Mutual of Omaha 2023 Carrier Forecast

By
Tess Grace and Randy Mousel
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Rising To The Challenge In 2023

From our humble beginning in 1909 to our current standing as a Fortune 500 insurance and financial services company, Mutual of Omaha’s story has been characterized by growth for more than a century. Compelled by our noble purpose, our ambition has always been to help more individuals achieve their financial goals.

With a pioneering spirit and an innovative mindset, we’ve expanded into new markets over the years, finding new ways to meet the evolving needs of our customers and sales distributions.

That vision for growth takes center stage as we turn our attention to 2023. Thanks to the resiliency of our associates, sales partners and diversified business, we have emerged from the COVID-19 pandemic in a strong position to expand our mission, achieve profitable growth and help even more individuals for years to come.

Navigating an Uncertain Economy
Like you—our brokerage partners—we continue to operate in a highly dynamic and complex environment that presents numerous challenges. Perhaps chief among those challenges is economic uncertainty, driven by rising interest rates, high inflation and volatile equity markets. We understand these forces continue to impact brokers and their clients, making new purchases and the retention of existing policies more challenging.

We remain committed to helping you and your clients navigate this challenging economy in 2023 by providing competitive solutions that deliver peace of mind, backed by superior service and financial strength. In fact, Mutual of Omaha’s financial strength has been acknowledged by multiple third-party rating agencies, reinforcing our reputation as a strong, stable and secure company that fulfills the promises we make to our customers.

Enhancing the Customer and Broker Experience
Customer expectations have shifted over the last several years, and we understand brokers need to be able to meet—and even exceed—those expectations. At Mutual of Omaha, we’re continually enhancing our digital platforms for both producers and customers by implementing new capabilities and streamlining processes.

We want your interactions with us to be easy and convenient, and we’ll continue listening to your feedback on how we can best support you in serving your clients.

Here are a few key enhancements we made for our brokers and customers in 2022:

  • We extended the age for our Life Protection Advantage IUL long term no lapse protection guarantee. This product now features coverage to age 90 (previously age 85) with no additional cost for level pay.
  • We repriced our Living Promise graded product and decreased the rates in many of the age bands.
  • Our Term Life Express 30T with Return of Premium now has chronic and critical illness riders, in addition to the terminal illness rider. These riders complete the living benefits feature on our product.
  • We reintroduced the sale of long term care products and the long term care rider on our IUL products in the state of Washington.
  • We integrated illustrations on iPipeline e-App for IUL Express, which streamlines the application process for producers/agents.
  • We added the option to receive in-force data feeds, which allow for life and long term care pending business, licensing and appointments, and commission feeds.
  • We expanded our DTCC data feeds to better serve the financial institution marketplace.
  • We created and released our new Mutual of Omaha RxSM Essential Prescription Drug Plan, which is ideal for newly eligible Medicare clients with low drug utilization or clients on low-cost maintenance medications. All Mutual of Omaha Rx PDP plans are commissionable.
  • We continued to help customers save money by offering competitive Medicare supplement rates.
  • We auto-decisioned over 60 percent of Medicare supplement underwritten applications.
  • We focused on the broker experience and enhancing interactions with key services areas.

Looking Ahead to 2023
In 2023, we will build on our strong foundation as a preferred insurance carrier and continue to grow in the following ways:

  • We will continue to 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 offering our competitively priced critical illness products, including stand-alone cancer, heart attack and stroke insurance.
  • 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 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 continue to offer competitively priced Medicare supplement plans and value-add options for our senior-age clients.
  • We will enhance our dental insurance product offering in order to provide more customers with comprehensive health care coverage.

Thank you for your trust in Mutual of Omaha—we are committed to being your carrier of choice and a company you can depend on. We appreciate your partnership and look forward to working together to serve even more customers in 2023!