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M Financial Group, a Portland, Ore.-based financial services design and distribution company, and Pacific Life (Newport), a global insurer, have used Verisk’s (Jersey City, N.J.) FAST platform to develop a new life insurance product with flexible options and pre-configured tax rules designed exclusively for high-net-worth individuals.
The new product, a flexible-premium survivorship variable universal life (SVUL) policy, is the first of several planned rollouts that will combine the power of FAST with M Financial’s new M Vision platform, a digital ecosystem for bringing sophisticated insurance products to market, according to a statement from Verisk.
“In developing this policy with FAST and Pacific Life, we’ve helped address some of the challenges that tax law can create for high-net-worth individuals,” comments Dave Kittredge, VP, Business Strategy Partner at M Financial. “We’ve also created a platform on which further innovation can occur with compelling new offerings for a client base that needs flexible, thoughtfully designed 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.”
The flexible-premium SVUL product, available exclusively through M Member Firms, is a second-to-die policy with benefits payable upon the survivor’s death. It offers a curated array of investment options, no surrender charge and an optional no-lapse guarantee optimized to life expectancy.
Help Meeting Biggest Challenges
“The applications for FAST are vast, as our collaboration with M Financial and Pacific Life demonstrates,” comments Tom Famularo, managing director, Verisk and co-founder of the FAST platform. “We come alongside insurers, distributors and industry trailblazers to help meet their biggest challenges at any point on the value chain.”
Verisk reports that it has o support life insurers across the policy life cycle, Verisk has developed a suite of solutions that apply advanced analytics, automation and machine learning to existing and emerging data sources. The solutions are designed to help transform current workflows in life insurance underwriting, life and pension analytics, claim insights, compliance and fraud detection and actuarial and portfolio modeling.