Excellence In The Face Of Adversity
What a year we just experienced! The COVID-19 global pandemic has affected nearly every aspect of daily life. It has changed how people interact and how businesses operate. Consumers, brokers and insurance carriers are relying on technology to communicate and conduct business, making digital services more important than ever.
Beyond the pandemic, we’ve seen uncertainty in many aspects of our society in 2020, including a heightened focus on racial and economic inequalities. While Mutual of Omaha has a long-standing commitment to diversity and inclusion, we announced an initial set of additional actions to promote positive, meaningful change when it comes to social justice, both within our company and in our communities.
One step we took was retiring the Native American imagery associated with our corporate logo. In November, we unveiled our new corporate logo—a lion. This symbol of protection and strength represents who we are as a company and reflects our mission, values and loyalty to you and our customers.
Thriving in a Complex Environment
The health and safety of our associates, our customers, our business partners and our communities has been our highest priority and continues to guide our pandemic response, which we anticipate will continue for the foreseeable future.
Mutual of Omaha has responded to the uncertainties posed by the pandemic with great resiliency. We are committed to being a carrier of choice in a competitive landscape and continuing to operate with excellence. We remain financially strong and stable, able to withstand today’s challenges to fulfill the long-term promises we make.
We understand today’s business environment is moving rapidly and it’s critical for brokers to respond to their customers’ needs efficiently and effectively.
In order to support you in that endeavor, Mutual of Omaha implemented some notable enhancements in 2020:
- We launched Mutual Income SolutionsSM, a new disability income insurance solution. This product features expanded occupation classes, extended benefit periods and an increased maximum monthly benefit of $20,000. It also includes an electronic-only experience for sales professionals and customers.
- We monitored the AG49-A changes that could have affected our indexed universal life (IUL) products. The new regulation ultimately supported our long-standing commitment to developing simple, client-friendly IUL solutions. Our products did not require any changes as a result of AG49-A, and we’re proud to continue offering the same low-cost IUL products that can help your clients achieve their financial goals.
- We introduced Mutual of Omaha Premier, a new competitive prescription drug plan that offers a low monthly premium option for customers age 65 and over.
- We added our simplified issue IUL Express product to the iPipeline e-App, which includes a point-of-sale underwriting decision.
- We helped our customers save money by improving Medicare supplement rate competitiveness in several states.
- To enable convenient cross-selling for brokers, we added the Cancer and Heart Attack/Stroke products to the Med supp e-application.
Looking Ahead to 2021
In 2021, we will build on our strong, stable and secure foundation and continue to deliver value in many ways:
- We will focus on enhancing and streamlining our application submission and underwriting processes to provide an exceptional broker experience.
- We will continue to offer competitively priced Med supp plans and related offerings that add value to our senior health portfolio.
- We will continue to grow our market share in the simplified issue and indexed universal life product space.
- We will expand and improve our digital capabilities to provide convenient options for our sales partners and customers.
We look forward to working together to continue meeting the evolving needs of customers, especially during these unprecedented times. You’re an important part of our mutual success, and we appreciate the confidence you place in us. [TG] [RM]
