business School’s Leadership for Senior Executives Certification program.

A national leader in the insurance and financial services marketplace for more than 140 years, the companies of OneAmerica help customers build and protect their financial futures. OneAmerica offers a variety of products and services to serve the financial needs of their policyholders and customers. These products include retirement plan products and recordkeeping services, individual life insurance, annuities, asset-based long term care solutions and employee benefit plan products. Products are issued and underwritten by the companies of OneAmerica and distributed through a nationwide network of employees, agents, brokers and other sources who are committed to providing value to customers. To learn more about products, services and the companies of OneAmerica, visit www.OneAmerica.com/companies.

OneAmerica® is the marketing name for the companies of OneAmerica.

Products issued and underwritten by The State Life Insurance Company® (State Life), Indianapolis, IN, a OneAmerica company that offers the Care Solutions product suite. All guarantees are subject to the claims paying ability of State Life.

On July 20, 2017, State Life was rated A+ (Superior) by A. M. Best. This is the second-highest of 16 possible ratings assigned by the agency.

Seven Corners Inc., an innovative and service focused international travel insurance and specialty benefit management company, has announced the hiring of two new team members to their national headquarters in Carmel, IN. Sue Clevenger has joined the company as customer experience director and Jeremy Murchland is stepping in as vice president of sales. This comes on the heels of Seven Corners’ recognition as a Top Workplace by the Indianapolis Star.

Clevenger previously worked for Aprimo LLC (formerly Teradata) as the vice president of customer experience. She joins Seven Corners to oversee the multicultural 24/7 customer service team. Her role will include fostering an environment that thrives off of increasing client satisfaction and allows employees to develop within the organization.

Prior to Seven Corners, Murchland worked as the vice president of business development for ALOM. Within his new role at Seven Corners, Murchland will be a strategic leader of the sales team driving revenue results through the design and implementation of strategic planning, process optimization, sales training, and development.

“We are excited to continue the rapid growth of our national headquarters,” said Justin Tysdal, co-founder and CEO of Seven Corners. “Both Sue and Jeremy bring considerable experience, excitement, and innovation to their new roles. We are eager to see how Seven Corners can continue to grow and thrive under their influence.”

With more than 25 years as a leader in the industry, Seven Corners Inc. offers a wide variety of customized travel solutions to international travelers, agencies of the U.S. government, corporations, foreign governments and various types of insurance companies. As one of the industry’s most experienced travel health insurance providers, Seven Corners offers an extensive selection of international medical and travel insurance policies to U.S. citizens traveling overseas or foreign nationals visiting the United States. The company created and maintains the industry’s most comprehensive network of international healthcare providers including thousands of doctors, pharmacies, and hospitals around the globe.

For more information about Seven Corners, visit www.SevenCorners.com.

A leader in senior health solutions, Mutual of Omaha will offer Medicare Part D prescription drug plans to seniors across the country, the company announced.

“Pending regulatory approval, Medicare Part D plans will be available in 49 states beginning with the 2019 plan year,” said Brad Buechler, executive vice president, Senior Health Solutions. “As a customer-focused company that is a leading provider of Medicare Supplement insurance, adding Medicare prescription drug plans responds to our customers’ interest in obtaining their senior health coverages from a single trusted source,” Buechler said. “With the addition of Part D plans, we are able to offer a full suite of senior health solutions including a range of Medicare supplement plans, supplemental dental and vision coverage, and Medicare Advantage plans in select markets.        Approximately 85 percent of Medicare Supplement customers also purchase a Part D prescription drug plan.”

Two Part D plans—the Mutual of Omaha Rx Value enhanced plan and the Mutual of Omaha Rx Plus basic plan—will be introduced in conjunction with the Medicare open enrollment period that begins on October 15. They are offered through a Mutual of Omaha affiliate company, Omaha Health Insurance Company.

The plans will be available through the Mutual of Omaha Advisor Network, independent brokers, website and direct sales channels, and the Medicare.gov Plan Finder.

Medicare Part D works in conjunction with Medicare Part A (hospital) and Part B (doctors and outpatient care) to help seniors meet their prescription drug needs.

Founded in 1909, Mutual of Omaha is a Fortune 500 organization offering a variety of insurance, banking and financial products for individuals, businesses and groups throughout the United States. In the individual market, Mutual is a leader in the life, Medicare supplement, long-term care, disability and annuity lines. The company also offers a portfolio of employee benefit and retirement solutions. With $8 billion in assets, Mutual of Omaha Bank is a full-service bank providing financial solutions to individuals and businesses across the United States. For more information about Mutual of Omaha, visit www.mutualofomaha.com.

United of Omaha, a Mutual of Omaha company, has introduced a new solution to help meet customers’ long term care (LTC) planning needs. The company recently launched a long term care rider on its Income Advantage and Life Protection Advantage indexed universal life policies.

Since 1987, traditional long term care insurance has been–and continues to be–a core product for Mutual of Omaha. The new rider provides another option for customers who wish to help cover the significant risk of incurring long term care expenses.

By adding the LTC rider to a new indexed universal life insurance policy, customers are able to help protect a couple of important needs through a single policy. The life insurance helps protect loved ones with a death benefit, while the rider allows policyowners to use all or a portion of the death benefit early for qualified long-term care expenses, based on the coverage amount chosen.

Mutual of Omaha’s new rider provides benefits for a wide variety of long term care options, including nursing homes, assisted living, home health care and adult daycare. Customers have the flexibility to choose their LTC coverage amount and select a monthly payout of one, two or four percent of the maximum benefit.

Mutual has offered an accelerated death benefit for chronic illness rider on its universal life policies for more than a decade. There is no upfront cost on that rider–the customer is only charged if he or she ends up needing it.

With the introduction of the LTC rider, customers now have a choice. The first option is to purchase the LTC rider at the same time as their IUL policy. If the customer does not purchase the LTC rider–or does not qualify for it–he or she will automatically receive the chronic illness rider at no charge.

“This choice of a chronic illness rider or an LTC rider is unique within the life insurance industry,” said Joe Kenny, Mutual of Omaha vice president and actuary. “We have many customers and advisors who value our chronic illness rider due to its simple design and lack of upfront cost, but there are some who prefer the known monthly benefit of the LTC rider. We are now able to let our customers decide how they want to cover this risk.” 

Founded in 1909, Mutual of Omaha is a full-service, multi-line organization providing insurance, banking and financial products for individuals, businesses and groups throughout the United States. For more information about Mutual of Omaha, visit www.mutualofomaha.com.

Against a cinematic backdrop of soothing imagery in motion, Genworth’s newly launched website, www.genworth.com, provides families a place where they can find empathy, insights and resources—as well as some technological wizardry—to help them navigate the financial challenges of growing older.     

“In shifting away from the look and feel of a traditional insurance company website, our goal was to create a refreshingly different, contemporary website that reflected consumers’ desire for information about the impact of aging on their health, families and finances, as well our passion for helping people age on their own terms,” said Janice Luvera, vice president of Marketing at Genworth.   

The site was designed by Applied Minds, creators of Genworth’s futuristic R70i Aging Experience, which recreated on the website many of the same physical effects of aging simulated by the Aging Experience suit. As a result, visitors to the site can experience and better appreciate many of the visual, auditory and mobility impairments that can jeopardize a person’s ability to care for themselves as they age.

The impairment simulations are part of a new “Aging & You” section, the heart of the redesigned website. There, visitors will find:

• Videos of real families sharing their caregiving experiences.
• Resources related to the family dynamics of caregiving, such as how to approach parents or a spouse about planning for long term care.
• Descriptions of various care setting options.
• Information about public and private sources of funding for long term care.

The “Aging & You” section is also home to Genworth’s flagship Cost of Care Survey interactive tool, which during the past 15 years has become the go-to resource for families planning ahead for long term care.  The tool allows visitors to compare costs across different care settings and even among different cities, as well as project the cost of care into the future.

The content for the new web site was based entirely on user experience research to understand what consumers wanted from a web site devoted to planning for long term care.

“The result is an engaging, informative, entertaining website that provides a source of rich content, gained through our more than 40 years of long term care experience, and presented with the same empathy and compassion with which our more than 2,000 employees help families choose and access the right caregiving solution,” Luvera said.  “We understand the challenges caregivers face because we ourselves are caregivers; we are the people we serve.” 

Genworth Financial, Inc. (NYSE: GNW) is a Fortune 500 insurance holding company committed to helping families achieve the dream of homeownership and address the financial challenges of aging through its leadership positions in mortgage insurance and long term care insurance. Headquartered in Richmond, Virginia, Genworth traces its roots back to 1871 and became a public company in 2004. For more information, visit www.genworth.com.

BRAMCO Financial recently announced and welcomed Anne Tully, CAE, as the organization’s chief operating officer. Tully will oversee the daily operations of BRAMCO and will create a corporate structure designed to utilize and optimize the organization’s resources.

Tully comes to BRAMCO with 30+ years in financial and operations management. As its COO, she will be in charge of organization-wide fiscal management and oversight, human resources, enterprise wide business operations and technology systems, business continuity plans, and internal controls.

“Anne not only brings significant experience in finance and operations to BRAMCO, she is a collaborative team builder with deep experience in building and leading matrixed teams,” said BRAMCO CEO Michael Hefferon. “Her experience in building, managing, mentoring, and motivating a high-performing, nationally-distributed staff, coupled with her desire to drive continuous improvement, will ensure BRAMCO is prepared for whatever the future holds.”

Prior to joining BRAMCO, Tully spent six years with the International Society for Technology in Education–a 20,000-member global organization with a reach to more than 100,000 educators worldwide.  At ISTE, she was responsible for the oversight of the fiscal, information, technology, human resources, and customer knowledge and support divisions. She also worked with her team to drive the organization’s strategic direction and ensure effective and efficient operations across the organization.

Tully also spent over 12 years as the vice president of Finance and Administration for Gongos, a decision intelligence company, where she played a key role in developing an infrastructure that supported the company’s strategic planning and expansion initiatives. During her tenure, Gongos grew from a $5 million company with 20 employees to a $20 million company with 100 employees.

“I am thrilled to be part of the BRAMCO team,” said Tully. “My career has been spent developing efficient and sound business models across an organization in support of achieving the organization’s mission. I am excited to bring my experience to BRAMCO and work with our staff, agency and carrier partners to build solid platforms for growth.”

 Tully can be reached at atully@bramcofinancial.com or 248-568-4984.

BRAMCO Financial LLC is one of the country’s leading consortiums of independently-owned insurance brokerage firms, supporting a network of over 30,0000 advisors who produce more than $250 million in life premium, $150 million in linked benefits and $2 billion in annuities annually.

The National Association of Independent Life Brokerage Agencies (NAILBA) is proud to announce that General James T. Conway (Ret.), the 34th Commandant of the United States Marine Corps and former Director of Operations for the Joint Chiefs of Staff, will serve as a keynote speaker for NAILBA’s 37th Annual Meeting in Orlando, FL, October 31 through November 2 at the Gaylord Palms Hotel.  

One of the nation’s most highly-decorated Marine generals, Conway has led troops all over the world and has earned an impressive record of military achievement. His experience includes leadership and responsibility for more than 250,000 personnel and management of a $40 billion annual budget. Conway is expected to address leadership strategies, team building, crisis management and challenges the United States likely will face over the next five to 10 years. 

General Conway will speak on Friday, November 2, as part of NAILBA’s first ever Military Appreciation luncheon, honoring all NAILBA members who have served in the United States Armed Forces. All NAILBA 37 attendees are encouraged to attend and be part of this tribute. 

Dan LaBert, NAILBA CEO, stated, “We are honored to have General Conway address our members and guests. Attendees should prepare to be motivated by this superb, multi-talented leader who has proven he can do it all—on the battlefield and in the boardroom.”

The NAILBA Annual Meeting (NAILBA 37) brings together high-level representatives from brokerage general agencies, life insurance carriers, and insurance industry vendors.  

A complete schedule of events including program details, can be found at www.nailba.org/nailba37. Registration for NAILBA’s Annual Meeting is limited to NAILBA members, exhibitors, sponsors, and members of the trade press to encourage meaningful interaction and networking. Registration opened on August 1.

The National Association of Independent Life Brokerage Agencies (NAILBA) is the premiere insurance industry organization promoting financial security and consumer choice through the use of independent brokerage distribution. NAILBA serves as the national association of life, health, and annuity insurance distributors. For more information visit www.nailba.org. 

With America’s elderly population expected to double in the coming decades, the demand for caregiving services will be higher than ever before. According to the National Association of Insurance Commissioners, 15 million Americans are expected to have a high long term care need by 2050.1

Do the loved ones of these millions of Americans—potential primary caregivers—understand what could be to come?

Securian Financial recently conducted a survey of more than 800 people currently providing, or who have provided, unpaid care to a parent, in-law or spouse who is aging, or has a disability or chronic disease. 

The survey found the majority of caregivers (60 percent) spend more than 10 hours per week caring for a family member, and about one in four (29 percent) spend more than 20 hours per week. Women (32 percent) are more likely than men (26 percent) to spend more than 20 hours each week on caregiver duties. 

More than half (55 percent) of caregivers characterized their role as “supportive.” However, one-third indicated they feel “concerned” (33 percent) or “overwhelmed” (32 percent) by their caregiving responsibilities. 

The most difficult aspects of life for caregivers to maintain are emotional stability (60 percent) and a healthy balance between the time they spend caregiving and with immediate family members (56 percent). Other areas caregivers struggle with are keeping up with day-to-day tasks (54 percent) and maintaining their own financial well-being (52 percent), with one in six people (17 percent) finding it very difficult to sustain their financial well-being. 

“As the primary caregiver for my mother who is battling Alzheimer’s disease, I know firsthand the emotional and financial burden of caring for an aging parent while raising two young children and having a full-time career,” says Kim Anderson, a product research manager for Securian Financial.

Financial impact of caregiving responsibilities and long-term care costs
Families frequently shoulder the time and cost burdens associated with caregiving duties, and once the level of care required goes beyond the capabilities of immediate family members, the affordability of long term care can be out of reach for many.   

“In January, my mother’s health declined considerably and we made the difficult decision to move her into a skilled memory care facility,” says Anderson. “To help cover the steep costs of this high level of care, my father moved in with my family.”

Traditionally, many people have purchased stand-alone long term care insurance. Unfortunately, the costs of long term care are on the rise, and the stand-alone long term care insurance market has undergone significant changes. 

Numerous insurers have stopped offering stand-alone long term care insurance entirely, and most of those that have stayed in the market have increased premiums substantially. In 2000, there were 125 insurers offering stand-alone long term care insurance, according to the National Association of Insurance Commissioners. In 2014, there were less than 15.¹

Forty-eight percent of the caregivers participating in Securian’s survey say the person they are caring for does not have long term care insurance. Those who care for a family member for more than 20 hours per week are the least likely (34 percent) to say their care recipient has long term care insurance.

Cost is the number one reason why people do not purchase long term care insurance. Half of caregivers (50 percent) whose care recipients do not have long term care insurance believe it is too expensive for their recipient, while another 10 percent do not think it is a worthwhile investment.

Caregiving affects job performance
Securian’s survey also found that caregiving often impacts an individual’s career and earning prospects.

Half (50 percent) of those who held jobs while they were a caregiver say it affected their job performance, with the most common impact being the need to take days off from work (41 percent). 

In addition, more than one-fifth of caregivers (22 percent) say their hours or responsibilities at work were reduced due to their caregiving commitment. Moreover, 15 percent of employed caregivers had to take a leave of absence from work, and 12 percent said they quit work altogether because of their caregiving responsibilities. 

“The financial burden of missing extended periods of work to provide care for a loved one is a struggle for many,” says Anderson. “In our survey, 28 percent of the people providing care for a loved one who has long term care insurance said the fact that the insurance doesn’t cover their own expenses as a non-compensated caregiver is challenging.” 

Options to pay for long term care
In addition to stand-alone long term care insurance, other insurance options designed to help pay for long term care include life insurance and annuity policies with long term care funding riders, and hybrid policies combining life insurance with long term care benefits. Self-funding (i.e., paying out-of-pocket) is the most common way Americans pay for long term care,² and Medicaid is an option for care recipients with depleted assets. 

About the survey
Securian’s survey was conducted online by KRC Research from February 14, 2018 to February 21, 2018. A total of 816 U.S. adults age 18 and older answered questions about their role as a caregiver, challenges they face and long term care insurance. The sample was weighted by demographics such as age, gender, race, region and income to ensure reliable and accurate representation of the national population age 18 and older.

Since 1880, Securian Financial Group and its affiliates have provided financial security for individuals and businesses in the form of insurance, investments and retirement plans. Now one of the nation’s largest financial services providers, Securian is the holding company parent of a group of companies that offer a broad range of financial services.

References:
National Association of Insurance Commissioners, “The State of Long-Term Care Insurance: The Market, Challenges and Future Innovations,” May 2016. 

U.S. Department of Health and Human Services, “Long-Term Services and Supports for Older Americans: Risks and Financing Research Brief,” July 2015 (revised February 2016).

OneAmerica® and Hannover Life Reassurance Company of America (Hannover Re US), member of the Hannover Re Group, a leading global reinsurer, have entered into a reinsurance agreement related to the Asset Care long term care (LTC) protection business written by The State Life Insurance Company®, a OneAmerica company.

Asset Care is a combination whole life insurance product that features guaranteed death benefits with cash values, while providing long term care (LTC) benefits through acceleration of the death benefit, plus an optional extension of LTC benefits, offering up to lifetime coverage with guaranteed premiums. Recent industry data from LIMRA ranked Asset Care No. 2 among all individual life/LTC-extension products.

“We have seen tremendous growth with our Asset Care solutions,” said Dennis Martin, OneAmerica president of Individual Life and Financial Services. “As more people become aware of the significant benefits and guarantees offered by these products, we believe this growth will continue. We’re committed to offering financial advisors and their clients industry-leading asset-based LTC products, using both whole life insurance and annuities, for many years to come.

“Hannover Re brings expertise in the reinsurance market and a desire to be on the leading edge of innovative product solutions, making them an ideal fit and a perfect complement to our strategy, products and experience,” Martin continued.  

This reinsurance transaction is retroactively effective on Jan. 1, 2018, and will allow the two industry leaders to share all actuarial risks inherent in the OneAmerica product suite of Asset Care products. The agreement is for new Asset Care business written in 2018, and includes one of the industry’s broadest selection of asset-based products.  

“Asset Care has been at the forefront of the combination LTC product market for over 25 years,” said Peter Schaefer, president and CEO, Hannover Re US. “OneAmerica’s financial strength, along with its expertise in this market, has allowed it to build a strong experience base, which gives us confidence in working with them.”