M Financial Group, a financial service design and distribution company, and global insurer Pacific Life have tapped Verisk to build a new life insurance product.
This new life insurance product, which is powered by Verisk’s FAST technology, will have flexible options and pre-configured tax rules designed exclusively for high-net worth individuals.
The flexible-premium survivorship 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 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 optimised to life expectancy.
Speaking on the partnership, M Financial vice president, business strategy partner Dave Kittredge said, “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.
“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.”
M Financial has over 135 member firms across 36 US states and the UK. Its network of independent insurance, investment and executive benefit firms has served the needs of high-net worth individuals, corporate executives, entrepreneurs and Fortune 1000 companies.
Verisk develops data-driven analytic insights and solutions for the insurance and energy industries. It has built a suite of solutions that apply advanced analytics, automation and machine learning to existing and emerging data sources.
It claims the solutions transform workflows in life insurance underwriting, life and pension analytics, claim insights, compliance and fraud detection, and actuarial and portfolio modelling.
Verisk has signed several similar deals with insurers this year. The Louisiana Insurance Guaranty Association (LIGA) recently partnered with the InsurTech company to streamline claims handling processes.
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