2020 Vision: Looking To The Future
As we look to 2020, consumers, brokers and insurance carriers alike face a common reality: Our world is as complex as it’s ever been.
Technology continues to change at a rapid pace. We’ve evolved from smart phones to smart homes—digital devices are at the core of our daily lives. Technology has transformed the way consumers approach purchases, the way brokers reach consumers and the way carriers support both.
Political and economic headlines dominate the news, causing uncertainty for consumers and businesses. These realities influence the way we think and plan.
Interest rates remain at historically low levels. This sustained trend impacts the way consumers invest and save and the way brokers advise those consumers.
Healthcare costs continue to rise at an increasing rate. This trend impacts the way seniors approach insurance purchase decisions, as well as the way younger consumers plan for retirement.
And the list goes on. The only constant in today’s world is change. So, what does all of this mean for brokers and insurance carriers in 2020?
The Importance of Trust
In such a rapidly changing and complex world, consumers are increasingly seeking advice from sources they trust. Individuals and companies they can count on.
For 110 years our focus has been on earning the trust of our customers. As a highly-rated mutual company we are owned by our policyholders, so our interests are fully aligned with our customers. Our commitment to those customers is to fulfill the promises we make and to be a strong partner they can count on.
We continue to invest in new technology to address the changing needs of consumers and brokers. We continue to listen to customers, acting on what we hear to enhance the customer experience. And we continue to make sound financial decisions to ensure our long-term strength and stability.
In 2019, Mutual of Omaha partnered with brokers to continue earning the trust of their customers in some key ways:
- We introduced a new IUL Express product and promoted the solidity and strength of our IUL Advantage and IUL Protection products through our IUL Strong campaign.
- We introduced a new 5- and 7-year guaranteed deferred annuity product—Ultra Premier Annuity.
- We enhanced several underwriting tools including automated underwriting screen mobility, a smoother email signature process, a touch-enabled signing process and the ability to get a decision day or night.
- We provided updated long term care Cost of Care data to our field.
- We updated our products to comply with the 2017 CSO Tables.
- We expanded our Medicare Advantage product into two new markets—Dallas and Denver.
- We enhanced our Medicare supplement offerings with the nationwide release of a new High-Deductible Plan G and our new wellness program, Mutually Well.
In 2020, we will build on our strong, stable and secure foundation as a preferred insurance carrier and continue to earn the trust of brokers and customers in a variety of ways:
- We will be making some pricing adjustments on our Living Promise Level and Graded products to ensure our solutions are delivering value to customers in a competitive marketplace.
- We will be discontinuing our GUL product effective January 1, 2020, to focus on other more competitive and value-added solutions.
- We will continue to add automated underwriting for additional life insurance products.
- We will continue to expand technologies with e-applications and mobile quoting.
- We are continuing to refine the auto-issue process for our Children’s Whole Life product.
- We are working to develop and launch a new and improved Disability Income product.
- We will continue to focus on providing our customers age 65 and over competitive products that meet their healthcare needs.
Since 1909, Mutual of Omaha has been delivering solid financial solutions for every customer at every stage of life. We remain committed to our brokerage community, positioning you for success in 2020 and beyond. [TG] [RM]