Carrier Developments

Alfa Offers Church Insurance, Uses Cover-All Framework

August 30, 2010

Alfa Mutual Insurance Company, an insurance and financial services provider, is offering a new custom church insurance product using the Cover-All Technologies Inc. framework, My Insurance Center’s NexGen Custom Product Framework. The church insurance program includes property and liability coverages in Alabama, Georgia and Mississippi. Cover-All said its product was implemented within 54 days and covers the entire policy lifecycle including submission, rating, print, and subsequent transactions.

The company signed with Cover-All at the end of 2009, and this offering is the second since the partnership. Alfa Mutual released commercial package, commercial auto, and BOP for the same three states earlier this year.

The Hartford Targets 401(k) Middle Market

August 30, 2010

The Hartford Financial Services Group, Inc. announced a series of new initiatives to capture a larger share of the middle market for 401(k) defined contribution and defined benefit retirement plans.

As part of its ongoing efforts to raise its profile in the middle market, The Hartford appointed Denise Diana as vice president, retirement plans mid-market, to lead the new sales and marketing initiatives.  Diana comes to The Hartford with 20 years of experience in the insurance industry, most recently from Transamerica where she was vice president of business development. She has also held key leadership positions at Prudential Retirement and CIGNA. A graduate of Bryant College where she earned a BS with a concentration in marketing, Diana holds FINRA series 26, 7 and 66 licenses, and a Connecticut Life and Health Producer license. 

In her role at The Hartford, Diana will create a new team of middle market specialists to support financial advisors, Registered Investment  and consultants, and identify mid-market development opportunities.

“The Hartford has been building its considerable capabilities to serve the middle market for some time, including three strategic acquisitions that expanded our scale and core competencies,” said Sharon Ritchey, executive vice president and director of The Hartford’s Retirement Plans Group, and past honoree of the Insurance Networking News’ Women in Insurance Leadership.  “We’ve added new technology capabilities, new product solutions for both defined contribution and defined benefit plans, and new leadership to help us accelerate growth.”

In September, The Hartford is launching a series of forums for advisers that will unveil new research on retirement plan sponsors’ and participants’ evolving needs, and new approaches in meeting them.  The forums, “A Dose of Reality: Strong, No Sugar,” will consist of practice management modules and insights into The Hartford’s new middle-market initiatives.  The seminars will take place in Boston, Atlanta, Irving, Texas, and San Francisco. Diana and other executives from The Hartford’s Retirement Plans Group will be on hand.

The 401k Exchange recently ranked The Hartford among the top five providers for its "Investment Services" category as well as its "Record Keeping and Administrative Services" category for defined contribution retirement plans with $10 million to $100 million in assets under management. The “Mid-Year 2010 401k Exchange Ratings and Market Share” report based the rankings on a survey of retirement plan sponsors.

“The Hartford has a tremendous value proposition across the middle market for defined contribution and defined benefit retirement plans,” Diana said. “Few retirement plan providers can deliver the range and quality of services that we offer for financial advisers, plan sponsors and participants.”

According to Ritchey, “more plan sponsors with assets between $10 million and $100 million will come to realize that The Hartford has the expertise, experience and quality service they need to make their retirement plans as successful as possible.”

MBPA Names Meadowbrook One of Best 101 Companies

August 23, 2010

The Michigan Business & Professional Association (MBPA) has named Meadowbrook Insurance Group Inc., a specialty risk management group, as one of the 2010 Metropolitan Detroit's "101 Best and Brightest Companies to Work For" for the sixth consecutive year.

The annual award recognizes companies that demonstrate good practices in human resources. This year’s winners were judged based on workplace issues such as compensation and benefits, education and development initiatives, recruiting and retention practices, and community involvement.

Meadowbrook will receive the award Wednesday, Sept. 22, 2010 at the Marriot Dearborn Inn in Dearborn, Mich.

MassMutual Retirement Division Ranked No. 1

August 19, 2010

Boston Research Group, a market research and consulting firm specializing in the financial industry, rated MassMutual's Retirement Services Division No. 1 in eight categories in its 2010 DCP Retirement Advisor Satisfaction and Loyalty Study.

MassMutual said it was rated No. 1 in “Offers Competitive Advantages" in a nationwide survey conducted from February to April of 649 retirement advisors representing 20 retirement plan providers. The company also said it placed No. 1 in the following categories for the same study:

•    Wholesaler partners for success
•    Participant education program
•    Internet capabilities for plan sponsors
•    Internet capabilities for participants
•    Participant statement
•    Seminar assistance
•    Product education for the advisor

BB&T Launches Online Quote Comparison

August 12, 2010

BB&T Insurance Services has launched an online auto insurance service created to allow customers to shop for coverage, compare quotes and buy online. The design for the new website, www.InsureWithBBT.com, was based on consumer buying trends, which the company said show “an increasing number of clients prefer choice in how they evaluate and purchase auto insurance.”

"BB&T Insurance Services has developed a simple and secure portal to shop for auto insurance with a focus on usability and security," said Cathy Lamoreaux, SVP and personal lines manager, BB&T. "We've partnered with some of the most financially stable insurance carriers that have a proven track record of customer service and the highest industry recognition."

BB&T’s insurance coverage extends to nine U.S. states, including Alabama, Florida, Georgia, Kentucky, Maryland, North Carolina, South Carolina, Tennessee and Virginia.

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