Verisk is helping M Financial build a new life insurance product
M Financial Group, a financial services design and distribution company, and global insurer Pacific Life have used Verisk to build a new life insurance product.
Powered by Verisk’s FAST technology, this new life insurance product will have flexible options and pre-configured tax rules designed exclusively for high net worth individuals.
The flexible survival variable universal life policy is the first of several planned rollouts through the partnership with Verisk.
This new policy will be available exclusively through M Member Firms and is a near-death policy with benefits payable on the death of the survivor. It offers a curated selection of investment options, no redemption fees and an optional non-maturity guarantee optimized for life expectancy.
Dave Kittredge, M Financial’s vice president, business strategy partner, said of the partnership: “By developing this policy with FAST and Pacific Life, we’ve helped address some of the challenges tax law can create for high net worth individuals.
“We have also created a platform where further innovation can happen with compelling new offerings for a customer base that needs flexible, thoughtful insurance solutions. We now have the means to accelerate our speed to market with established carrier partners, a robust digital environment and a single interface to our back-end systems.”
M Financial has over 135 member firms in 36 US states and the UK. The network of independent insurance, investment and management firms has served the needs of high net worth individuals, corporate executives, entrepreneurs and Fortune 1000 companies.
Verisk develops data-driven analytical insights and solutions for the insurance and energy industry. It has built a suite of solutions that apply advanced analytics, automation and machine learning to existing and new data sources.
It claims the solutions transform workflows in life insurance underwriting, life and pension analytics, claims insight, compliance and fraud detection, and actuarial and portfolio modeling.
Verisk has signed several similar agreements with insurance companies this year. Louisiana Insurance Guaranty Association (LIGA) recently partnered with InsurTech company to streamline claims processing processes.
Copyright © 2022 FinTech Global
Investors
The following investor(s) were tagged in this article.
