What’s In Store In 2022?
It’s often said challenges reveal character. At Mutual of Omaha, our customer-centric purpose and talented associates have enabled our company to continue navigating one of the most challenging periods in our 112-year history.
Despite the ongoing presence of the COVID-19 pandemic, we continue to stand strong, helping our customers stay in their homes, keep their kids in school, pay their medical bills, protect their income when they’re sick and address countless other financial needs.
While the pandemic remains the most significant force in the external environment, there are many other drivers of change and uncertainty affecting the industry: Social unrest, economic volatility, digital acceleration, InsurTech growth, regulatory changes and increased competition for talent. We continue to closely monitor these forces to ensure Mutual of Omaha is well positioned to respond and compete in this rapidly changing landscape.
Our Unwavering Commitment
Amid the uncertainty, one constant is Mutual of Omaha’s commitment to its customers. As a highly rated mutual company, we are owned by our policyholders and driven to meet their changing needs, preferences and expectations. We strive to be a strong, stable and secure partner they can count on, especially during these unique times.
A major component of fulfilling our promises to our customers is partnering with you—our trusted brokers. Perhaps now more than ever, consumers are seeking sound advice and we are here to support you in serving your clients and providing an outstanding experience.
In 2021, Mutual of Omaha made some significant enhancements for our brokers and customers:
- We increased our guarantee to age 90 on our Life Protection Advantage IUL product. This protection-focused IUL offers coverage to age 120 at competitive premiums and now the option to guarantee coverage to age 90. We also offer a guaranteed refund option, no cap on an index loan, and early access to the death benefit for long term care, terminal and chronic illness policies.
- We monitored the 7702 regulation, which placed our product in a competitive position in cash accumulation/income within the IUL marketplace. Our Income Advantage product has some of the lowest internal costs in the industry.
- Our Guaranteed Refund Option rider (GRO) now has an increased maximum benefit amount of 50 percent to 80 percent of the specified death benefit. This rider provides clients with an extra safety net and added peace of mind with their IUL policy.
- Living benefits on our IUL Express product come at no cost to your client. This accelerated death benefit rider for terminal, chronic and critical illness may allow your clients to access a portion of the death benefit early.
- Our fully underwritten products (Life Protection IUL, Income Advantage IUL and AccumUL Answers) are now available on Drop Ticket on iPipeline, streamlining the application process.
- United of Omaha’s Indexed Universal Life products are now available to bridge into the InsMark Illustration software, which helps create concepts that demonstrate the long-term benefits of purchasing permanent life insurance.
- We introduced a new optional Dental Savings Plan for customers. This discount program makes it easy for members and their families to enjoy substantial savings at the time of service. It’s affordable and a simple solution to get the dental care clients need.
- We created and released a new Prescription Drug Plan e-app for the 2022 plan year. The new e-app allows you to do what you do best—sell! Now you can conveniently view your scope of appointment forms, applications and status updates on the e-app dashboard.
- We continued to help customers save money by offering competitive Medicare supplement rates.
- We focused on the broker experience and enhancing interactions with key services areas.
- We improved automated underwriting for Medicare supplement e-applications, providing decisions within two minutes of submission.
- Our multipolicy discount for dental insurance is now available in most states when clients purchase Med supp and dental coverage together.
Looking Ahead to 2022
In 2022, we will continue to build on our efforts to meet the evolving needs of consumers and their brokers with new solutions, services and technology enhancements:
- We will focus on adding more products to our e-application platform and streamlining the application submission and underwriting processes to provide an exceptional broker experience.
- We will continue to offer competitively priced IUL plans and evaluate marketplace positioning to bring you and your clients the most valuable IUL products.
- We will continue to focus on growing our business in the Simplified Issue and Indexed Universal Life product market.
- We will expand and improve our digital capabilities to provide convenient options for our sales partners and customers.
- We will continue to offer competitively priced Medicare supplement plans and value-add options for our senior-age clients.
- We will expand our commitment to the senior dental space in order to provide more customers with comprehensive health care coverage.
Since our founding, Mutual of Omaha has been delivering solid financial solutions for customers through every stage of life. We remain committed to our brokerage community and look forward to a continued strong and successful partnership in 2022. [TG] [RM]
