Broker World

Ohio National Financial Services introduced a new indexed universal life (IUL) insurance product that offers the flexibility and protection of a universal life policy with indexed account options to help build cash value.

“The Virtus IUL policy provides the protection component our clients need and so much more,” said Chris Calabro, CLU, ChFC , Ohio National’s senior vice president, life insurance strategic business. “For customers who need to save for future needs such as their retirement or a child’s college education, it also offers a variety of crediting strategies and benefits – more than a normal fixed rate product. What also makes Virtus IUL stand out is its efficient, low-expense design that will help it perform better in a wider variety of market conditions.”

Highlights of its accumulation, protection and flexibility features include:

• Three index accounts and a fixed account so customers can allocate premiums to fit their needs
• A minimum participation rate of 100 percent for all index accounts
• A step-up of at least 30 basis points to all index segments of a policy, as well as to the fixed account beginning in the 11th policy year
• Two flexible loan options (index and standard) with the ability to switch between them as needs change
• Overloan protection rider
• A 2 percent cumulative account value true-up
• An accelerated benefit rider (ABR), which is a living benefit that accelerates a portion of the death benefit if the insured is defined as chronically or terminally ill
• Up to a 20-year no lapse guarantee

These, in addition to other strong features, help make Virtus IUL a good balance for clients’ accumulation and protection needs.

Tracing its corporate origins to 1909, Ohio National markets a variety of insurance and financial products through more than 50,000 representatives in 49 states (all except New York), the District of Columbia, Puerto Rico and through affiliated operations in South America. Additional subsidiaries operate in New York and Connecticut. As of December 31, 2016, its affiliated companies have $41.8 billion total assets under management. Products are issued by The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation. For more information visit www.ohionational.com.

Global Atlantic Financial Group announced the hiring of industry veteran Paul Mistretta to lead retail service operations. Mistretta assumes an important role as chief operations officer, insurance, overseeing all retail operations—including retirement, life insurance and preneed life. He will focus on further enhancing the customer experience as the company continues to invest in its client-servicing platform.

“Paul has more than 30 years of exceptional insurance operations experience, and his insights into operational best practices and background in outsourcing, call centers, Six Sigma and technology will be invaluable as he shapes Global Atlantic’s strategic servicing model,” said Nick von Moltke, president and chief operations officer for Global Atlantic.  “Paul will partner with product development, distribution, marketing and other critical areas of the company to provide a leading customer experience.”

Mistretta was most recently senior vice president and COO with Symetra Life Insurance Company. Previously, he held a variety of executive leadership roles at some of the industry’s most well-known companies. 

The Society of Actuaries (SOA) announced the results of its member voting, with James M. Glickman, FSA, MAAA, CLU, serving as 2017-2018 president-elect. Glickman will begin his duties as the 70th SOA President at the 2018 SOA Annual Meeting and Exhibit, for the 2018-2019 term.

A total of 6,006 SOA members, or 26.25 percent of eligible voters, voted in this year’s election, compared to approximately 6,608 SOA members, or 29.84 percent, in 2016 and 6,193 SOA members, or 28.81 percent, in 2015.

Glickman is the president and CEO of LifeCare Assurance Company, a long term care insurance (LTCI) reinsurer, which he helped found in 1988. Prior to that, Glickman spent 16 years working at four other insurance companies in product development and reinsurance roles.

Glickman was the founding chairperson of the SOA’s Long Term Care Section and served as its chairperson two additional years. Since its formation in 2005, he has served as executive director of the Intercompany Long-Term Care Insurance Conference Association, Inc. (ILTCI), and he was one of the founding ILTCI board members. 

During his term, Glickman plans to increase visibility of the actuarial profession, professional interest section involvement, member availability of quality continuing professional development, new opportunities for expanding member volunteerism, and cooperation with the other actuarial organizations.

The SOA also announced the newly elected SOA Board members: Sue Blanck, FSA, MAAA; Christine Hofbeck, FSA, MAAA; Wendy C. Liang, FSA, CERA, MAAA; Terry M. Long, FSA, MAAA; and David K. Sandberg, FSA, CERA, MAAA. They are joined by current SOA Board members Andrea Bykerk Christopherson, FSA, MAAA; Jeremy J. Brown, FSA, MAAA; Karen J. (Sasveld) DeToro, FSA, MAAA; William B. Fornia, FSA, MAAA, EA, FCA; Roy Goldman, FSA, CERA, MAAA; Eileen F. Luxton, FSA, FCIA; Andrew D. Rallis, FSA, MAAA; Craig W. Reynolds, FSA, MAAA; Marcus A. Robertson, FSA, FCIA; Timothy L. Rozar, FSA, CERA, MAAA, FLMI, ARA, MBA; William M. Sayre, FSA, MAAA; and Mark M. Yu, FSA, MAAA, CFA, FRM. Mike Lombardi, FSA, CERA, FCIA, MAAA, will serve as SOA President for the 2017-2018 term.

The SOA thanks the members who have completed their term on the SOA Board. These members rolling off include Joan C. Barrett, FSA, MAAA; August C. Chow, FSA, FCIA, CERA; Errol Cramer, FSA, MAAA; Gaetano Geretto, FSA, CERA, FCIA; Sara Wiese Goldberg, FSA, MAAA; Paula M. Hodges, FSA, MAAA; Ronald L. Klein, FSA, MAAA; Olga T. Jacobs, FSA, MAAA; and Theresa R Winer, FSA, MAAA. Visit www.soa.org/about/governance/default/ for more information about the SOA Board and the strategic plan.

With roots dating back to 1889, the Society of Actuaries (SOA) is the world’s largest actuarial professional organization with more than 28,000 actuaries as members. Through research and education, the SOA’s mission is to advance actuarial knowledge and to enhance the ability of actuaries to provide expert advice and relevant solutions for financial, business and societal challenges. The SOA’s vision is for actuaries to be the leading professionals in the measurement and management of risk. For more information visit www.SOA.org.

The Diversified Marketing Group (DMG) has named Stephanie Owens as their new Executive Director following the unfortunate passing of industry stalwart Herb Rough.  Owens has more than 15 years experience in a brokerage agency, doing everything from advertising, marketing, review and submission of contracting, commission inquiries, processing new business, recruiting new agents, company liaison, managing a team and daily operational functions.

As the Executive Director, Woods will be facilitating company relationships, motivating agency production, administering support services and coordinating the annual convention in October.

Woods has worked with DMG during her prior experience and has a good understating of the group, so she is excited to work with the current members and recruit new members to grow DMG. Owens can be reached via email at DMGExecutiveDirector@gmail.com.

Diversified Marketing Group, Inc., is a national life, long term care and annuity IMO serving BGA's at the local level. Experienced insurance professionals serving wholesale financial professionals with expertise in problem cases, access to many excellent companies, innovative products and unequaled service.  For more information about the Diversified Marketing Group, visit www.dmgusa.org. 

Genworth today announced that two industry leaders will be joining Genworth’s U.S. Life Insurance division to lead product management, distribution and product marketing for its life, long term care and annuity businesses.

Vince Bodnar, one of the top long term care actuaries in the industry, will join Genworth as senior vice president of Product Management with overall responsibility for the design, development and management of Genworth’s life, long term care and annuity product portfolios.

Larry Nisenson joins Genworth as senior vice president, Chief Commercial Officer. He will be responsible for refining USLI’s commercial vision, including distribution and product marketing, as well as developing strategic and tactical plans to grow the business.

 “I am thrilled to have two very accomplished industry leaders join the team as we focus on developing and distributing the next generation of insurance products geared to help Americans address the financial challenges of aging,” said David O’Leary, president and CEO of Genworth’s U.S. Life Insurance division. “Vince and Larry share our belief that aging and the issues that come with growing older don’t just affect one person; they affect all of us. As sons, husbands and fathers, they understand this first hand and can help Genworth lead the charge to help people age on their own terms.”

 Most recently, Bodnar was chief actuary for Long Term Care Group, Inc., where he led new business development. He co-chairs the Society of Actuaries’ Long Term Care Think Tank and has provided industry leadership on premium rate increases and new product innovation. As a director at Willis Towers Watson, he was the leader of the firm’s long term care and Philadelphia Life practices. He was the president and co-founder of DaVinci Consulting Group, LLC, and was a principal and consulting actuary for Wakely Actuarial Services, Inc., and Milliman, Inc. He is an associate of the Society of Actuaries and a member of the American Academy of Actuaries. 

Nisenson brings broad industry sales experience and diverse distribution channel expertise that spans intermediary distribution (BGAs, associations, agents, and brokers) and direct to consumer. He joins Genworth from Plymouth Rock Assurance Company, where he served as president of the High Point Insurance Companies, responsible for division profitability, growth and relationships.  Prior to that, he served as vice president of Business Development at AXA-Equitable; senior vice president and national sales manager at American General Life Companies; and senior vice president – Eastern division at Allstate Financial. 

 Nisenson earned a Bachelor of Art’s degree in Political Science from Rutgers University and holds Series 7, 26 and 63 certifications.

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.

Innovative international travel insurance and specialty benefit management provider Seven Corners, Inc.,  announced the hiring of Kip Zurcher as chief financial officer (CFO), completing its C-suite remodel.

Zurcher will be based at Seven Corners’ corporate office and will work alongside the founders and executive management team as the company pursues an aggressive growth plan over the next five years. He will be responsible for leading financial and accounting groups within the company, which includes interactions with customers as well as suppliers to support every other aspect of the business from financial and accounting spaces.  

Seven Corners’ new CFO brings more than 20 years of experience directing and re-engineering finance and accounting functions at multiple technology companies. Most recently, Zurcher served as president and CFO of Algaeon, an Indianapolis-based life sciences biotech start-up. 

“Kip Zurcher officially completes our c-suite expansion and we couldn’t be more thrilled to welcome him to the team,” said Justin Tysdal, CEO of Seven Corners. “His extensive background and vast experience working with large, midsized and small companies brings an important set of tools to our executive team.” 

In less than a year, Seven Corners has undergone an extensive transformation that includes three new c-suite positions and eight director-level new hires. In addition, the co-founders themselves have taken on new roles, with Krampen moving into an international business development role and Tysdal becoming the company’s new CEO. 

This flurry of personnel changes has led to increased productivity and the following results: 

• Seven Corners’ online rating improved by nearly 300 percent in just 10 months.
• The company improved its overall claims production timeliness by 50 percent in the past three months for two products.
• Seven Corners generated a savings in U.S. medical claims spend by more than 20 percent. 

“As the only privately held company left in the industry, we knew we needed to take drastic measures in order to scale the company as quickly as we hoped to,” said Jim Krampen, co-founder of Seven Corners. “After 20 years leading the company our decision to hire outside talent and revamp all aspects of our business has been a rewarding challenge and has led to worthwhile results.”

Seven Corners is a member of the US Travel Insurance Association (UStiA) and is an A+ rated Better Business Bureau accredited company.

Founded in 1993, Seven Corners, Inc. is an innovative and service focused international travel insurance and specialty benefit management company. Based in Carmel, IN, and serving a global market, Seven Corners offers a wide variety of customized trip protection solutions to international travelers, agencies of the U.S. government, corporations, foreign governments and various types of insurance companies. For more information on Seven Corners, visit www.sevencorners.com.

The Round Table of New York will recognize Gary T. "Doc" Huffman, CLU, ChFC, with a Lifetime Achievement Award at its 99th Anniversary Black Tie Dinner taking place in December at the Union League Club in New York City. One of the most influential leadership organizations in the country, The Round Table of New York offers this annual award to an individual who has made significant contributions to the insurance and financial services profession. The award specifically recognizes individuals for their accomplishments in the areas of ethics, education and industry leadership.

Doc Huffman is the chairman of the board, president, and CEO of Ohio National Financial Services. He joined the company in 2008 as vice-chairman of distribution, was promoted to vice-chairman and chief operating officer in 2009, and became Ohio National’s ninth president in December, 2010. In May, 2012, he was elected chairman of the board of directors.

Huffman has over 40 years of experience in the financial services industry. Prior to

joining Ohio National, he served as president and CEO of the Union Central Life

Insurance Company, moving to that rank from that of chief operating officer. He was

also a member of the board of directors beginning in 2006. He joined Union Central in 1999 as senior vice president for individual insurance.

Huffman earned a Bachelor of Business Administration from the University of Kentucky. He began his career as an insurance agent with MassMutual Insurance Company in 1975. During his tenure with that company, he moved from general agent to home office and field sales positions, advancing to senior vice president of marketing in 1998.  Huffman is a life member of the Million Dollar Round Table and the recipient of many national quality and sales achievement awards.

He also has assumed a leadership role serving numerous local and national non-profit organizations, most recently chairing the 2017 fundraising campaign of United Way of Greater Cincinnati. He was recognized in 2016 as home office recipient of the Ohio National Foundation’s Paul E. Martin Award for outstanding community service. He currently serves as chairman of the board of trustees of The American College of Financial Services.

Dr. Robert Johnson, president and CEO of The College says, “Doc Huffman is just the leader we need at this pivotal juncture in the history of The College and the profession it serves. He is a visionary grounded in his dedication to the noble purpose of our profession to ensure the financial well-being of families in our society. I cannot think of a more deserving recipient of the Round Table of New York’s Lifetime Achievement Award.”

Established in 1919, the Round Table of New York was initially organized by 28 general agents and managers representing 22 life insurance companies. The organization seeks to raise the level of professionalism and leadership in the financial services industry through adherence to ethical conduct, continuing education and meaningful service to the public. The organization is a strong advocate of professionalism, ethics, and continuing education available to the financial services profession through The American College of Financial Services. Round Table members are among the industry leaders supporting AALU, GAMA, MDRT, NAIFA, and The American College.

For further information about the black tie event honoring Doc Huffman, contact Lou DiCerbo at dicerbo.louis@pmlmail.com.

Over the past 24 months, the Financial Institutions Industry Standards (FIIS) team has established the scope and framework for standards over a key set of life insurance processes in the financial institutions space.  The six key FIIS workgroups have captured need, developed concept, and prepared short and long term plans necessary for the ultimate implementation of processing and data standards. 

With the focus on financial institutions established and the framework in-place to move forward, four of the FIIS workgroups will become part of the overall efforts of the Life Brokerage Technology Committee (LBTC). The 4 workgroups are: Pending Case Update; Application Submission Process; Policy Delivery (eDelivery); and Pre-Sale Technology Integration.

LBTC is well entrenched in the life insurance community and is well known for its successes with technology advances associated with the marketing, sale, and servicing of insurance in independent as well as other distribution channels.  “While it was critical to establish work groups with key players in the space and an exclusive focus on financial institutions, the teams are now at a point where their direction is clear and they will benefit greatly from the broader work product and synergies that LBTC brings,” said Carol Rando, who initiated FIIS in support of PLAN (Professional Life Advisors Network) and the financial institutions marketplace as a whole.  The work groups will remain in-tact, with the same team leaders and focus, and will transition under the overall umbrella of LBTC.  “We are thrilled to expand our focus firmly into the financial institutions space, and recognize the groundwork in place and tremendous synergies to be leveraged as we progress into this predominantly uncharted space,” said Ken Leibow, steering committee chairperson of LBTC.

For individuals who are currently at or nearing retirement age and looking for a way to increase their retirement income,1 Ohio National Financial Services has introduced a new ONdex fixed indexed annuity (FIA) rider. 

The optional Income Accelerator Guaranteed Lifetime Withdrawal Benefit (GLWB) rider guarantees that as long as withdrawals never exceed the allowed amount, the income it provides will increase each year. In fact, the optional Income Accelerator rider features a distinguishing “Power of 3 Guarantee” that offers three possible ways for income to grow:

1. Guaranteed minimum growth. No matter what the markets are doing, and even if income withdrawals are taken, the rider’s value is guaranteed to increase by at least three percent2 every year as long as the contract is active. And because income is based on the rider’s value, a higher rider value means more income.

2. Interest credits plus. In any of the first 20 index years, where no withdrawals are taken, the rider’s value will grow by the greater of the interest credited to the contract’s value plus three percent2 or the interest credited to the contract value multiplied by three, up to a maximum of 10 percent.

3. Annual Step-Up opportunities. At the end of each index year, the rider’s value and the contract’s value are compared. The rider’s value will step-up to the contract’s value if it’s higher, increasing income.

“The optional Income Accelerator rider may provide more certainty for individuals concerned about their retirement assets generating enough income to meet their needs,” said Michael J. DeWeirdt, CFA, FRM, Ohio National’s senior vice president, annuities strategic business. “Because it guarantees income for life that will rise for the duration of the contract, it’s capable of helping to address longevity and inflation risks, two challenges that all retirees face. As a strong addition to our annuity line of business, it can offer protection in different market environments and represents Ohio National’s next step into the rapidly expanding fixed indexed annuity market.”

Please visit www.ohionational.com for more information. 

Income means: (1) during the accumulation phase, the amount you withdraw from your annuity in a contract year; (2) during the Lifetime Annuity Period, the amount you receive in annuity payments each year. 

As a percentage of the initial rider value. The amount to which percentages are applied will be adjusted for step-ups or excess withdrawals.

Guarantees are based upon the claims-paying ability of The Ohio National Life Insurance Company. Guarantees do not apply to the performance of any index choice.

There is no additional tax-deferral benefit for contracts purchased in an Individual Retirement Account (IRA) or other tax-qualified plan because these are already afforded tax-deferred status. An annuity should only be purchased in an IRA or qualified plan if you value some of the other features of the annuity and are willing to incur any additional costs associated with the annuity.

Variable annuities are long-term investment vehicles designed to accumulate money on a tax-deferred basis for retirement purposes. Upon retirement, variable annuities may pay out an income stream of a series of payments or a lump sum. If you die during the accumulation or payout phase, your beneficiary may be eligible to receive any remaining contract value.

Allianz Life Insurance Company of North America has hired Tobias Fritsch as chief operating officer for the Allianz Investment Management (AIM) division. In his new role, Fritsch will be responsible for enabling all hedging, investment strategy, and portfolio management activities for AIM, which has more than $100 billion in assets under management in the U.S.

Fritsch will lead the functions responsible for middle and back office accounting and operations support, strategic IT systems, and overall program and financial management. He will report to Allianz Life Chief Investment Officer, Todd Hedtke.

“Tobias brings a strong understanding of global Allianz initiatives, which is hugely beneficial as our team collaborates with colleagues around the world to direct our company-wide investment strategy,” said Hedtke. “We are excited to utilize his vast leadership experience in both operations and investment management in order to make AIM a more efficient and effective organization.”

Fritsch joins Allianz Life from Allianz Global Investors (AGI) in Berlin, Germany, where he was an executive program manager responsible for leading a strategic initiative to redesign and transform the target operating model of AGI. He was also responsible for an acquisition and post-merger integration of Rogge, a global fixed income asset manager, into AGI. Fritsch

joined Allianz in 2009, holding various leadership roles with AGI, Allianz Managed Operations & Services (AMOS) and Allianz Deutschland. Previous to Allianz, he was a consultant with A.T. Kearney.

Fritsch holds multiple advanced degrees in the areas of business administration, eTechnical engineering, computer science, economics, political science and government, history and literature, sociology, and philosophy.

Allianz Life Insurance Company of North America has been keeping its promises since 1896. Today, it carries on that tradition, helping Americans achieve their retirement income and protection goals with a variety of annuities and life insurance products. As a leading provider of fixed index annuities, Allianz Life is part of Allianz SE, a global leader in the financial services industry.