If insurers can get out of their own way, a reactive industry can transform into a proactive partner.
PAGE 12
Also inside
Mike Downing: ‘Annuities are for everyone’
PAGE 8
How insurers can ‘plant a flag’ with agentic AI
PAGE 38
AI won’t save your leadership: It will expose it
PAGE 40
As featured in the Oscar-qualified documentary, Cashing Out, entrepreneur Scott Page founded the settlement industry in 1989 by pioneering viatical settlements for people with AIDS, launching what has evolved into a regulated and credible planning tool trusted by advisors and clients today.
Back then: policies were sold to survive.
Today: life settlements unlock value, choice, and dignity in financial plans.
• $601M paid to policyowners in 2024 (often over 6.5x surrender value).
• $842M paid in 2023—putting $707M more in consumers’ pockets than surrender or lapse.
• Since 2021: nearly $16B of policies settled; over $3B in direct consumer value.
• Regulated in 45 states with licensing, disclosures, and oversight.
Since 1994, the Life Insurance Settlement Association (LISA) has been the industry’s voice, setting standards, educating professionals, and aligning capital, compliance, and client value so that life settlements consistently deliver on their promise.
Directed by Matt Nadel, produced by Luke Hodges and Matt Nadel, Cashing Out connects the industry’s origins to its modern legitimacy — featuring pioneers like Scott Page. This film was produced with the generous support from the Life Insurance Settlement Association.
It’s how the Then became the Now.
• Download the LISA Life Settlement Guide
• Watch Cashing Out
• Connect with Rob Haynie & Life Insurance Settlements, Inc.
SCOTT PAGE — The Visionary Who Started It All
• Founded The Lifeline Program (1989), originating the market.
• Testified before regulators and legislators; advanced consumer protections.
• Featured by national media (Newsweek, New York Times, NBC Nightly News, Fox Business, 20/20, WSJ, The Economist).
• Continues as an expert witness, educator, and advocate for client choice.
ROB HAYNIE — Managing Director of Life Insurance Settlements, Inc.
• 32-year veteran and industry leader; his company has negotiated thousands of settlements
• Vice Chair, LISA Board; incoming Chairman (2026).
• LISA Leadership Award recipient.
• Global speaker; Life Settlements topic author; co-host, Unlocking the Hidden Value of Your Life Insurance
• Widely recognized as Mr. Life Settlements, advancing best practices, education, and adoption.
Sponsored by Life Insurance Settlements, Inc. In partnership with LISA and Cashing Out
8 Annuities are for everyone
Annuity sales are skyrocket ing, and Mike Downing is on the front lines of those record-busting sales. The copresident of Athene discusses the demand for annuities and where sales could go in the future.
By Rayne Morgan
How carriers are leveraging technology and transforming the value chain.
30 Fixed annuities give clients more money to spend in retirement By Kourtney Gibson and Colbert Narcisse
Annuity income can be the difference between a frugal retirement and one that provides a retiree with dignity and happiness.
34 The care gap: Medicare and insurance won’t cover this By Paul Feldman
Advisors avoiding senior care discussions are putting their clients at risk.
20 Saving money and relationships
By Susan Rupe
Claire Dubé teaches financial self-care and healthy financial behaviors.
26 How life insurance closes the financial confidence gap By Ramon Casanova Life insurance builds security amid consumers’ financial concerns.
38 Consumer insights reveal how insurers can ‘plant a flag’ with agentic AI By
Rayne Morgan
A study shows consumers are comfortable using artificial intelligence when researching a product or service.
40 AI won’t save your leadership: It will expose it By Casey Cunningham
AI helps great leaders shine while exposing weak leaders.
42 The architect behind Manulife’s AI revolution By Rayne Morgan
Jodie Wallis describes how Manulife is using AI in all its operations.
As we look at technology in this month’s issue, artificial intelligence jumps out as the trend that continues to receive the most buzz in the insurance industry.
One survey, for example, found that 88% of auto insurers currently use, plan to use or plan to explore using AI intelligence or machine learning as part of their everyday operations. Seventy percent of home insurers plan to do the same.
AI has been employed across the industry at many levels:
• Underwriting: AI is used to assess risk by analyzing vast amounts of data, including historical claims, demographics and real-time data such as weather patterns and social trends.
• Claims processing: AI automates claims processing by quickly evaluating damage, evaluating damage and fraud detection and determining payouts. This reduces the time it takes to settle claims and ensures accuracy.
• Customer service and chatbots: AI-driven chatbots and virtual assistants provide 24/7 customer support. They can answer policyholders’ questions, help with policy changes and even initiate claims reporting.
• Predictive analytics: AI algorithms analyze data to predict future trends, such as identifying high-risk areas for specific types of claims (e.g., auto accidents or property damage). Insurers can use this information to adjust pricing and underwriting strategies.
• Fraud detection: AI helps detect fraudulent claims by identifying patterns and anomalies in data. It can flag suspicious activities, reducing insurance fraud and reducing costs for insurers.
• Risk assessment : Insurers use AI to more accurately assess the risk of insuring specific individuals or properties. This leads to more personalized pricing and coverage options.
• Customer engagement: AIpowered tools personalize marketing and communication efforts, improving customer engagement and retention. Insurers can offer relevant policy
You're AI!
recommendations and incentives based on customer behavior.
• Telematics: In auto insurance, telematics devices and AI analyze driving behavior, allowing insurers to offer usage-based insurance policies. Safer drivers may receive lower premiums.
• Data analysis: AI can process and analyze vast amounts of data to uncover insights, helping insurers refine their business strategies, improve operational efficiency and make datadriven decisions.
• Policy management: AI streamlines policy administration by automating tasks like policy issuance, endorsements and renewals, reducing manual errors and administrative costs.
• Risk modeling: AI helps insurers create sophisticated risk models by considering a wide range of variables and scenarios, enhancing their ability to manage risk effectively.
• Health insurance: AI is used to assess health risks, optimize pricing for health insurance policies and support claims processing in the health insurance sector.
• Property/casualty insurance: In P/C insurance, AI can assess property values, calculate replacement costs and estimate the risk of natural disasters.
• Reinsurance: AI is employed in reinsurance to assess and price risks more accurately, helping reinsurance companies manage their portfolios effectively.
• Regulatory compliance: AI can assist insurers in staying compliant with evolving regulations by monitoring and adapting policies and practices.
One of the more interesting uses for AI is developing what is called “synthetic
No you're AI! Bro, we're all AI.
data,” which can be used to improve predictive modeling when, for example, there may be a lack of actual data for certain models.
Overall, AI has the potential to modernize and make more accurate and efficient many aspects of the insurance industry. At the same time, there are concerns about oversight and regulation — to ensure that its use does not create discrimination issues, for example. As Senior Editor John Hilton writes about in this issue, the National Association of Insurance Commissioners has been surveying each segment of the insurance industry to quantify exactly who is using AI and how they are using it. The NAIC will use this information in developing AI guidelines for the industry. As rules and regulations evolve, including at the state level, we will see how the oversight of AI develops.
Overseeing AI, however, has a number of wrinkles. There are, for example, “AI hallucinations” where AI programs make up information out of whole cloth, based on no real data or information. As we see more uses of AI to create images and video, there is more opportunity to move away from “reality” and create very convincing content that misrepresents the facts.
The next question after regulation is developed, though, is how to monitor AI use. Many uses of the technology are so complex, they may require AI tools to monitor and ensure compliance.
At that point, will we have AI overseeing AI?
John Forcucci Editor-in-chief
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The continued use of GLP-1 weight loss drugs could cut mortality rates by up to 6.4% by 2045, according to new research spearheaded by Swiss Re. The study considers the long-term ram ifications of the explosive growth of GLP-1s.
Among U.S. adults, usage of GLP-1 drugs for weight control and Type 2 diabetes treatment rose to more than 4% in 2024, a fivefold increase in five years, according to FAIR Health data.
The market size for GLP-1s is expected to grow at about 26% annually through 2033, Grand View Research estimated. It is large enough to change the mortality projections that are crucial to life insurance and annuity pricing.
Under optimistic scenarios, Swiss Re projects that GLP-1 medications could reduce all-cause mortality in the United States by as much as 6.4% by 2045. In the United Kingdom, the research suggests a reduction of over 5% is possible.
The cost of buying and maintaining a car continues to grow, so it shouldn’t be much of a surprise that auto loan defaults and repossessions are rising as well. The Consumer Federation of America warned that the record number of defaults “is a canary in the coal mine for large-scale economic problems.”
Americans owe more than $1.66 trillion in auto debt and a crisis is happening “just as our nation’s federal watchdogs — the Consumer Financial Protection Bureau and the Federal Trade Commission — have taken significant steps back from oversight and enforcement of predatory practices in the auto market,” a recent CFA report said.
The average vehicle sells for nearly $50,000 and almost 20% of new car buyers are paying $1,000 or more a
month on their loan, the report said. Nearly 1 in 5 new car buyers in the first quarter of 2025 have a loan that is seven years long. Used car prices also rose 6.3% year over year.
There is this big dichotomy between higherincome and lower-income consumers which continues and is a real issue.”
— Charles Scharf, Wells Fargo CEO
Insurance challenges have forced onethird of home searchers to completely change the geographic area where they are looking for a home, and another 30% have cast a wider net and expanded their initial target geography. Nearly one-quarter of home searchers have completely changed strategies based on insurance challenges.
Nearly half of recent and prospective homebuyers have faced trouble or expect to face trouble obtaining or renewing homeowners insurance, according to a recent Realtor.com survey. Some said the situation is so bad they could forgo homeowners insurance altogether.
Nearly 9 out of 10 of those surveyed believe that they will pay more for homeowners insurance in the future and 42% have already confirmed they have experienced a rise in home insurance costs. Three-quarters believe homeowners insurance could ultimately become unaffordable.
Cleveland Federal Reserve President Beth Hammack said it’s “a challenging time for monetary policy” as the Fed cuts interest rates in the midst of sticky inflation.
In an interview with CNBC, Hammack said the Fed faces challenges as it attempts to balance fighting stubborn inflation and protecting jobs.
The Fed approved a rate cut in early September, lowering its benchmark overnight lending rate by a quarter percentage point to a range of 4.00%-4.25%, and signaled more cuts were on the way before the end of the year.
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Regulators move closer to finalizing AG 49-A and new reinsurance rules. Copyright lawsuits over AI training raise risks for advisors. And Gen Z warns insurance’s slow AI adoption is worsening the talent gap.
[Editor’s Note: These are some of the major stories to which we are devoting ongoing coverage at INN. Visit our website to sign up for our free newsletters at insurancenewsnet.com/subscribe and don’t miss another important story!]
By John Forcucci
Artificial intelligence has quickly become a staple for independent insurance agents and financial advisors seeking to streamline client communications and build a presence on social media. But experts warn that the same tools fueling efficiency also carry significant copyright risks.
That was the message from a panel of international copyright attorneys and industry leaders hosted by the Copyright
Clearance Center. Speakers detailed a wave of lawsuits in the United States and abroad targeting AI companies over how they gather, train on and reproduce copyrighted content.
Nancy Wolff, a veteran copyright attorney, noted that more than 50 lawsuits are pending in U.S. courts, largely in California and New York, with publishers and authors challenging AI developers
Using outputs directly in advertising or client-facing materials could expose firms to claims if the generated text or images resemble copyrighted works.
such as OpenAI and Anthropic.
“These cases will take years to resolve, but the central questions involve whether AI training is a substitute for original works and whether licensing is required,” Wolff said. She emphasized that under U.S. law, copyright protection is territorial, and fair use — the doctrine allowing limited use of copyrighted material without permission — is highly fact-specific.
For financial professionals, the lesson is that AI tools may be built on content whose legal status is unsettled. Using outputs directly in advertising or client-facing materials could expose firms to claims if the generated text or images resemble copyrighted works.
Across the Atlantic, the U.K. and the European Union are also wrestling with AI and copyright. British attorney Hayleigh Bosher pointed to Getty Images’ lawsuit against Stability AI, alleging that millions of photos were scraped without permission to train the popular image generator Stable Diffusion.
Unlike the U.S., the U.K. relies on narrower “fair dealing” exceptions, which make it harder for AI developers to argue that mass data scraping is permissible. The European Union has introduced new rules for text and data mining, but courts are already fielding challenges about how they apply to AI systems.
Read the full story online: https://bit.ly/copylaw25
John Forcucci is InsuranceNewsNet editor-in-chief. He has had a long career in daily and weekly journalism. Contact him at johnf@innemail.com.
By John Hilton
A
National
Association of Insurance
Commissioners’ group took another step toward finalizing a pair of key guidelines.
The Life Actuarial Task Force posted Actuarial Guideline 49-A and the new AG 55 for a 21-day comment period following the meeting. Minor language tweaks are involved with the former guideline, while regulators seek comment on draft templates for AG 55.
But there remains a bigger issue still to be resolved with AG 49-A.
Approved in 2020, AG 49-A limits the maximum illustrated rate that insurers can use in policy projections to prevent unrealistic growth assumptions. It includes restrictions on exaggerated benefits from indexed loans, a strategy that previously allowed aggressive return assumptions.
Illustration irregularities were uncovered after regulators reviewed illustrations
from 13 companies, which prompted regulators to attempt a quick fix.
Regulators found that insurers often displayed multiple historical averages over different time frames, often side by side with the maximum illustrated rate. The historical averages were sometimes two to four times the maximum illustrated rate.
In addition to discouraging side-byside comparisons, regulators aim to standardize the historical period for index components that lack 25 years of
By Rayne Morgan
A new survey finds the insurance industry’s slower adoption of AI is keeping Gen Z from making insurance a top career choice, adding to the industry’s talent crisis.
Counterpart, an agentic insurance platform, and Young Risk Professionals surveyed U.S. insurance professionals aged 21 to 35 and found that most of them highly valued the stability the industry can provide. However, the survey also found a “striking disconnect” between Gen Z’s expectations regarding AI
and the reality on the ground.
“There’s a big gap happening between what we’re seeing in the broader economy versus what’s happening in insurance. These young professionals are smart. They’re recognizing, ‘Wait, hold on, the world is changing around me and we’re sitting still in insurance,’” Tanner Hackett, CEO, Counterpart, told InsuranceNewsNet.
Hackett urged the insurance industry to find solutions on how to cross that chasm, acknowledging that AI is likely going to be broadly entwined into
historical data. Regulators discussed setting the minimum historical period at five years, but some regulators preferred 10.
Rachel Hemphill, chief actuary at the Texas Department of Insurance, is chair of LATF. She supports holding a final exposure for comment on the five- or 10-year issue.
“That would be a decision for LATF to decide, once we had all our exposures and we didn’t feel like other tweaking needed to be made, and that was just really the remaining decision,” she said during Thursday’s call.
Read the full story online:
InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at john.hilton@innfeedback.com.
everyday practice for many aspects of the business.
For Gen Z, an AI disconnect
At a time when attracting new talent to insurance is critical, Counterpart’s survey found job stability and career advancement opportunities are the two biggest draws for young professionals.
Sixty-four percent of respondents strongly valued stability and said it was their main reason for going into insurance, while 54% said career advancement was their main reason. Over two-thirds of all respondents said the job benefits and compensation offered by insurance are a major attraction.
However, a clear gap emerged when it came to AI. According to the study, Gen Z does not view AI as a threat or a major risk to be avoided, but as a beneficial tool they both expect to use and want to use.
Read the full story online: https://bit.ly/talentcrisis25
Rayne Morgan is a journalist, copywriter and editor with over 10 years’ combined experience in digital content and print media. You can reach her at rayne.morgan@innfeedback.com.
Annuity sales are skyrocketing, and Mike Downing is on the front lines of those record-busting sales. Downing is co-president of Athene USA and chief operating officer of Athene Holding. He is responsible for the day-to-day operations and is an advocate for unlocking the demand for annuities by improving the customer experience.
Downing believes the annuity industry is on the brink of transformation as the population ages and younger workers see the need for guaranteed income for their post-employment years.
In this interview with publisher Paul Feldman, Downing describes where he sees the demand for annuities going in the future, as well as the role the technology has in making annuities more accessible to consumers.
PAUL FELDMAN: Tell me how you started in the industry.
MIKE DOWNING: I’ve been in the retirement industry for my whole career — 30-plus years. My technical qualification is that I’m a pension actuary. I started in the retirement industry as a pension consultant, working with large companies that had traditional defined benefit plans for the first 15 years of my career. I saw the apex of that market; I really started to see that market through its slow decline as the nature of a defined benefit promise became less compelling. For employees, there was a lack of portability, and it was hard to understand. Some of the costs and risks became prohibitive for employers. I started to see these plans begin to freeze and even terminate.
I joined the insurance industry during the financial crisis in 2008. I think one of the interesting aspects of my background is that I’ve been in retirement and saw both sides: guaranteed income when it existed and the decline of guaranteed income. The part of the business that I’m excited about today is insurance that is uniquely positioned to restore the lost promise that existed with traditional defined benefit plans and can help consumers and plan participants transition from savings to spending in retirement. Only insurance can solve that equation, because we can provide guaranteed income and no one else can.
It’s almost two stories: the story of the decline of one system and the story that we are in the nascent days of a new system that I think will result in protection as well as portability and flexibility.
FELDMAN: As you talk about the rise of a new system, how can we do a better job of getting people to think about annuities instead of just putting their money in the stock market?
DOWNING: One thing we can do is dispel a lot of the myths around annuities. I’m often asked what is the average age of someone who buys an annuity? That age is typically near or at retirement. But when you look at the products that exist today, as opposed to what existed 30 years ago, annuities are really for everyone.
A big feature of annuities is tax deferral. Tax deferral is a young person’s benefit. Tax deferring starting at age 40 is a lot more effective than starting tax deferral at age 60.
And the array of products is much more diverse today than 30 years ago. Thirty years ago, the choices were simple: a single premium immediate annuity — which is guaranteed income for life — or a simple accumulation annuity. Today we have fixed indexed annuities, which provide market upside. The index can be pegged to an S&P index or, at Athene, we have multiple other indexes you can plug into. This offers a more compelling proposition for a younger customer where you have principal protection but you still have equity-like upside. The newest segment that is emerging is the registered index-linked annuity, which provides even more upside with less downside protection, but still has guardrails. That should attract an even younger customer base.
The big thing we need to do is to continue to simplify the products and educate the customer base around the fact that annuities are really for everyone, and the amount of protection they can provide against your traditional portfolio is substantial. The value proposition is quite strong.
FELDMAN: I completely believe in portfolio diversity. How are you creating diversity with the different indexes you offer?
DOWNING: We’re offering two flavors. One is choice. We allow advisors to kind of pick and choose and advise their clients on a particular type of index. And then there is the other where we try to simplify the sales process by coming up with preblended indexes, where we might take three of our indexes and blend them together to create more stable outcomes. We call that a preselect process, where you preset your strategy and it can take a set-it-and-forget-it mode.
We also have lock-in opportunities, which create more active engagement. The idea is to have an index for every type of economic environment that is less correlated with the S&P for diversification.
FELDMAN: I was told 60% of annuities sold are tied to the S&P index. Is that your experience?
DOWNING: Our experience is quite the opposite. We have the vast majority going into custom indexes. That’s partly because we were an early adopter of custom indexes with the idea of creating diversification for customers and choices for financial advisors to present to their customers. Part of the reason our success is so strong is we’ve been able to build a track record. The challenge with new custom indexes is that they are based on historical theoretical performance, but the real proof is how they perform on an ongoing basis. Some of our oldest indexes have been around for a decade and have great track records. Those track records in combination with Athene as a brand has created a large following for our custom indexes, and they continue to perform.
FELDMAN: Athene has been one of the top annuity sellers over the years. What’s the secret of your success?
DOWNING: Our secret has been focus, execution, having an excess supply of capital to meet the doubling of demand in the industry, and consistently having great relationships with our distribution partners. The combination of the doubling of overall industry growth with a large increase in our distribution footprint gives us the ability to serve our largest distribution partners. We put a lot of focus on our back-office operations,
and we pride ourselves on having a market-leading operation that is able to deliver the largest volumes in the industry.
FELDMAN: How do you see technology and artificial intelligence affecting the annuity industry?
DOWNING: People immediately see AI as having chatbots replace individuals in the call centers instead of having a representative provide the human interface. I would say that’s probably the wrong way to look at applying AI in the insurance space.
The best way to use AI in the insurance sector is to use it in a way to stop the call from coming in the first place.
We’ve been able to rebuild our operations center on the fly while we’ve grown explosively. And today, we have some of the best technology in the market, and we’re in the midst of rebuilding that technology again.
tech, it will accelerate the creation of industry standards, which will allow us to reach more customers.
FELDMAN: How would you describe where you thought you would be in 2015 to where you are now?
DOWNING: I think we all thought our business model was a great model. We felt it was a better mousetrap, although unproven; I would say our success even exceeded our initial optimistic projections.
I think it’s a testament to three things. One is the fact that building around retirement services has proven to be a smart business decision. The retirement market is immense, and there are many different
A lot of calls come in because of confusion. There’s confusion in the process. The customer doesn’t understand, the advisor doesn’t understand, so they pick up the phone and call in. AI can help understand what’s causing the confusion in the first place and then set up your infrastructure and process to avoid that confusion altogether.
It’s like a pizza tracker or an Amazontype experience of, my policy left the building, it’s in good order or it’s not in good order. If it’s not in good order, what information is needed? All of that communication can be done through better investment in technology to anticipate the types of questions customers and advisors have and get ahead of those questions.
We know what drives the questions, so we can start to build the technology and insights to prevent those questions in the first place. If all companies invest more in
ways to participate in it. You can scale up a business in an efficient way by centering it around retirement and all the spreadbased opportunities in that market.
The second is the large influx of capital that Apollo has been able to bring in. An insurance company can grow only as much as its earnings support without having capital infused from the outside.
And third is investment insurance, high-grade insurance, quality assets that are nearly all investment-grade but also looking at a more diverse asset pool to back our liabilities. This has created a modest amount of excess yield, but we’re able to pass that on to the customer.
The combination of structure, our ability to compete and this availability of capital has allowed us to grow and take advantage of the doubling of the market that happened when rates reverted to more historical norms.
FELDMAN: Private equity has changed the annuity landscape. How has it helped Athene?
DOWNING: I believe the notion of private equity is a misnomer. Our structure of an insurance company married with an asset management company is a standard structure that has been in effect for decades. MetLife has a similar structure. Prudential has a similar structure. The other aspect of Apollo’s investment skills that sit in Athene’s general account is the investment in private credit, which is just taking advantage of an asset class that has a little less liquidity and still has the same credit superiority. We’ve proven through our track record that there’s such a thing as good private credit, just as there are good corporate bonds and bad corporate bonds and potentially bad private credit, but it’s all about putting the right assets inside an insurance balance sheet.
The complete integration of Apollo and Athene as a single organized company creates a lot of synergies in terms of being able to create a management team that is entirely centered around Athene’s general account. Athene is still highly regulated; it’s still an insurance company like any other company. It has been a huge positive, and I think it’s going to be a huge positive for the industry.
FELDMAN: What does it take in the back office for a carrier to scale the way Athene has?
DOWNING: We don’t outsource any of our back office. It’s all done right here in Des Moines, and it’s centrally located, which helps in terms of investing in technology and moving the company forward. We’ve been able to rebuild our operations center on the fly while we’ve grown explosively. And today, we have some of the best technology in the market, and we’re in the midst of rebuilding that technology again.
FELDMAN: What are you looking at rebuilding?
DOWNING: We believe that every three or four years, technology changes enough to consider incorporating some
of that new technology into our infrastructure. As a recent example, there has been an industry effort to address the challenges of customers who have an insurance product with one company and want to buy an insurance product with another company, the process being a 1035 exchange. The process historically took almost 20 business days. That’s almost a calendar month in which a customer wants to exchange one policy for another and they’re stuck in limbo while the advisor is frustrated with the process.
The technology that we’ve built and invested in has allowed for paperless exchanges, something that has been eluding the industry for about three decades. Now we can shorten that process to 24 hours. That totally transforms the experience.
FELDMAN: What must the industry do to obtain more business?
DOWNING: I believe a lot of things must happen. When you look at simple, lazy money — certificates of deposit and money market accounts that are just sitting around — I think that’s an aggregate that’s close to $10 trillion. What if 20% of that were converted to simple annuities? That’s a $2 trillion opportunity.
Another opportunity is individual retirement accounts. That market is close to $20.5 trillion when you combine IRAtype savings with nonqualified savings. If you treat insurance like part of your investment portfolio, and you can get about half of that money into various types of annuities, you can increase a retirement paycheck by almost 50% because you can raise your withdrawal rate and never run out of paychecks.
We need to do a better job of messaging as well as making the experience simple for the customer.
FELDMAN: How do we get more young people to consider annuities?
DOWNING: One step is to start with some of the simple money. Ask a 40-yearold what money they have sitting in a CD today that they’re just going to continue to park, and have them put that in a multiyear guaranteed annuity and see the extra dollars they get in savings.
The second is to focus on some of the products, such as registered indexlinked annuities, which have more significant upside. A younger saver will have the comfort to say, “I’m not giving up much in the way of upside because of the structure of these products, but I’m actually getting better tax deferral that I can’t otherwise get,” which is a huge selling point. And if things really go wrong, they’re protected.
When you look at the alternatives to volatile equity markets and uncertain rate environments, it’s compelling.
FELDMAN: Where do you think the biggest opportunity is for annuities with advisors?
DOWNING: Focusing on the money that’s sitting outside the sector. Unlocking the market that’s sitting in CDs and money markets and money that’s already in defined contribution plans and converting that into annuities.
I think advisors have the best message and can simplify the pitch in ways consumers can understand.
Over time, as more consumers adopt annuities at younger ages and start to see the benefits, it will transform the industry and protect people the way they need to be protected today.
FELDMAN: There are so many benefits, such as riders, in annuities. What are some of the best and some of the new things coming out?
DOWNING: The one that I think really resonates the most with consumers is fixed indexed annuities that have income riders attached to them because they provide two things consumers want. One is the option of having income if they want, and when they want it. The consumer can choose when they want to take income. They can take it right away. They can take it in year five or in year 10 but the flexibility is there.
Another option is simple accumulation products. The advantage of these is there is not a rider. They typically offer a little bit more upside in terms of accumulation. Imagine a scenario where a consumer buys a RILA at age 40 or 45. It has more upside and a little less downside protection, but it looks and feels like you’re in
the market. And when you’re in that for five or 10 years, the whole time you’re getting tax deferral. Then maybe at age 55, to preserve all that upside, you move it into a traditional FIA that has 100% principal protection and still have equity upside, and then perhaps five or 10 years later, you then roll that same one into an FIA with a guaranteed income rider.
And that’s the cycle that I think advisors can plan with their customers in terms of reaching a younger customer base. It’s showing the progression of products and how you can preserve massive amounts of upside, and then over time, slowly provide the downside protection.
FELDMAN: Where do you see RILA sales versus FIA sales going into the future, from an Athene perspective and also as an industry perspective?
DOWNING: A large part of the explosive RILA growth has been a movement away from variable annuities. The RILA tends to provide much better outcomes and more value overall because of the way they’re structured. I see that segment continue to grow alongside FIAs because they serve different risk/return profiles. RILA offers more upside with less downside protection, whereas the FIA offers reasonable upside, but you’re giving up some extra upside for more downside protection. And I think the two live side by side, and it’s going to be a combination, and they’ll both continue to grow.
FELDMAN: What do you think about offering annuities within defined contribution retirement plans?
DOWNING: I believe bringing guaranteed income directly into the defined contribution landscape or the 401(k) landscape can do wonders to close the retirement gap in simple ways.
I think the next big chapter in defined contribution is integrating annuities inside 401(k) plans. This will solve a lot of portability issues while still being able to provide lifetime guarantees and do it in a way that’s easy for consumers to understand. I think that’s the next big frontier, and we’re starting to see the initial forays into that space, but there’s a lot more to come and a lot of opportunity.
If insurers can get out of their own way, a reactive industry can transform into a proactive partner.
BY RAYNE MORGAN
Wide-scale adoption of artificial intelligence is transforming the modern insurance industry from a primarily reactive business to a proactive risk-management and life partner that clients can rely on for personalized, empowering advice and services. At least, this is what Joe Khoury, managing director and partner, Boston Consulting Group’s Insurance Practice, believes.
diabetic policyholder could receive AIdriven lifestyle coaching bundled with their coverage.
“AI is shifting insurance from being primarily a reactive risk-transfer business toward becoming a proactive risk-prevention partner. Insurers are no longer just paying claims; they are increasingly using AI-driven insights to anticipate risks, offer mitigation services and personalize products in real time,” Khoury said. He suggested that in the next five to 10 years, insurers will begin to function more like risk managers and life partners than product providers as AI enables real-time, contextual interventions. For example, a homeowner could receive a personalized alert from their insurer advising them to turn off a valve before a pipe bursts, or a
This prediction comes into sharper focus every day, as some carriers are already leveraging technology for vehicle telematics that not only provides an insurer with information but also actively coaches drivers toward safer behavior. And others, such as John Hancock’s Vitality program, encourage policyholders to live a healthy lifestyle through special benefits and rewards.
In this way, “risk prevention as a service” could become a significant new revenue stream for innovative carriers ready to embrace an AI-powered future.
“Over time, AI could blur the line between insurer, health care provider and consumer tech company. Whoever controls the customer interface and data ecosystem will define the value chain,” Khoury said.
At the same time, AI can potentially level the playing field between some of the largest firms and mid-tier insurers, effectively “democratizing advanced capabilities for regional players” as it gives them access to powerful analytics once reserved for major corporations.
However, today’s insurance industry
has many hurdles to overcome before it can fully realize the many possibilities offered by AI.
AI leaders and experts such as Khoury believe insurers face five major challenges when it comes to fully embracing AI:
1. Adoption and scale
2. Talent
3. Regulation, ethics and trust
4. Data ecosystems
5. Internal reluctance
Khoury noted that although many insurers are keenly interested in AI, “many insurers are stuck in ‘pilot purgatory’” — they started enthusiastically with pilot projects but never managed to successfully scale those efforts.
In fact, the 2024 BCG Build for the Future Global Study and Digital Acceleration Index scored insurance at a high 42 AI maturity. This indicates a strong interest in AI adoption, and the only industry with a higher score was tech, media and telecom at 46. BCG noted this score marks “active experimentation.”
That same report found that only 7% of insurance companies managed to scale after that pilot stage, however. It noted that while the pilot phase starts strong, insurers soon “scale back,” as “even when successful on their own terms, these projects raise concerns about the impact they will have on the rest of the company and existing ways of doing business.”
Khoury emphasized that scaling from dozens of pilots to enterprisewide deployment is critical for insurers to realize the full value potential of AI.
The insurance industry also needs what Khoury referred to as “translators — professionals who understand both insurance operations and AI capabilities.”
But that is a unique challenge for the industry, as tech-savvy professionals are often more drawn to high-tech careers. A 2025 study conducted by agentic AI platform Counterpart and the Young Risk Professionals organization underscored this issue. It found the insurance industry’s slow adoption of AI is keeping young professionals from seeing insurance as a top career choice.
transparency that builds trust with clients. Khoury said these issues should not be afterthoughts but must be table stakes.
A “bold improvement” would be “industrywide collaboration to establish shared ethical standards and data trusts” that enable competition based on customer experience, he suggested.
At the same time, he said insurers should not wait for “perfect clarity” from regulators, who tend to move more slowly than technology. Instead, he urged them to engage regulators early and “help shape the guardrails rather than waiting passively.”
“The key is governance by design. Leading insurers embed explainability, fairness checks and auditability into AI models from Day 1,” Khoury said.
Much of the same has been expressed by other experts, who urge insurers not to “hold their breath” on outside regulation but to establish their own internal frameworks. Data and AI solutions firm SAS has even developed a free tool to help companies with this.
before being able to scale AI solutions. “There are many foundational problems that the insurance companies have, which limits their ability to accelerate. One is the multiplicity of admin systems, and second is their data landscape is still very siloed. Unstructured data has not been managed properly, so using some of that data for AI is still a few months or maybe a year away,” Taneja said.
While AI adoption is steamrolling ahead in insurance, some reluctance remains. This sentiment is another reason, Khoury believes, why many companies have not managed to scale past pilot programs.
He noted that resistance at both the organizational and individual levels, unclear roles and responsibilities, limited business engagement and inconsistent support all contribute to an AI strategy “stalling.” And this is a major risk in an age when many competitors are pulling ahead with advancements.
“If you look at the results from our YRP survey, around 70% of Generation Z workers believe that AI will improve their workflows, but only less than 10% are strongly encouraged to use it. So there’s a big gap happening between what we’re seeing in the broader economy versus what’s happening in insurance,” Tanner Hackett, Counterpart CEO, noted.
Experts on a panel hosted by insurance software solutions company Send suggested the insurance industry must figure out how to change the perception that it is a “boring,” antiquated industry and effectively “bring sexy back” if it hopes to attract young professionals with AI skills. They acknowledged that the rapid advance of AI is expected to change job roles and create new skills, urging insurers not to ignore the fact that younger professionals want to and expect to use technology in their daily tasks.
Some of the biggest risks with adopting AI center around regulation, ethics and
“We believe that it’s table stakes to do AI responsibly, and that it’s essential for us, as a society, to make sure we get this right,” Kristi Boyd, senior trustworthy AI specialist with SAS’s Data Ethics Practice, said.
On a more technical level, Khoury noted that insurers must expand partnerships to access richer, alternative data sources — and he’s not the first to note this shortcoming.
In an earlier interview, Sumit Taneja, EXL’s senior vice president and global head of AI consulting and implementation, said that the insurance data landscape is “still very siloed,” noting in one case that an insurer had up to 28 different legacy systems, all with different, unstructured data.
Taneja likewise asserted that this foundational data challenge is limiting insurers’ ability to scale faster. Further, he believes this may take years for some companies to address because they would have to invest in data warehouses and platform modernization
“Laggards will face margin compression. If a top-tier player uses AI to process claims in minutes instead of weeks, customers will demand that as the industry standard. Those who can’t deliver will see churn rise sharply,” Khoury said.
Considering that BCG’s 2024 Build for the Future Global Study found 27% of insurance companies had not begun taking any action on AI at all, reluctance to embrace technology could prove a critical weakness.
It also highlights a clear differentiation in the approach taken by globally recognized companies such as Manulife, which operates primarily as John Hancock in the U.S.
For comparison,
Jodie Wallis, the global chief AI officer spearheading Manulife’s award-winning AI rollout, recently revealed that the company’s vision is to incorporate the technology throughout its entire business model.
“Prior to large language models coming on the stage, we would have said AI is suitable for parts of our business and less suitable for other parts. Now, our perspective is it’s really suitable for all parts of our business,” Wallis said. (You can read more about Manulife’s AI revolution on page 42.)
If these challenges can be managed, Khoury noted that AI will continue to transform four key areas in insurance:
• Client interactions
• Distribution and lead generation
• Underwriting
• Claims
Artificial intelligence technologies such as large language models and natural language processing have changed the way clients engage with businesses. AI chatbots and virtual assistants are now capable of resolving routine queries instantly, providing faster service and granting advisors more time to deal with complex tasks.
Chatbots, in particular, are a major AI advancement and are being used for customer service, sales, claims processing and underwriting functions. The chatbot market has experienced such enormous growth in the last few years that Allied Market Research predicts it will hit nearly $5 billion by 2032.
Additionally, Cognizant’s AI Inclination Index 2025 shows insurance customers are increasingly comfortable with using AI for research, learning more about certain products before speaking with a professional to make the actual purchase. While this varies based on type of insurance, such as life and annuities or property/casualty, and client age, the overall trend indicates consumers are slowly becoming more willing to engage with AI tools.
Craig Weber, head of insurance strategy at Cognizant, said this represents an opportunity for insurers to make huge gains with their AI adoption and innovation strategy, perhaps even looking to agentic AI as a solution.
“There are small subsets of buyers and users of insurance who are willing to entertain the use of AI. So, my best advice to an insurer is to build the skills around AI and plant the flag because this trend is only strengthening over time,” Weber said.
Many believe the customization capabilities offered by AI will be a huge
differentiator that drives leads, sales and competition from here on out. One such individual is Joe Crawford , director of professional services at Glassbox, a digital experience intelligence platform.
Glassbox has leveraged AI to fight both traditional forms of insurance fraud and the new methods that are emerging in a digitally advanced age. He believes that using AI tools to deliver customization is “pretty much a must these days.”
“We’re in a situation today where people are looking for personalized experiences. They are looking for instant experiences. They’re looking for intuitive experiences, frictionless experiences with their digital platforms,” Crawford said.
To this end, BCG underscored how AI-assisted agents can “efficiently process large volumes of unqualified leads, directing customers to the most suitable sales journey,” whether that’s fully digital, phone assisted or in person.
“AI-driven analytics help brokers identify micro-segments and design hyper-personalized outreach,” Khoury said.
One of the most important aspects of insurance being transformed by AI is underwriting. In recent times, dozens of new patented underwriting technologies have emerged to speed up the process and even provide instant decisions.
“Models can process nontraditional data such as IoT sensors or satellite images to sharpen risk selection,” Khoury noted.
Munich Re’s alitheia platform is just one example of the many AI-powered underwriting tools that have emerged in recent times, using machine learning and
a patented natural language processing tool to accurately determine risk.
Insurance Software Automation’s Best Plan Pro is another tool assisting with prequalification from the moment a customer calls in to get a quote — before the application process even begins.
But experts have pointed out that technology has also enabled underwriters to assess new factors they previously may not have had access to, making risk analysis more robust.
For example, Darcy Rittinger, chief risk officer at global insurtech provider Cover Genius, said insurance carriers are looking at traditional underwriting parameters such as age and health in smarter ways thanks to alternative data sources.
“By accessing this enhanced data and utilizing AI, insurtechs can create more tailored products and better risk models and streamline the underwriting processes,” she said.
Claims processing, being one of the biggest aspects of the insurance business, is likewise a major aspect of insurance that has been permanently transformed by AI for staff and clients alike.
“Historically, claims have been the most painful customer moment,” Khoury said. “With AI-powered image recognition and straight-through processing, settlements can now occur within hours. This redefines customer trust.”
As an example, he noted how generative AI tools can draft settlement communications and analyze images of car damage with “near-human accuracy.”
Now, specialized AI-powered tools are being developed for claims in specific areas
“My best advice to an insurer is to build the skills around AI and plant the flag because this trend is only strengthening over time.”
Fixed income investments make up of our invested assets.
Commitment to customers
“We’re seeing much more use of AI, much more heavy use of data-driven insights as part of the sales, the selling model and sales enablement process by brokers.”
or at specific points of the journey — such as for health insurance, P/C and more.
One recent example is Qumis, an attorney-trained AI platform designed to support insurance professionals with complex policies and documents. While it helps with analyzing claims, the platform is versatile and can also be used for insurance marketing documents and content, for example.
free up 15% to 20% of costs but maintained that “true transformation comes from new streams — personalized wellness add-ons, pay-as-you-live coverage and real-time risk advisory.”
Qumis founder Dan Schuleman emphasized how this level of technology is especially necessary as social inflation drives claims costs higher and never-before-seen forms of coverage are emerging, such as cyber insurance.
“The claimants are only going to get more sophisticated, the claim types are only going to get more complex, and so the carriers are going to need tools that radically help with that in order to combat the very unsustainable trends happening,” Schuleman said.
Perhaps the biggest shift brought about by AI is the speed of decision-making in insurance. Khoury noted, for instance, that what once took weeks — such as underwriting a complex risk — can increasingly be done in hours or even in minutes.
However, he noted that stopping at efficiency gains would be a mistake. While those are a crucial part of the equation, he said insurers should also think about how AI can aid growth and provide a pathway to new revenue streams.
“If insurers stop at efficiency, they will simply be leaner versions of today’s business. Growth requires the courage to rethink products, not just processes,” Khoury said.
He estimated that efficiency gains may
AI can drive growth not just through traditional sales but also through merger and acquisition activity, according to David Crofts, insurance M&A lead, West Monroe Partners, who noted a trend of larger insurance brokers shedding underperforming assets in favor of diversifying their product landscape, finding cross-sell opportunities and pursuing strong adjacencies.
“For a broker to be successful in the wholesale and managing general agency space, it’s becoming more and more table stakes to have a very strong data and analytics competency,” Crofts said. “We’re seeing much more use of AI, much more heavy use of data-driven insights as part of the sales, the selling model and sales enablement process by brokers.”
Khoury noted that if insurers can succeed with maximizing growth opportunities through AI and technology, they may “substantially reduce claims volume, shrinking the traditional premium pool while opening new service-based business lines.”
“There is growing discussion in the market about how AI will generate revenue streams beyond traditional risk-based offerings,” Khoury said.
Rayne Morgan is a journalist, copywriter and editor with over 10 years’ combined experience in digital content and print media. You can reach her at rayne.morgan@ innfeedback.com.
With AI and advanced technology reshaping the industry, advisors can enhance efficiency, improve client insights, and stay ahead in a competitive market. Read up on the latest tools and technology for smarter, faster growth.
The Why of AI by Sean Van Moorleghem, Chief Technology Officer, Cambridge Investment Research, Inc.
PAGE 17
Carrying the Torch: Karen Essary Leads Ideal Producers Group into a Bold New Era by Ideal Producers Group
Karen emphasizes, “It’s not about selling; it’s about showing agents what’s possible and giving them the resources to make it happen.”
“We don’t steer agents toward solutions because of bonuses,” Karen says. “We give them what’s best. That trust forms the foundation of long-term relationships and is why agents grow with us year after year.”
By Sean Van Moorleghem, Chief Technology Officer, Cambridge Investment Research, Inc.
One of IPG’s signature strengths is relationship cultivation. Karen believes agents thrive when part of a network that values long-term connection over short-term gain.
Independence allows IPG to customize solutions, refine processes, and provide tools that genuinely work while maintaining a personal touch.
“Too many agents experience the ‘one and done’ approach,” she says. “Take the time to know your clients, follow up, and make an impact. They’ll remember, refer others, and even if you don’t close a sale today, you may make a difference years later.”
If there was ever a case for embarking on a project with a clearly defined end in mind, it is building out your firm’s artificial intelligence (AI) capabilities within the framework of your current tech stack. Given the breadth of its applications, AI often is deployed as a tactical measure … to gather, analyze, automate, and execute better, faster, and more accurately. However, its real power lies in its indirect impact on your firm’s other operational elements. It has the ability to impact every aspect of your business – if you’ve designed its application with that end goal in mind.
expand their ability to deliver personalized support to our financial professionals, elevate their skill sets, and enjoy a more fulfilling and collaborative work environment.
Stepping into leadership after Ron’s loss was not easy. Today, Karen is one of the few female CEOs in the IMO space, a distinction she doesn’t take lightly.
“At Ideal, you’ll never be just another number. Whether you bring in $10,000 or $20 million, you get the same attention and care. You’ll never find another IMO that will love and care for you more than we do.”
This philosophy extends internally. IPG honors top-performing agents quarterly, celebrates milestones at conventions, and recognizes first-time achievers. “At Ideal, you’ll never be just another number,” Karen says.
“Whether you bring in $10,000 or $20 million, you get the same attention and care. You’ll never find another IMO that will love and care for you more than we do.”
Know your goal going in AI not only has the ability to simplify or even eliminate labor-intensive and often mundane tasks, it can offer impressive cost savings. It can create scale and deliver unprecedented speed of execution. Workflows can also be streamlined, risk management can be enhanced, and personalization can be further expanded. Separately, these are fine outcomes. Together, they can drive unmatched synergies. Companies that have enjoyed success in utilizing AI understand that iterative advancements in AI happen when they are part of an integrated, long-range strategy and not merely a series of siloed wins.
At the core of IPG’s philosophy is a simple but powerful belief: every advisor deserves the chance to succeed. Whether new or seasoned, IPG offers personal support, world-class resources, and genuine partnership.
“This industry has been shaped by incredible men and women, but it’s no secret that female leadership is rare,” Karen says. “I see that as both a challenge and an opportunity. My goal is to bring fresh perspective while staying true to the values that built IPG. If my leadership inspires others, especially women, to step forward with confidence, that’s something Ron would be proud of.”
Her style is grounded in empathy, collaboration, and vision, qualities that resonate with the IPG team and advisors. It’s no surprise IPG continues to thrive during this transition.
Ultimately, firm leadership is tasked with developing, executing, and promoting a viable AI strategy that is clear, flexible, and tangible. At Cambridge, transparency is central to our value proposition, and we take great efforts to ensure our associates are part of our AI journey. They are primary stakeholders of our strategy and have both insight into our plans and input into our entire process from start to finish. Working toward our common goal, which for us was freeing up our associates to focus on more meaningful, relationship-building work and creating higher value engagement, was at the forefront during every step of the process.
Under Karen’s leadership, IPG is investing in technology, expanding its marketing resources, and forging stronger partnerships with carriers, all while maintaining the personal, relationship-driven culture that has defined IPG from the start.
Karen is especially passionate about that culture of inclusivity and growth.
“Ron never believed in putting advisors into boxes or ranking them in ways that left some behind. He wanted everyone to feel valued,” Karen says. “That spirit is alive here. Every advisor has access to tools, training, and strategies to grow, and we celebrate their success.”
This culture translates into advanced case design, marketing programs, lead-generation strategies, and access to exclusive solutions—combined with a genuine sense of partnership.
For example, at Cambridge, we recently built upon our existing success with generative AI to introduce the wealth management industry’s first fully agentic AI-powered account opening tool. Agentic AI tools are designed to act and make decisions with limited (or no) human input. Our internal testing established that our new “digital associates” deliver in minutes what previously took a small team over multiple days to accomplish – without compromising accuracy or precision. And, in just a few hours, the tool has the capacity to match a year’s worth of account-opening productivity. These results do not exist in a vacuum; they have positive repercussions across our entire organization.
“We don’t just hand someone a contract and disappear,” Karen says. “We’re in this with them every step of the way. That’s what makes us different.”
Independence is a core tenet. Unlike many firms constrained by corporate incentives, IPG operates freely, giving agents the right product for every client.
Importantly, it’s essential that your employees understand the firm’s goals. When your team realizes that integrating AI is designed to support rather than replace them, their initial fear will turn into enthusiasm and embracement of a tool capable of enhancing their roles and freeing up time to focus on more valuable aspects of their day-to-day. At Cambridge, we’re investing in agentic AI to help our team
“Ron used to say, ‘If you take care of people, the business will take care of itself.’ That’s still our guiding principle,” Karen affirms. “We’re growing, innovating, and keeping people first — advisors, clients, and our team. That’s what makes Ideal Producers Group truly Ideal.”
On the surface, the rapid pace of AI innovation is a great advantage for firms. However, it’s potentially an expensive endeavor to remain current both in terms of infrastructure, integration, and expertise. Persistent challenges, including data integrity and cybersecurity, make predictions about its future applications and capabilities haphazard. There are opportunities to be captured and hurdles to overcome. The winners in the space will be firms that leverage core elements of traditional strategic planning and execution to navigate the choppy AI waters. Transparency, ongoing oversight, and adaptability are foundational. Most importantly, maintaining a clear line of sight to your ultimate goal, and understanding how AI can help you achieve it, should guide all your tactical tech stack upgrades.
With the foundation of Ron Essary’s legacy, and now under Karen Essary’s leadership, Ideal Producers Group stands as a beacon of independence, partnership, and opportunity for financial professionals nationwide.
For Karen, the mission is clear: “Ron laid the foundation. Now it’s my honor to build the future.”
To find out more, go to idealpg.com.
The insurance industry has always been shaped by visionaries. Few names carried as much weight as Ron Essary, a pioneer who forever changed the way marketing organizations partnered with financial professionals. His passing left a void, but also a legacy — one that continues to inspire Ideal Producers Group (IPG). Today, that legacy is not only preserved but propelled forward under the leadership of Karen Essary, co-founder and CEO
Karen’s journey spans decades, starting humbly as one of the first employees at Creative Marketing. She worked her way through every corner of the business; answering phones, supporting recruiters, building service models, even creating “Keep in Touch” programs still in use today. That foundation gave her rare, hands-on insight into how to build something that lasts.
“I started at the ground level,” Karen recalls. “Every step taught me what matters most — relationships. You don’t build a great business by treating people like numbers. You build it by caring, listening, and growing alongside your agents.”
That philosophy became the cornerstone of IPG, which she and Ron launched over 16 years ago. What began as a boutique firm has grown into a powerhouse offering innovative programs, advanced lead-generation strategies, and a culture that consistently puts agents first.
Ron Essary was a legend in every sense. From introducing actuarial expertise into marketing organizations to shaping and designing products that drove well over $60 billion in sales, his influence remains evident throughout the in-
dustry. Yet, Karen notes, Ron’s greatest strength was not just his innovation. It was his humility.
“Ron never needed credit,” she says. “His dream was always that IPG would outlast us, serving agents and building something bigger than ourselves.”
That dream is alive and thriving. Karen has seamlessly stepped into the CEO role, guiding with the same relentless commitment to service, as well as a bold vision for what’s next.
For many financial professionals, finding an IMO that truly prioritizes their growth can feel like navigating a maze. Karen and her team have built a different model, one centered on partnership, not transactions.
“We don’t just take cases,” Karen explains. “We work with our agents — every client, every opportunity, every question. Our goal is to give them the tools, support, and guidance they need to succeed.”
This philosophy translates into tangible advantages:
• Hands-on support: IPG collaborates with agents from the first client conversation to post-sale follow-ups. Agents receive guidance on product selection, case structuring, and client education, making them more effective and confident.
• Innovation with intention: IPG focuses on practical, impactful tools, including CRM systems, lead-generation programs, college funding, and social media toolkits. Every solution helps agents grow smarter and faster.
• Boutique services and top compensation for every agent: Whether you’re a new agent selling annuities for the first time or a high producer, you can count on IPG to help grow your practice.
Karen emphasizes, “It’s not about selling; it’s about showing agents what’s possible and giving them the resources to make it happen.”
One of IPG’s signature strengths is relationship cultivation. Karen believes agents thrive when part of a network that values long-term connection over short-term gain.
“Too many agents experience the ‘one and done’ approach,” she says. “Take the time to know your clients, follow up, and make an impact. They’ll remember, refer others, and even if you don’t close a sale today, you may make a difference years later.”
“We don’t steer agents toward solutions because of bonuses,” Karen says. “We give them what’s best. That trust forms the foundation of long-term relationships and is why agents grow with us year after year.”
Independence allows IPG to customize solutions, refine processes, and provide tools that genuinely work while maintaining a personal touch.
Stepping into leadership after Ron’s loss was not easy. Today, Karen is one of the few female CEOs in the IMO space, a distinction she doesn’t take lightly.
“At Ideal, you’ll never be just another number. Whether you bring in $10,000 or $20 million, you get the same attention and care. You’ll never find another IMO that will love and care for you more than we do.”
This philosophy extends internally. IPG honors top-performing agents quarterly, celebrates milestones at conventions, and recognizes first-time achievers. “At Ideal, you’ll never be just another number,” Karen says.
“Whether you bring in $10,000 or $20 million, you get the same attention and care. You’ll never find another IMO that will love and care for you more than we do.”
At the core of IPG’s philosophy is a simple but powerful belief: every advisor deserves the chance to succeed. Whether new or seasoned, IPG offers personal support, world-class resources, and genuine partnership.
Karen is especially passionate about that culture of inclusivity and growth.
“Ron never believed in putting advisors into boxes or ranking them in ways that left some behind. He wanted everyone to feel valued,” Karen says. “That spirit is alive here. Every advisor has access to tools, training, and strategies to grow, and we celebrate their success.”
This culture translates into advanced case design, marketing programs, lead-generation strategies, and access to exclusive solutions—combined with a genuine sense of partnership.
“We don’t just hand someone a contract and disappear,” Karen says. “We’re in this with them every step of the way. That’s what makes us different.”
Independence is a core tenet. Unlike many firms constrained by corporate incentives, IPG operates freely, giving agents the right product for every client.
“This industry has been shaped by incredible men and women, but it’s no secret that female leadership is rare,” Karen says. “I see that as both a challenge and an opportunity. My goal is to bring fresh perspective while staying true to the values that built IPG. If my leadership inspires others, especially women, to step forward with confidence, that’s something Ron would be proud of.”
Her style is grounded in empathy, collaboration, and vision, qualities that resonate with the IPG team and advisors. It’s no surprise IPG continues to thrive during this transition.
Under Karen’s leadership, IPG is investing in technology, expanding its marketing resources, and forging stronger partnerships with carriers, all while maintaining the personal, relationship-driven culture that has defined IPG from the start.
“Ron used to say, ‘If you take care of people, the business will take care of itself.’ That’s still our guiding principle,” Karen affirms. “We’re growing, innovating, and keeping people first — advisors, clients, and our team. That’s what makes Ideal Producers Group truly Ideal.”
With the foundation of Ron Essary’s legacy, and now under Karen Essary’s leadership, Ideal Producers Group stands as a beacon of independence, partnership, and opportunity for financial professionals nationwide.
For Karen, the mission is clear: “Ron laid the foundation. Now it’s my honor to build the future.”
with Clare Dubé of the Financial Social Work Collaborative
CLARE DUBÉ coaches people in resolving their financial conflicts while teaching financial self-care to those in the helping professions.
By Susan Rupe
Seek clarity. Take action. Do better to be better.
Those are the words Clare Dubé lives by as she gets people to discuss a topic that many still consider taboo — and that topic is money.
Dubé is cofounder and chief financial officer of the Financial Social Work Collaborative, which was established in January 2024. At the collaborative, she focuses on teaching financial self-care to social workers, caregivers and other helping professionals. She facilitates conversations around money thoughts, beliefs and emotions. She also founded Clare Dubé Financial Therapy in 2004, working with those in money conflicts who desire to improve their communications and money behaviors and to strengthen their personal relationships around money.
She works with clients to improve their financial well-being by coaching them through many of the financial problems that plague couples, families, business partners and others.
She currently makes her home in Myrtle Beach, S.C., and divides her time between there and her native Connecticut.
Dubé said she was “terrible with money” when she was young, but that changed when she began working with clients in her family’s custom home building business. She had her first taste of financial conflict when she worked with clients over change orders in their future homes and the added expenses those changes brought to the cost of construction.
“I saw and heard a lot of battles over money, and at first I was taken aback by them,” she said. “But then I became fascinated by it.”
She earned a degree in finance from Nichols College and then went on to obtain additional education in social sciences at Albert Magnus College.
“When I went to school for social sciences, I got more of the human side of the money aspect,” she said. “That’s how I fell into financial social work. I never thought this would be a career path. It just came about by my being curious about it.”
Currently, she is focusing much of her work on the Financial Social Work Collaborative, where she trains people who are certified in financial social work.
“I’m helping to build new financial social workers, to help them build their practices, help them work with their clients and help them with their own money aspects as well, so that they can then be better working with their clients,” she explained.
Reeta Wolfson founded the financial social work discipline. Wolfson raised awareness of “femonomics,” how the “gender of money” impacts women, men, children and families.
Dubé said femonomics evolved into financial social work, and social workers became the first group of clients for this advice.
“Social workers are on the front lines of people needing help,” she said. “Social workers often struggle with money, yet it’s kind of taboo for them to talk about money. But money is the thing that touches everything social workers work with. Wolfson had this brilliant insight into money. It was about discussing the human side of money. It goes beyond spreadsheets and budgets. It’s about the emotional and financial trauma behind money.”
Money is symbolic of an individual’s belief system, Dubé said, which makes “personal finance” personal.
In coaching social workers, Dubé said, she found that many of them were told during their education that “they’re in it for the outcome, not the income.” But that message is outdated.
“Social work encompasses so many skills,” she said. “Those skill sets are so broad and in so much demand that they don’t need to have that old belief. You can do good in a lot of ways and still make money. I mean, you should not be ashamed to take a paycheck.”
Dubé described her work with couples and money conflict as “a fascinating dynamic.” Money was what prompted couples to come to her for help, but there frequently was more than money at play in the conflict.
“It was really about the money messages they received or interpreted growing up and the culture that they brought into the relationship,” she said.
She cited her own experience as the youngest of four children. Her older siblings experienced a different financial environment in their household than she did, as their parents’ financial situation improved by the time she was born. She
someone would not share as much when the other person was there. And my thought process was that I never wanted a he said, she said situation. So that’s why they both had to be there. But I saw much better growth, faster connections and less conflict when we started together and then did things separately.”
Dubé facilitates conversations around money thoughts, beliefs and emotions through her SMARTchats process (Saving Money And Relationships Together). These conversations are the key to addressing financial stress, shame and anxiety and creating healthy financial behaviors.
“When you think about it, money touches every aspect of your life and your relationships, and that’s how we have those conversations on healthy behavior.”
and her husband came from different financial backgrounds and brought their own experiences with money into their marriage. They each had to understand where the other person was coming from so they could reach their financial goals together.
Many money-related conflicts stem from the adage that opposites attract, Dubé said.
“I found the reason that someone was attracted to the opposite was because they were looking for something that they didn’t have,” she said. “We would often see one person was the spender and the other was the saver, and they would be attracted to each other because it was something that they weren’t doing.”
Dubé said that when she first began working with couples, she had a rule that both partners had to meet with her together.
“But I realized that was not always a great way to approach things,” she said. “So we would meet together for the first time to get to know each other, and then I would work individually, because often
“It’s kind of a three-step process,” she said. “First you want to start with clarity because we can’t make decisions when we don’t have data and information. Then we take action on the different things we’ve talked about, and after that we always go back and review, tweak, and make sure actions continue.
“SMARTchats aren’t just about relationships with your significant other but your relationships with friends, your boss. When you think about it, money touches every aspect of your life and your relationships, and that’s how we have those conversations on healthy behavior.”
A list of issues that have built up over time, combined with a particular trigger, are what prompt people to seek Dubé’s help.
“Kids going off to college. The thought of divorce. Usually, there is something — a big event — that sparked a conversation and moved people to reach out to me.”
“Gray divorce” — a divorce that divides couples in their 50s and older — frequently brings people to financial
“I know that it’s scary to peel back and look at the information, but it’s even more scary if you don’t do it.”
coaching, Dubé said. Other issues that drive people to seek help include being forced to retire earlier than planned, financially supporting adult children and caregiving. Caregiving is becoming more of a concern as the population ages and the trend toward smaller families means fewer children — or often no children — to assist older generations.
“The sandwich generation is becoming the panini generation — they are getting pressed a lot harder than similar generations in the past,” she said. The increased need for caregiving means that more individuals and families must have a conversation about the way longterm care will be provided and paid for in the future.
Dubé also provides financial therapy to a different type of couple — business partners — and said this type of couple often is challenging to work with.
“It’s a different dynamic,” she said. “If they are life partners, it’s a little easier to maneuver because you are working together on what things look like in their family dynamic. But when you have business partners who have other life partners, there are more people chirping in the background who I don’t have the dynamics to work with. It makes it a little bit harder if I am working with two business partners and they go home and talk to their partners and then those partners add their two cents’ worth. So it added a
little extra layer of work to be done.”
After working with people who are trying to overcome financial conflicts and undo bad financial decisions, Dubé said the biggest financial mistake people make is “burying their head in the sand and ignoring their financial issues completely.”
“When you avoid something, you create it in your mind to be different than what it really is,” she said. “So when I worked with couples, I would ask each of them to write down the answers to these questions: How much do you pay for groceries each month? How much are your utility bills? And because they never tracked everything, they thought they knew their numbers but the numbers were vastly different. They underestimated what they actually spent. I think that when you don’t peel back and look at the information, even though it can be scary, it’s scary if you don’t do it. So I think avoiding these issues is the biggest mistake.”
Susan Rupe is managing editor for InsuranceNewsNet. She formerly served as communications director for an insurance agents’ association and was an award-winning newspaper reporter and editor. Contact her at srupe@ insurancenewsnet.com.
AccumuLink Advance offers a range of index crediting strategies that should be considered when making investment decisions. The 1% buffer option is one of many choices available.
An annuity is intended to be a longterm, tax-deferred retirement vehicle. Earnings are taxable as ordinary income when distributed, and if withdrawn before age 59½, may be subject to a 10% federal tax penalty. If the annuity will fund an IRA or other tax qualified plan, the tax deferral feature offers no additional value. Qualified distributions from a Roth IRA are generally excluded from gross income, but taxes and penalties may apply to nonqualified distributions. Please consult a tax advisor for specific information. There are charges and expenses associated with annuities, such as surrender charges (deferred sales charges) for early withdrawals.
Registered index-linked annuities are subject to ongoing fluctuations in value, and it is possible to lose a significant amount of principal due to negative index performance or a negative interim value adjustment. Registered index-linked annuities are sold by prospectus. Your clients should consider the investment objectives, risks, charges and fees of the product carefully before investing. Please see the registered index-linked product prospectus for this, and other important, information.
These materials are for informational and educational purposes only and are not designed, or intended, to be applicable to any person’s individual circumstances. It should not be considered investment advice, nor does it constitute a recommendation that anyone engage in (or refrain from) a particular course of action. Securian Financial Group, and its subsidiaries, have a financial interest in the sale of their products.
Insurance products are issued by Minnesota Life Insurance Company in all states except New York. In New York, products are issued by Securian Life Insurance Company, a New York authorized insurer. Minnesota Life is not an authorized New York insurer and does not do insurance business in New York. Both companies are headquartered in St. Paul, MN. Product availability and features may vary by state. Each insurer is solely responsible for the financial obligations under the policies or contracts it issues. Securities are distributed by Securian Financial Services, Inc., member FINRA. 400 Robert Street North, St. Paul, MN 55101-2098.
Securian Financial is the marketing name for Securian Financial Group, Inc., and its subsidiaries. Minnesota Life Insurance Company and Securian Life Insurance Company are subsidiaries of Securian Financial Group, Inc. For financial professional use only. Not for use with the public. This material may not be reproduced in any way where it would be accessible to the general public.
Total new annualized premium increased 13% to $4.5 billion in the second quarter, according to LIMRA’s retail life insurance sales survey results, which represent 80% of the U.S. market.
Northwestern Mutual led the way with $572 million in new annualized premium in the quarter, while Pacific Life was second. Prudential Financial attracted the most total premium in Q2 with nearly $1.1 billion.
The number of policies sold rose 7% in the second quarter, which is the highest growth rate recorded in LIMRA’s quarterly survey since 1983.
In the first six months of 2025, new annualized premium surpassed $8.4 billion, up 11% over the prior year. Policy count grew 4% year to date.
In order to get more people to buy life insur ance, the industry must overcome a lack of consumer education about the product as well as the myth or perception that cover age is too expensive.
information from social media and other
Our “super power” is making long-term promises — multidecade guarantees no bank or mutual fund can provide.”
situation should they pass away, which is notably higher than other demographics — Asian Americans (26%), Black Americans (31%) and white Americans (22%).
The 2025 Insurance Barometer Study, conducted by LIMRA and Life Happens, focuses on the opportunities to educate consumers on the benefits and strengths of life insurance. This year’s study found that a minority of consumers believe they are very knowledgeable or extremely knowledgeable about life insurance, with the percentage varying by age group.
“ What we found is that fewer young adults understand what life insurance is,” said Steve Wood, LIMRA research director, consumer markets. “We know there’s a lot of competition not only for wallet share but also for attention. We looked at where people are getting their information. And no surprise, more and more younger adults are getting financial
Hispanic Americans experienced a sharp decline in life insurance ownership over the past four years, according to the 2025 Insurance Barometer Study. The study found that life insurance coverage among Hispanics dropped 11 percentage points — from 51% in 2021 to 40% today, lower than that of any other ethnic group.
Half of Hispanic Americans — about 20 million adults — said they don’t have enough life insurance to protect their loved ones or meet their financial goals. But this ethnic group also has strong cultural roots relating to family, and that may open the door to more life insurance sales to Hispanics.
According to LIMRA data, 40% of Hispanic Americans are concerned about leaving financial dependents in a difficult
New York Life said it will combine its general account and third-party asset management businesses to create a global investment platform with approximately $785 billion in assets under management, effective Jan. 1, 2026. The newly unified platform will bring together the full scale and capabilities of the firm’s investment expertise across public and private markets.
The combined investment organization will be among the top 20 global public fixed-income managers with $363 billion in assets, and the top 15 private-markets managers with $228 billion in assets.
To support its growth aspirations, New York Life said it will make significant investments in asset origination, product development, distribution, brand, technology and infrastructure.
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Life insurance builds security amid consumers’ financial concerns.
By Ramon Casanova
In today’s dynamic economic landscape, Americans are seeking greater financial confidence and security. Although challenges such as inflation, market volatility and rising living costs create uncertainty, they also present unprecedented opportunities for insurance professionals to help clients build stronger, more resilient financial foundations.
New York Life’s recently released Wealth Watch survey reveals that while 92% of American adults report having some financial concern in the current economic environment, there are proven strategies that can dramatically improve financial confidence and outcomes.
The survey data reveals a market ripe with opportunity: More than 1 in 3 adults (35%) have delayed or are considering delaying retirement, citing lack of savings (51%), inflation (46%) and the changing economic environment (32%) as primary drivers. Among those delaying retirement, nearly half (47%) plan to
postpone it by at least five to 10 years past their desired date.
Perhaps most telling for the insurance industry: Only 23% have a formal retirement strategy, and a mere 17% are working with a financial professional. This gap between confidence and preparation is exacerbated by the fact that 43% of adults now carry credit card debt averaging $6,879.17 per cardholder — a 7.3% increase from 2024.
The key to addressing these concerns lies in closing what we call the “financial confidence gap” — the difference between where people feel they are financially and where they want to be. This gap is particularly pronounced when it comes to financial preparedness, with many Americans feeling uncertain about their ability to handle unexpected expenses, manage debt effectively or secure their financial future.
The Wealth Watch data reveals several compelling trends that savvy insurance professionals can capitalize on. Most significant, 71% of adults are actively adjusting their financial habits this year, with 40% cutting discretionary spending and 29% making changes to their budgeting and financial strategy. This behavioral shift indicates heightened
receptivity to financial guidance and protection solutions.
The retirement planning landscape presents particularly strong opportunities. With 42% of adults actively planning for retirement but only 17% working with financial professionals, the market penetration opportunity is substantial. More telling is that 60% of adults are confident they can save enough for retirement, yet nearly a third (32%) aren’t sure they won’t outlive their savings — a classic financial confidence gap that life insurance and annuity products are uniquely positioned to address together.
Financial professionals are uniquely positioned to help clients bridge this financial confidence gap through proven strategies that go beyond traditional financial advice. Research at New York Life has identified three key behaviors that are consistently associated with improved financial confidence and outcomes:
» Owning protection products such as life insurance
» Working with a financial professional
» Having a comprehensive financial strategy in place
People often think about the death benefit life insurance provides, but life insurance can also add flexibility and long-term value, making it foundational to closing the financial confidence gap through holistic financial planning.
The impact of these behaviors on closing the financial confidence gap is remarkable and presents clear business advantages for insurance professionals. Consider the confidence boost that comes from owning protection products: 85% of individuals who own protection products such as life insurance report feeling confident in their ability to meet their financial goals, compared to only 58% of those without protection products.
When it comes to debt management, protection product owners feel significantly more capable (40% versus 24% for non-owners). For emergency preparedness, the gap is also pronounced, with 35% of protection product owners feeling prepared for financial emergencies compared to just 18% of those without protection products.
The value proposition for working with financial professionals is even stronger. Those who work with a financial professional report feeling more equipped to manage debt (53% versus 26% for those without professional guidance) and substantially more prepared for financial emergencies (50% versus 19% for those going it alone). Most important for retirement planning, 87% of those working with financial professionals feel confident in their ability to save enough to last through retirement, compared to only 49% of those without professional guidance.
Bundling these proactive behaviors into a holistic strategy creates even greater benefits in closing the financial confidence gap. People who work with a financial professional and own protection products are far more likely to have retirement savings (75%) compared to those who don’t do either (22%).
Despite these clear benefits, a significant knowledge gap persists about the value
these key behaviors provide. Many individuals don’t know where to begin when it comes to financial planning, or they may not understand the importance of doing so at all. This is where the financial services industry has both an opportunity and a responsibility to educate, empower, and guide more people through holistic planning that can effectively close their financial confidence and protection gaps.
Meeting client demand. During times of economic uncertainty, we often see a renewed interest in life insurance. Consumers are focused on protecting what matters most, including their families and their futures. This desire for stability and security drives many to consider life insurance as a reliable means of building a financial foundation.
However, misunderstandings persist about the role life insurance plays in a comprehensive financial strategy. People often think about the death benefit life insurance provides, but life insurance can also add flexibility and long-term value, making it foundational to closing the financial confidence gap through holistic financial planning.
Different types of life insurance policies can address a wide range of needs and contribute to greater financial confidence. For example, whole life insurance not only provides a death benefit but also functions as an asset class in its own right. It offers living benefits, including access to cash value that can be used for emergencies, educational expenses or retirement income. This dual-purpose nature makes it a powerful tool for clients seeking both protection and growth while building their financial confidence.
Beyond protection: Strategic applications. Life insurance can also play a strategic role in tax diversification and legacy planning. For clients who have
maxed out traditional retirement vehicles, a permanent life insurance product with tax-advantaged cash value growth can be an additional tool. These policies can help clients manage tax exposure and provide a legacy for their heirs.
Beyond these benefits, life insurance can serve as a conversation starter that opens the door to improved finances across the board. When clients begin to understand how life insurance fits into their broader strategy, they often become more engaged in discussions about budgeting, debt management, retirement planning and estate planning. This engagement creates a ripple effect, encouraging more best practice financial behaviors and fostering a deeper relationship between you and your clients while systematically closing their financial confidence gaps.
Our research supports the fact that this approach has far-reaching benefits. Clients who view life insurance through the lens of holistic planning are more likely to experience both short-term peace of mind and long-term financial confidence.
By offering guidance on often-overlooked features — such as flexibility to convert to a new type of policy without underwriting, riders that could address future critical illnesses and customization of premium payments — you can uncover added value and customization opportunities that align with your clients’ evolving needs.
Financial professionals play a critical role in helping clients understand the value of life insurance and how it supports their broader goals while closing their financial confidence gaps. By offering clear, compassionate and informed guidance, you can help clients make decisions that not only protect their loved ones but also empower a forward-looking financial strategy that builds lasting confidence and security.
Ramon Casanova is head of life insurance solutions at New York Life. Contact him at ramon.casanova@ innfeedback.com.
In the first half of 2025, net income for the U.S. life/annuity insurance industry increased by 39% over the same prior-year period to $19.7 billion, according to an AM Best report “First Look: Six-Month 2025 US Life/Annuity Financial Results,” and the data is derived from companies’ six-month 2024 interim statutory statements that were received as of Sept. 8, representing an estimated 96% of total industry premiums and annuity considerations.
The L/A industry’s total income increased by 10.9% from the same prior-year period, driven by a 6% increase in premiums and annuity considerations and a 9% increase in net investment income.
Other income nearly doubled to nearly $50 billion, though this was largely due to $19.7 billion of reserve adjustments on reinsurance ceded at American United Life Insurance Co., AM Best reported.
Factoring in a 10.2% increase in total industry expenses, the first-half 2025 pretax net operating result was $27.5 billion, which was 30% higher than 2024. Net income of $19.7 billion was $5.5 billion higher than in the prior-year period.
A panel of five at the recent LIMRA 2025 Annual Conference agreed unanimously that annuity sales will double again by the end of 2030.
The annuity market is benefiting from favorable trends, economic conditions, demographics and supportive legislation. It all helped sales nearly double since the 2020 COVID-19 pandemic to $434 billion in 2024. Sales are expected to be in that neighborhood again this year, LIMRA projected.
Annuity sales were just $219 billion in 2020, noted Bryan Hodgens, senior vice president and head of LIMRA Research. Since 2020, we’ve seen massive growth in the S&P 500, and along with it, a lot of volatility.
Among other factors, interest rates rose over the past five years, while
products and distribution evolved. It all added up to create a new breakout star on annuity product shelves — the registered indexed-linked annuity — and the products themselves gaining a new respectability in some circles.
A New York judge confirmed the value of Athene annuities while tossing out a pension risk transfer lawsuit filed by former employees of General Electric.
Filed in June 2024, the lawsuit challenged the company’s decision to transfer pension obligations to Athene Annuity Life Co., arguing that it was not the “safest annuity choice” in the market. Judge Glenn T. Suddaby dismissed the lawsuit and said that “there is no suggestion” that retirees suffered any financial loss.
Defendants Julie Bueno, Darlene Hollins, and David Bueno, filing in U.S. District Court for the Northern District of New York, alleged that General Electric Co. and
When people say they don’t like annuities, I ask them if they like Social Security.”
— Jason Fichtner, executive director of the Retirement Income Institute at the Alliance for Lifetime Income
related plan administrators violated the Employee Retirement Income Security Act in choosing Athene as the annuity provider for a $1.7 billion PRT deal.
The deal was announced in December 2020 and affected around 70,000 retirees receiving monthly benefits under $360, GE said.
Phillip Roy Wasserman, the self-styled “Annuity King,” suffered another setback when a federal judge sided with Florida and federal investigators in his civil lawsuit.
District Judge Tom Barber awarded summary judgment to Stephen Howland, the State of Florida Office of Financial Regulation and the federal government. Howland is a former financial investigator for the OFR.
Wasserman, who is serving a 15-year prison sentence for fraud, alleged that state and federal investigators misled witnesses with biased questioning in a vendetta against him.
Federal agents discussed Wasserman’s tax liens and civil judgments during interviews with potential witnesses. Agents asked leading questions, Wasserman alleged, such as, “Did you know that Wasserman paid himself a salary of more than $500,000?”
The questioning was appropriate considering the circumstances of the
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Fixed annuities can maximize retirement income while provid ing lifetime guarantees.
By Kourtney Gibson and Colbert Narcisse
For 50 years, defined benefit pension plans in the U.S. have been dying a slow death — and along with it, many workers’ dreams of adequate guaranteed retirement income for life.
The good news is that, for the first time in decades, due to the passage of the SECURE Act, institutions have the prod uct solutions in place to bring back that dream for more Americans.
The Employee Retirement Income Security Act of 1974, better known as ERISA, was designed to safeguard America’s retire ment system. But ERISA’s biggest legacy may be incentivizing companies to aban don their defined benefit plans — also known as pensions — in favor of defined contribution plans such as 401(k)s, which were established in 1978.
U.S. adults were asked: How confident are you that you will have enough money to live comfortably throughout your retirement years?
Americans accurately estimated how much retirement
As a result, today’s private-sector workers are largely on their own when it comes to figuring out how much to save each year and how much they can spend in retirement. These are complicated decisions, and the average person may be ill-equipped to make them. The TIAA Institute’s surveys of Americans’ knowledge about financial matters show that only a third of people have basic comprehension of financial risk or appreciate that once they hit retirement age, they’ll likely need money for another two full decades or more.
This lack of financial know-how is a vulnerability that is heightened in a DC system that relies on a do-it-yourself approach. As traditional DB pension plans disappear, personal savings through DC plans take on more importance as a
supplement to governmental programs, mainly Social Security. Even if workers become diligent savers, DC plans still can’t solve the puzzle of how much income they will need and how much money they can spend postretirement. LIMRA reports that 9 in 10 DC plans have no option for generating guaranteed lifetime income for retiring workers.
Is it any wonder then that AARP found 61% of Americans aged 50 or older are stressed about their retirement savings? Or that the National Institute on Retirement Security found three-quarters of that age group would welcome a return to bygone days when most private-sector workers still had pensions? A lifetime income stream from an annuity can restore this lost peace of mind — especially for our oldest retirees. As more people live into their 90s, they are more likely to
grapple with cognitive decline. They become more prone to financial mistakes and thus more likely to benefit from a setit-and-forget-it income strategy.
Millions of TIAA retirement plan participants, most of whom built careers in service of others — plan their lives around dependable annuity income. For others, fixed annuities are a retirement solution hiding in plain sight. One reason is that annuities are relatively new to 401(k)s. Another may be that people don’t understand that annuities can provide the lifetime income they’re looking for.
TIAA has analyzed how blending annuity income with systematic withdrawals
can impact retirement income. According to the company’s internal metric, the Annuity Payout Advantage, a 67-year-old retiree who annuitizes one-third of their savings with a fixed annuity in 2025 and withdraws 4% annually from the remaining balance could see 33% more income in their first year of retirement than someone who follows the 4% rule alone. For someone with $1 million in savings, that translates to about $1,100 more per month — or more than $13,000 per year ($53,154 compared with $40,000).
Our metric shows that in every month over the past 30 years, income provided from blending a fixed annuity with systematic withdrawals has given retirees more to spend in their first year than had they relied on conventional systematic withdrawals alone — between 16% and 44% more, depending on the prevailing payout rate.
Although these figures reflect outcomes specific to TIAA’s offerings, the broader insight remains: Annuitizing a portion of retirement savings may enhance income in retirement. For many, this kind of hybrid approach can offer more predictable spending power alongside long-term peace of mind.
Those are real dollars — real meals clients wouldn’t have eaten, real tickets clients wouldn’t have purchased, real trips clients might not have taken.
sion. But for many Americans, converting a portion of their savings into annuity income is a sensible alternative to only pulling money out of savings. Importantly, sponsors of retirement plans are now able to offer their employees target date glidepaths that include a fixed retirement annuity that can be turned into lifetime income at retirement. And these products can be used as the all-important qualified default investment option, which most employees use to make their contributions.
In conjunction with Social Security and other savings, annuity income can be the difference between a frugal retirement marked by financial stress or one that provides our retired workers with the happiness and dignity they deserve.
Kourtney Gibson is CEO of TIAA Retirement Solutions.
Contact her at kourtney.gibson@ innfeedback.com.
Colbert Narcisse is TIAA’s chief product and business development officer. Contact him at colbert.narcisse@ innfeedback.com.
The Department of Justice is suing a California health insurer for allegedly diverting $320 million in leftover federal Medicaid funds to other, inappropriate expenses.
The lawsuit alleges Inland Empire Health Plan defrauded the federal government out of $320 million in surplus Medicaid funds the plan was supposed to return. Instead, the plan spent the money on unrelated expenses, according to the lawsuit filed in the Central District of California.
Inland Empire “developed a number of schemes to misuse surplus Medi-Cal enrollment funding,” the lawsuit claimed. “To further these schemes, IEHP improperly spent money intended for the MCE population’s medical expenses on attorneys, consultants, and technology contractors.”
IEHP received nearly $3.5 billion under the Affordable Care Act to extend coverage through Medi-Cal, California’s Medicaid program, to newly eligible Californians, many of whom were previously uninsured.
It’s one thing to have insurance that covers mental health services, but it’s another thing to access those services. That was among the takeaways from Employee Benefit Research Institute’s 2025 Employee Mental Health Survey.
Those who have a mental health condition were twice as likely as those without one to have trouble obtaining medical treatment or tests a doctor believed necessary, the survey found. More than 30% of those who said they or someone on their health plan had a mental health condition said they had trouble accessing care, compared with 15% of those who did not have anyone with a mental health condition on their plan.
The main reason for not being able to obtain care a doctor believed necessary is that their health plan would not approve, cover or pay for the care. Other reasons
frequently cited by respondents included their doctor not accepting their insurance and being unable to afford the care.
Increases in total Medicare spending threaten the program’s sustainability, while increases in Medicare enrollment contribute to those spending increases. That was the word from the American Academy of Actuaries.
Increased spending on Medicare Part B and on Part D prescription drug coverage will drive Medicare premiums higher over the next decade, said Derek Skoog, chairman of the academy’s Medicare Committee. Part B monthly premiums are projected to rise from $147 in 2024 to $347 by 2034, with Part D monthly premiums projected to increase from $34 to $51.
The 2025 Medicare Trustees Report projected that Medicare expenditures will begin outpacing income after 2027, he said. With 44% of Medicare revenue
While catastrophic plans can provide important coverage for specific needs, they are not a replacement for affordable comprehensive coverage.”
— Chris Bond, AHIP senior vice president, communications
coming from general tax revenues in 2024, the growing costs of Part B and Part D also increase pressure on the federal budget. General revenue funding for Medicare as a share of total federal revenue is expected to climb from 11% in 2025 to more than 17% in 2055. Total Medicare spending currently makes up about 4% of gross domestic product, but that percentage is expected to rise to nearly 9% by 2099.
Adults aged 18-35 are the most likely age group to report they haven’t visited a dentist in the past year. That’s a finding from Tufts University School of Dental Medicine, which also reported access to insurance coverage, as well as mental health and housing issues, also play a role in whether someone schedules and goes to a dental checkup.
The study is the first to compare people’s social and economic circumstances, access to dental care, and self-reported health challenges across different ages. The study builds on past research about cost and access barriers to dental care, but it provides new insights by showing that young adults are especially likely to miss out on care.
Young adults who missed dental visits were also more likely to skip medical care, struggle with copays, rely on emergency care, and report poor mental health or memory problems. The researchers found that those in this age group were more likely to be renters, uninsured and racially diverse — and that unstable housing added financial and emotional strain.
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How to help clients prepare for the financial, emotional and logistical realities of long-term care
By Paul Feldman
Financial advisors and insurance agents who avoid senior care discussions are leaving their clients — and themselves — exposed. That was the key point that came through in my recent discussion with industry leader Tafa Jefferson, founder of Amada Senior Care.
The truth is that nearly every client will eventually need some form of care — whether short-term care to recover from a broken bone or longterm assistance due to dementia or Parkinson’s disease. For advisors, this represents both a responsibility and an opportunity: helping clients prepare for the financial, emotional and logistical realities of care.
landscape
• Home health care (medical): Skilled nursing, physical therapy or posthospital visits prescribed by a doctor. These services are often covered by Medicare, but only for limited periods.
• Assisted living/memory care: Facility-based care for those needing more structure, safety or specialized dementia support. Typically private pay, unless supplemented by long-term care insurance or other resources.
• Skilled nursing: For the highest levels of medical care, often after a hospital stay. Medicare may cover limited stays, but ongoing costs are substantial.
Insurance carriers are beginning to view home health care differently — not just as an alternative to facilities, but as a potentially more affordable and desirable option. Still, affordability depends on the intensity and duration of care.
see
What many families discover too late, said Jefferson, is that most care that people
need is not covered by Medicare. “Nine out of 10 seniors discharged from hospitals need home care, and that’s long-term care insurance territory,” he explained.
Advisors who clarify this distinction early build trust and prevent unpleasant surprises. They must help families understand:
• What Medicare covers: Short-term skilled care, certain hospital and rehab stays
• What it doesn’t cover: Long-term, custodial or ongoing non-medical care
• How to bridge the gap: Insurance products, VA benefits, life settlements, home equity solutions or private savings
This kind of guidance transforms an advisor from a transactional salesperson into a trusted lifelong partner.
Once a claim is filed, said Jefferson, too many advisors step away from the process.
Often, once the claim is paid, the surviving spouse leaves the advisor; and when the remaining estate goes to the second generation, the advisor is usually out.
Jefferson pointed out that when advisors
Senior care isn’t uniform, said Jefferson, adding, “Sometimes it’s appropriate and affordable for family members to age in place. Sometimes aging in place becomes unaffordable. It’s never one-size-fits-all.”
He said advisors should be prepared to help clients navigate multiple types of care, which include:
• Home care (nonmedical): Assistance with activities of daily living such as bathing, meal preparation or companionship. Not covered by Medicare.
“Sometimes it’s appropriate and affordable for family members to age in place. Sometimes aging in place becomes unaffordable. It’s never one-size-fits-all.”
remain connected during a parent’s care episode, they often form new bonds with sons and daughters. Those relationships can lead to multigenerational clients.
Advisors can add value by:
• Checking in during care events
• Helping clients and families understand benefits
• Coordinating with care agencies to ensure claims are filed correctly
• Offering emotional support and guidance during stressful decisions
This “small role” can have big long-term payoffs. It demonstrates care for the whole family, not just the policy.
Claims management is more complex than most advisors realize, said Jefferson. “You kind of get one shot at filing what we call a clean claim. If it’s filed incorrectly, it can create a really bad situation for the advisor and the family.”
Practical tips for advisors include:
• Partner with agencies that employ clinicians (such as registered nurses). These professionals help ensure claims are documented correctly.
• Understand that the carrier determines eligibility — not the advisor, not the agency. Setting clear expectations prevents confusion.
• Remember that claim management is ongoing. Initial filing is just the first step; maintaining the claim over several years requires diligence.
Advisors should offer to help their clients through the process: “Call me before you file any claims. I’ll do my utmost to help you get your claim through.”
Senior care conversations often focus on aging, but accidents and disabilities create care needs for younger clients who need care that they can’t provide for themselves and who don’t have a partner or family member to provide that care.
Short-term, nonmedical care is a critical but often overlooked part of planning, said Jefferson. Whether it’s a hip fracture, surgery recovery or temporary disability, clients value the ability to stay at home while receiving support.
Advisors who raise this point broaden their relevance beyond senior care
You kind of get one shot at filing what we call a clean claim. If it’s filed incorrectly, it can create a really bad situation for the advisor and the family.
— positioning themselves as advocates for all stages of life.
An opportunity to
“There’s communication, then rapport, then trust,” said Jefferson, adding, “Trust is formed during an episode of care.”
Every advisor already has clients who will face care events. By being proactive — starting conversations, clarifying coverage and offering to help navigate claims — advisors “drill a mile deep” into existing households instead of chasing cold leads.
That depth of service not only strengthens retention but also introduces the advisor to adult children and grandchildren. In Jefferson’s words, “We need to start thinking in terms of generations to come.”
Here are steps advisors can take immediately:
1. Educate yourself on care types. Be ready to explain the differences between home health, home care, assisted living and skilled nursing.
2. Clarify Medicare myths. Help clients understand what is and isn’t covered. Nine out of 10 discharged seniors need nonmedical care that Medicare won’t pay for.
3. Introduce funding options. Discuss long-term care insurance, hybrid life/ annuity products, VA benefits, life settlements or home equity strategies.
4. Stay engaged during care episodes. Don’t disappear after the claim is filed. Offer guidance, support and coordination.
5. Partner with the right agencies. Look for those with clinical staff and experience in claims management.
6. Build relationships with the next generation. Use care events as a natural way to connect with adult children and extend your client base.
7. Position yourself as the first call. Tell clients: “If a care need arises, call me before filing any claim.”
The need for senior care planning is universal. Nobody intends for these events to happen, but they happen to just about everybody.
For insurance agents and financial advisors, embracing these conversations isn’t just about protecting clients — it’s about strengthening relationships, differentiating services and securing multigenerational trust.
Senior care is no longer an optional topic. It is central to the promise advisors make: to safeguard not just wealth, but well-being.
Paul Feldman is publisher of InsuranceNewsNet. Contact him at paul.feldman@ innfeedback.com.
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President Donald Trump signed an executive order in August that aims to expand 401(k) options to include private equity and other alternative assets.
Households with $5 million to $10 million in investable assets feel “very experienced’ with investing, have a high comfort level with market volatility and are increasingly interested in generating income from their investments. That’s according to a recent Hearts & Wallets report.
This segment has grown substantially over the past two years and now represents 1.8 million households that control $14.4 trillion in investable assets. In addition, more of these households are in preretiree and earlier life stages than they were two years ago.
Virtually all households in this segment are aware of their investment portfolio allocation by asset class, up from 70% in 2015, the report added. For households with $5 million to $10 million in investable assets, confusion about pricing is also at a historical low. Only 5% of these households “don’t know” how much they pay for their primary and secondary stores, which is much lower than the national level of 25% of customers. More of them reported that they pay through services than products.
In addition, for the first time, exchange-traded funds are among the top three investment products most frequently owned, surpassing individual bonds. Households with $5 million to $10 million in investable assets also trade independently and hold bullish attitudes about artificial intelligence and technology-driven financial advice.
The retirement savings gap and the increasing need for long-term care as the population ages are problems the U.S. cannot afford to ignore. That was the word from panelists during the Employee Benefit Research Institute Virtual Policy Forum’s session on how employers are responding to shifting state and federal responsibilities
The executive order directs the Department of Labor and other federal agencies to review guidance and determine the necessary regulatory changes to facilitate these investments, which are currently reserved for wealthy investors. While supporters believe this could boost diversification and returns for everyday savers, experts caution about the inherent risks, higher fees and lack of transparency associated with alternative assets.
Surveys show there is some demand for alternative asset investments from the public, said Barbara Marder, president and CEO of the Employee Benefit Research Institute. Nearly three-quarters of the public supports Trump’s executive order, 73% of retirement plan participants want their 401(k) and retirement investment menu to look more like the investment options available to institutional investors and many participants believe some private market exposure could improve their long-term retirement outcome.
79% of workers reported a positive outlook on their retirement savings — a 14-point increase over 2024.
One-third of Americans aged 35-64 are projected to run out of money in retirement, representing an aggregate retirement shortfall of $3.3 trillion, said Bridget Bearden, EBRI research and development strategist.
Meanwhile, 3 in 4 workers said they expect to be caregivers for an adult in their immediate network , driving demand for paid leave and flexible work schedules. Four in 10 workers say they are likely to need long-term care as they age.
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Amada Senior Care would like to formally extend its sincere gratitude to the agents, advisors and carriers who promote Long-Term Care Insurance. Your e orts have signi cantly contributed to the quality of care and nancial peace of mind of a generation of plan-ahead policy holders. This has been a heroic e ort.
If you are one of America’s unsung heroes, please contact us to receive AMADA’S AWARD OF CARE EXCELLENCE. We wish to continue to provide care support education to help YOU enlist the next generation of plan-ahead clients
A study shows consumers are comfortable using artificial intelligence when researching a product or service.
By Rayne Morgan
Insurers have an opportunity to make strides in AI adoption thanks to new research that shows when, how and at what age consumers are most comfortable using the technology.
In its recently released AI Inclination Index, IT services firm Cognizant took a close look at the insurance industry in particular and found that consumers are most comfortable using AI to learn more about products, and they prefer conversational AI tools.
According to Craig Weber, head of insurance strategy at Cognizant, insurers should understand the technology and have a good grasp of its capabilities to know how tools like agentic AI can best be leveraged.
“I view this as an opportunity to plant a flag with AI,” Weber told InsuranceNewsNet. “There are small subsets of buyers and users of insurance who are willing to entertain the use of AI. So my best advice to an insurer is to build the skills around AI and plant the flag, because this trend is only strengthening over time.”
The AI Inclination Index measured a consumer’s comfort level with AI at three different stages of the consumer journey:
• Learn — researching certain products
• Buy — making the purchase
• Use — utilizing digital technologies such as smartphone apps
For the insurance industry specifically, the index found most consumers are quite comfortable using AI for learning or researching products before deciding to purchase. This category scored a high 85 on the index.
“That completely makes sense to me, because it’s the area where consumers are using AI for other things. We all have ChatGPT and Grok and other tools on our desktop and on our phones, and we are now getting accustomed to using them to explore the world around us. So, that finding is consistent with what we see in the insurance world,” Weber said.
However, the comfort level declined significantly at the buy stage of the journey, dropping to a score of 53. This indicates consumers may still prefer to buy insurance with an agent rather than using AI.
“When you move to the buy phase of insurance, it ratchets up the tension level between consumers’ willingness to let a machine in on their decision and to share their sensitive data with insurers. So, we see a significant dropoff in AI inclination in the buy phase,” Weber noted.
The use phase ranked even lower at just 43. However, the survey pointed out that this low score could simply reflect infrequent usage rather than hesitation, as most people don’t really interact with their insurance policies after the purchase unless they need to submit a claim.
The study also found consumer preferences vary based on age, as older consumers were generally more comfortable with using AI in the learn and use phases. Younger generations, on the other hand, were more comfortable with using AI for purchases.
Weber cautioned, however, that age preferences do not apply in all cases because they also vary based on the type of insurance product. For instance, he noted that younger consumers “almost universally have less experience with complex products such as investments, life insurance and annuities, and so the risk profile is much higher.”
“I think, yes, there is a tendency for young consumers to want to use online tools and do things, in some cases, without talking to a human. But, in some cases, they simply don’t have enough experience with those products to know,” he said.
Conversational AI is the tool of choice for most consumers when it comes to insurance, according to the index. This is particularly true for the learning phase, especially because of agentic AI’s ability to provide “personalized, interactive guidance.”
However, Weber suggested there could be a bigger role for agentic AI — which he described as “essentially a concierge that works on your
behalf” — in the future. He noted that Cognizant has been seeing “a huge leap forward in the ability of agentic AI to mimic human thinking on basic tasks.”
“I think agentic AI is ideally suited for the needs analysis and product discovery phases,” Weber said. “Your agentic AI agent can understand things about your life, can understand what your needs are and can help you figure out what coverages make the most sense, and it can do this in an intelligent way and then actively go out and find the right products and keep your profile updated as your life changes.”
Weber acknowledged that the insurance industry, in general, is still relatively slow to adopt AI, but argued that whether insurers are “100% comfortable with it or not, they need to be on the AI path.”
He suggested starting with non-customer-facing areas, such as distribution, to minimize risk while adjusting.
“Even though insurance appears to be behind other industries — and there are really good reasons for that — that doesn’t diminish the need for insurers to understand the technology and build the skills and the ecosystem that will
By Rayne Morgan
In Vall Herard ’s view, compliance remains something of an underdog in insurance — a critical function that often operates behind the scenes, underfunded and overworked as other parts of the business move quickly to adopt artificial intelligence.
“People in compliance usually are not as well funded as other departments because that is seen as back office, and so you end up with a lot of manual processes in compliance,” said Herard, CEO and co-founder of Saifr.ai, a fintech company incubated at Fidelity Labs, the venture studio arm of Fidelity Investments.
Herard believes compliance is ripe for modernization as firms adapt to the surge in AI-driven output across their operations. “You simply cannot hire your way out of the amount of content that’s being produced because of AI,” he said. “You’re going to need an AI system that is reliable and is giving you results
that you can verify very quickly.”
Herard, a risk management professional with 25 years of experience, said his background in financial services helped him see where technology could reduce bottlenecks and improve oversight.
His team began developing the concept for Saifr in 2020, with the goal of using AI to streamline compliance reviews and mitigate operational strain. Today, the company says its software is used by dozens of financial institutions, investment advisors and insurance-related firms.
Herard emphasized that AI tools should complement, not replace, compliance staff by screening materials against regulatory standards before they reach an officer’s desk. The approach, he said, can help reduce back-and-forth reviews and improve speed to market for content requiring compliance sign-off.
The growing use of generative AI is creating both efficiencies and new challenges for compliance professionals. Marketing, underwriting and customer communications teams can now produce far more content in less time — but all of it still requires review.
“As these generative AI systems get
leverage the technology,” Weber said. Cognizant is an IT services company with a strong focus on generative AI. Founded in 1994 and based in Teaneck, N.J., Cognizant provides digital transformation solutions and other business services to insurance companies.
Rayne Morgan is a journalist, copywriter and editor with over 10 years’ combined experience in digital content and print media. You can reach her at rayne.morgan@ innfeedback.com.
better at producing content, more and more content will be produced. But at the same time, the number of compliance officers is not growing exponentially,” Herard said. Tools are needed that help compliance manage higher volumes without sacrificing accuracy or regulatory alignment.
Herard noted that one barrier to broader AI adoption in compliance is the lack of standardized, high-quality data. Legacy systems and siloed information can make it difficult to train reliable models or measure performance against human-reviewed results.
“Having clean, pristine data would lead to higher return on investment in AI, but because of these legacy issues, work still needs to be done to harmonize the data,” he said.
Despite those challenges, Herard views compliance as a promising field for AI development because of the abundance of human-reviewed data — a valuable foundation for training accurate, explainable models.
Herard said that as AI’s role in risk management and regulatory oversight becomes clearer more companies are beginning to explore its potential. “I think it’s a testament to a shift in the industry where people do believe that AI can help within the compliance function,” he said.
Rayne Morgan is a journalist, copywriter and editor with more than 10 years’ combined experience in digital content and print media. Contact her at rayne.morgan@ innfeedback.com.
Artificial intelligence is not the magic shortcut to effectiveness.
By Casey “Blade” Cunningham
Artificial intelligence is everywhere. It’s in your inbox, your team meetings, even your kids’ homework. And if you’re leading a business or sales team, you’ve probably wondered: Could this finally be the shortcut I’ve been waiting for?
Let me stop you right there.
AI won’t save your leadership. It will expose it.
That’s because AI doesn’t create character. It simply multiplies what’s already there. If you lead with clarity, authenticity and courage, AI will help you shine. But
if your leadership is shaky, AI will make those cracks impossible to miss. Seriously.
As I told a room full of leaders recently, “Productivity hacks are dead. AI is rewriting the rules.” That’s exciting — but it’s also dangerous if you’re hoping technology can cover for weak leadership.
Leaders under pressure love to look for the next fix. First it was the latest management system. Then it was the new customer relationship management system. Now it’s AI.
Here’s the myth: If I plug AI into my communication, planning and decisionmaking, suddenly I’ll be more effective.
But AI isn’t a savior. It’s a mirror. If you don’t have the trust of your team members, AI won’t change their minds. If you avoid tough conversations, AI won’t make
you braver. It will just craft prettier words to avoid them with. If you lack vision, AI won’t hand you one. It will just help you spread confusion faster.
Think of leadership like choreography. Every move you make sets the rhythm for your team. Done well, the dance flows. Done poorly, everyone stumbles.
AI can’t dance for you. But it can keep the steps sharp. If your rhythm is strong, based on accountability, presence and energy, AI will help you move faster and cleaner. If your rhythm is erratic, AI will just multiply the chaos.
I’ve seen both. One leader used AI to draft weekly updates. His authentic voice was still front and center, and AI saved him hours.
Another relied on AI to write performance reviews without ever talking to his people. His team felt invisible. Same tool. Two very different outcomes.
When I speak about this, I often remind leaders, “I’m going to cut through all the clutter and the noise and get straight to the point about AI.” The point is this: AI doesn’t cover weakness, it choreographs it.
People don’t follow tools. They follow leaders.
True “Pied Piper leaders” pull people in with vision, authenticity and belief in what’s possible. They use AI to extend their reach, personalize communication and sharpen insights. But they never let the tool replace their presence.
Pretenders do the opposite. They flood inboxes with AI-polished messages, post generic thought leadership articles and hide behind “efficiency.” The result? Their people stop listening. Because here’s the thing: You can’t fake authenticity. AI doesn’t cover inauthenticity up, it makes it louder.
Used wisely, AI clears the noise so leaders can focus on what only they can do: energize, coach and cast vision. When leaders use AI wisely, it can:
» Streamline the busywork. Scheduling, notes and research. AI can free up hours.
» Sharpen decisions. It surfaces insights leaders can act on quickly.
» Scale connection. It helps personalize communication so people feel seen without leaders burning out.
As I often say, “I’m not the kind of tech person who geeks out on details. I’m the tech person who wants to make life easier.” That’s the right mindset for leaders too. Use AI to make leadership easier, not emptier.
But here’s the flip side. AI shines a bright light on weak leadership in the following ways.
» Sending robotic communication: When everything is written by AI, people notice. They feel the distance.
» Dodging hard conversations: Leaders who let AI handle tough moments lose credibility fast.
» Hiding behind scripts: Sales leaders who rely on AI pitches forget that trust is built eye to eye, not line by line.
5. Use AI as a coach, not a crutch: Let it sharpen your preparation, but don’t hand it your role.
The future of leadership isn’t about replacing people with machines. It’s about leaders owning who they are and using
AI isn’t a savior. It’s a mirror.
So how do you keep AI working for you instead of against you?
1. Audit yourself: If AI multiplied your leadership by 10, what would people see more of: your strengths or your weaknesses?
2. Stay human first: Let AI handle tasks, not relationships. Your people need you.
3. Protect your voice: AI can polish your words, but the heart must be yours. Always.
4. Stay visible: No tool replaces presence. Be there.
tools to extend, not excuse, their impact. AI won’t save your leadership. It will expose it. And that’s not a threat — it’s an invitation.
If you’re authentic, courageous and committed to your people, AI will help you shine brighter. If you’ve been cutting corners, AI will make that obvious. Either way, it’s your move.
Because in this age of rapid change, the true standard of excellence hasn’t shifted one bit. It’s still authenticity. It’s still courage. And it’s still the relentless pursuit of helping your people thrive.
Casey “Blade” Cunningham is the CEO and Founder of XINNIX. Contact her at casey.cunningham@ innfeedback.com.
BY RAYNE MORGAN
Manulife’s globally recognized leadership in artificial intelligence is set to expand under the guidance of Jodie Wallis, the newly appointed global chief AI officer, who told InsuranceNewsNet the company, which operates John Hancock in the United States, is beginning to see its use in every aspect of operations.
“Prior to large language models coming on the stage, we would have said AI is suitable for parts of our business and less suitable for other parts. Now, our perspective is it’s really suitable for all parts of our business,” Wallis said.
This is everything from front-line sales to contact centers, IT, operations and some corporate functions, she noted, hinting at a fully AI-integrated future for the company.
“Every part of our business will have an AI road map embedded in their plans for the coming couple of years …. Going forward, everything will have an element of machine learning, everything will have an element of Gen AI or LLMs, and will probably have some sort of agentic representation, meaning the AI components might be set up separately but work together,” Wallis said.
Global AI leadership
Manulife has been repeatedly recognized for AI innovation. It recently ranked among the top five insurers with the best AI rollout in Evident’s 2025 AI Index, and ranked first among life insurers — which Wallis said the company is immensely proud of.
One of its major achievements has been the implementation of its own internal version of ChatGPT, called ChatMFC. This is being used by more than 40% of the organization, and Manulife also holds internal “prompt-athons” where experts help staff develop and share job-specific prompts.
“Between 2020 and now, we’ve been on a steady journey to move from advanced analytics and ML into really
trying to superpower everything we do at Manulife with AI, wherever that makes sense,” Wallis noted.
Wallis officially became Manulife’s global chief AI officer in May, after entering Manulife four years ago as its global chief analytics officer. However, she said she has been overseeing AI that entire time, and while her title has now changed, the position is not really new — it just reflects the work she and her team have been doing.
Now, Wallis leads a team of 200 data scientists and AI engineers, embedded across all of Manulife’s businesses — 80% of whom work on dedicated business units and 20% of whom handle
“Prior to LLMs coming on the stage, we would have said AI is suitable for parts of our business and less suitable for other parts. Now, our perspective is it’s really suitable for all parts of our business.”
global use cases and applied research and development
“Most of the work we do and deliver are solutions that involve AI, that deliver benefits to our businesses, customers and broader set of stakeholders, [and] that kind of go above and beyond what could be accomplished with automation or traditional statistical techniques or apps,” Wallis said.
Wallis revealed that her team’s multifaceted AI solution process starts with receiving ideas from business partners or internal team members. Just this year, she said, they created a use-case inventory where any one of Manulife’s 38,000 employees can suggest a new AI use case.
“We’ve collected close to 600 ideas from across the organization, and then those ideas get reviewed regularly with representatives from my team in each of the business areas. There’s some duplication that gets resolved, and then the ideas get prioritized based on their feasibility but also based on the value that the ideas can bring to our customers or bring to our organization,” Wallis explained.
From there, her team takes an adaptive approach to the frequent build vs. buy conundrum: They look for opportunities to buy proven AI solutions that fit their needs, but they also don’t shy away from building from scratch when that is the better option.
At the same time, they no longer expect AI apps to last, at most, six months, due to the rapid pace of development.
“We’re building the muscle of constant reimagination rather than a big bang of reimagination followed by a period of silence,” Wallis said.
Manulife is in the final stages of creating its 2026 plans, but Wallis confirmed that just about every aspect of Manulife’s business will incorporate some level of AI going forward, under her leadership.
“We just announced our earnings last week, and as part of that, you can hear the CEO’s enthusiasm for AI. He really sees a lot of transformational potential, particularly in delivering products and services to our customers much faster
“We’re building the muscle of constant reimagination rather than a big bang of reimagination followed by a period of silence.”
and in ways that are tailored to their specific needs. So that’s definitely where we’re going,” Wallis said.
She alluded to specific use cases, including:
» Investment research capability
» Deep research
» Corporate functions: marketing, risk management and audits
» Sales and distribution
» Coaching and onboarding
Wallis also acknowledged agentic AI as a hot topic but clarified that Manulife interprets that as “just an additional way of setting up AI to do different types of tasks and more complex tasks and breaking those tasks down into component pieces.”
“What we’re really focusing on right now is creating the platform that will allow us to move faster in developing solutions by combining ML, LLMs and elements of this new kind of agentic architecture that we’re talking about,” Wallis said. “We’re adapting to that as we speak, and that’ll be a big part of what we deliver next year.”
Manulife, founded in 1887, is one of Canada’s oldest and most established insurance and financial services providers. It operates in more than 19 countries and territories around the world.
Rayne Morgan is a journalist, copywriter and editor with over 10 years’ combined experience in digital content and print media. You can reach her at rayne.morgan@ innfeedback.com.
By Jennifer Fox
Although the 2026 midterms are still months away, the battle for control in both chambers of Congress is already taking shape. While the House gets much of the spotlight, the Senate map is just as critical.
As of now, Republicans hold a 53-47 majority in the U.S. Senate, including independents who caucus with Democrats. To reclaim the majority, Democrats must defend every one of their current seats and flip at least four Republican-held ones. With 35 total Senate contests (including two special elections), Republicans will be defending 23 seats — many in increasingly competitive terrain.
Surprise retirements such as that of Sen. Thom Tillis, R-N.C., are already reshaping the landscape. His seat, in a state that leans red but remains competitive, will be one to watch, along with many others.
Here are three races that will shape control of the Senate: Maine, Georgia and Texas.
Sen. Susan Collins, first elected in 1996, is seeking a sixth term in a state that has been trending blue. She currently serves on the Appropriations, Intelligence and HELP (Health, Education, Labor and Pensions) committees and now chairs the powerful Appropriations Committee, a role that gives her significant leverage in federal funding decisions. She has also been a tried-and-true champion for financial security, with a deep interest in retirement planning. This is no surprise in Maine, as nearly one-quarter of the state’s population is made up of retirees.
Despite Maine’s Democratic leanings, evidenced by Joe Biden’s 9-point victory in 2020 and Kamala Harris’s expected win in
2024, Collins has defied political gravity. In 2020, she won reelection by 8 points even as Donald Trump lost the state decisively. But with Maine fully controlled by Democrats at the state level, Collins may face her toughest race yet, especially if the national mood sours for Republicans under a second Trump presidency.
In this race, it will come down to candidate quality for Democrats, who are still waiting to see if Gov. Janet Mills, who is term limited, decides to run.
Sen. Jon Ossoff, elected in Georgia’s high-stakes 2021 runoff, is up for reelection in a state Trump carried by 2.2% in 2024. Ossoff sits on the Appropriations, Rules and
To reclaim the majority, Democrats must defend every one of their current seats and flip at least four Republican-held ones.
Depending on the trajectory of Trump’s agenda and the impacts of H.R. 1, the One Big Beautiful Bill Act, paired with the economy, much can change between now and Nov. 3, 2026.
Intelligence committees. He has leaned into a bipartisan tone, attempting to serve as a counterweight to Trump, although he has largely voted with his party.
Ossoff has already raised $31.9 million through Q1 2025, a war chest he’ll need to fend off what’s likely to be one of the most expensive races in the country. Republican hopes took a hit when Gov. Brian Kemp declined to run. Rep. Marjorie Taylor Greene followed suit. Likely GOP contenders include U.S. Reps. Buddy Carter, Rich McCormick and Mike Collins; state Insurance Commissioner John King; and Lt. Gov. Burt Jones.
Either way, Republicans view Ossoff’s 2020 win over Sen. David Perdue as a fluke, owing to the unique dynamics of a January runoff and Trump casting doubt on election security, coupled with the COVID-19 pandemic that depressed GOP voter turnout.
This will likely be the most expensive contest, echoing the more than $900 million spent in the 2020 twin runoffs. Ossoff’s strong fundraising and incumbency, along with Democratic-trending suburbs, give him an edge. Still, Republicans hope a disciplined primary and energized base could make Ossoff vulnerable.
Texas was already going to be a closely watched race in 2026, but it exploded into national headlines when Attorney General Ken Paxton launched a primary challenge against Cornyn, turning a sleepy reelection into a high-stakes civil war within the GOP.
Cornyn, first elected in 2002, has been a pillar of Senate Republican leadership and won reelection by a margin of 9 points in 2020. Known for his measured, institutionalist approach, Cornyn has supported bipartisan efforts on infrastructure, gun safety and Ukraine aid stances that have increasingly alienated the Trump-aligned
base of the party.
Paxton, a staunch ally of Trump, announced his campaign in April 2025. He immediately promised to bring a more combative, MAGA-aligned voice to the Senate. Despite legal issues — including a 2023 impeachment trial (he was acquitted) and ongoing investigations — Paxton is leading Cornyn in early polling and has rapidly built momentum among grassroots conservatives.
The fundraising battle is already underway. Cornyn reported $5.6 million cash on hand at the end of Q1, while Paxton raised $2.9 million in his first 12 weeks. Both campaigns are jockeying for a Trump endorsement, which could make or break either candidate. This will likely be settled by March; however, the Republican legislature is working on redrawing congressional districts, which may delay the primary election.
If Paxton wins the primary, Democrats will see an opening in the general election. While Texas still leans red, a scandal-laden, far-right nominee like Paxton could galvanize Democrats and moderates alike. Potential Democratic names include former Housing and Urban Development Secretary Julián Castro, Rep. Colin Allred and rising mayors from Texas’s urban centers.
Depending on the trajectory of Trump’s agenda and the impacts of H.R. 1, the One Big Beautiful Bill Act, paired with the economy, much can change between now and Nov. 3, 2026. What won’t change is Finseca’s commitment to keeping our members informed, engaged and prepared — no matter which way the political winds blow.
Jennifer Fox is vice president, federal affairs for Finseca. Contact her at jennifer.fox@ innfeedback.com.
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For financial professionals, there has never been a better time to prepare for the Great Wealth Transfer and the increasing need for long-term care.
By Ronald R. Hagelman Jr.
The perfect storm is often dismissed as a unique meteorological event where multiple, powerful negative storms collide in time and space. The term itself, however, has grown in popularity to help define, according to Google AI, “any event where a combination of circumstances will activate a situation drastically beyond the individual elements or parts.”
The insurance industry will be at ground zero as massive and as yet uncontrollable storm fronts collide. We have all been trying our best to ameliorate these risks every day in our individualized planning efforts.
The strength of a hurricane is determined by the mass of warm water energy available as it approaches land. The predictable advance of the massive baby boomer “great wealth transfer” is a storm that has been brewing for the last 20 years and will provide a financial downpour lasting the next 20. Multiple estimates suggest the movement of inheritance dollars in excess of $80 trillion with 1 in 3 Americans receiving substantial asset transfers falling across the subsequent generations.
Virtually everyone will get wet; it is only a matter of degree. Generation X, millennials and Generation Z know the money is coming. How could you not be aware or strategically anticipate the wealthiest generation in history? For financial professionals, there has never been a better time to prepare. Planning for boomer largesse is our future.
The storm coming ashore will clash head-on with another massive stationary front created by the same statistical realities. The massive financial rain coming is triggered by mortality. The stationary front waiting in anticipation is pure morbidity.
We have done what we could to protect the security of those inheritance dollars. The problem, of course, is that those boomer reserves remain vulnerable to large long-term care expenses, which pose a potentially significant depletion of those assets.
As our beloved boomers begin to turn 80, we can anticipate with certainty that half crossing that threshold will need substantial expensive care. The risk is more than real; it’s truly ominous. It’s basically a 50/50 gamble, with an average calamity claim cost approaching a quarter of a million dollars.
What we will all experience is a clash of titans. The historical great wealth transfer will meet its natural and equally massive precursor: the boomer claim tsunami. It will not be a net sum event. The parameters and priorities of your practice will be defined by the necessity of risk leveraging mandated by the generational reassessment of both storms.
New sales opportunities will be exponential across multiple generations. Considerations of past client responsibilities, current needs for risk transitions, future investments and retirement security firewall construction should be top of mind.
This brand-new world of risk management opportunities should begin from the absolute best starting point. It should be the one common denominator that reaches all your clients — one where the immediate risk is greatest and now best understood by all current and
subsequent generations. Two questions cover the generational shoreline.
1. Dear wise boomer client: “How is your existing long-term care plan progressing?” Call when you need me!
2. Dear loved subsequent-generation family member: “What is your LTC plan?”
As LTC claims begin to arrive, often suddenly, what is the status of existing LTC insurance funding options? What is your legacy fiduciary responsibility? It is estimated that more than $16 billion in claims will be paid this year from current policyholders. We have 7 million policyholders anticipating judicial claim payments.
As the frequency of claims increases, clients will call you first, rarely the company, looking for assistance with claim management. These are complicated and often initially frustrating benefit approval journeys. An experienced senior care agency can help insurance professionals advise on care options and provide direct claim assistance. They stand ready to provide quality care at home and then remain directly involved in quality care issues while on claim.
As this historic storm passes over, clients will ask: Was there compassion and helpful concern from my advisor before, during and after the deluge? Helping multiple generations be prepared is the only accurate rain gauge.
Ronald R. Hagelman Jr., CLTC, CSA, LTCP, is a principal in Hagelman Consulting, a company with extensive background in chronic illness risk management. He consults for Amada Senior Care. Contact him at ronald.hagelman@innfeedback.com.
By Aaron Kane
As 2026 approaches, industry trends once considered value-adds are now the standard. Rapid innovation and rising client demand for personalized and seamless experiences are the key drivers of this pivotal shift. Advisors and firms that embrace these changes with intention will build stronger client relationships and raise retention rates. To future-proof their business, advisors should focus on these four key actions in 2026.
A significant opportunity exists for firms that can seamlessly integrate wealth creation strategies with debt and lending advice. Although many advisors focus solely on wealth creation, the reality is that many clients use debt strategically as part of their broader financial plans.
Expanding service offerings to include lending and mortgage brokering allows firms to differentiate themselves by providing comprehensive advice under one roof. Clients benefit from a streamlined experience where their entire financial picture is managed in one place. In a time when clients are busier than ever, firms that position themselves as a “total advice provider” will stand out.
The Great Wealth Transfer is well underway, and estate and legacy planning should be a central focus of every firm’s 2026 strategy. My firm is developing a process to guide clients through each step of estate planning where we work alongside an attorney.
Instead of simply referring clients to an attorney, we act as integrators. We oversee the process from the initial
fact-finding stage through steps such as the lawyer drafting the will. This handson approach builds trust and ensures clients feel supported and informed throughout. It also opens the door to working with beneficiaries and executors, creating continuity of service across generations. Advisors who take an active role in legacy planning will be best positioned to retain multigenerational relationships as more wealth changes hands.
A seamless digital experience is now a baseline expectation for clients. From initial onboarding to ongoing communication, every interaction should be designed with convenience, clarity and efficiency in mind.
Firms should invest in building a robust digital infrastructure. Create a system for clients to track their goal progress, securely share documents and communicate directly with their advisor. Advanced client portals that offer visibility into each stage of the advice process help foster transparency and set clear expectations. They also allow clients the freedom and flexibility to manage their finances on their own schedule. Integrating artificial intelligence into the infrastructure will take this a step further, streamlining administrative tasks and providing live chat support for routine inquiries or timely updates.
However, efficiency should never come at the expense of personalization. The firms that will succeed in 2026 are those that use automation and technology transparently to enhance the client experience rather than replace it. Digital tools should support the advisor’s role as a trusted guide, ensuring that the human element remains central to every relationship.
4. Strengthen visibility by meeting clients where they are Advisors should work to build a strong online presence that positions them as both credible and approachable experts. In today’s digital landscape, short-form video
content is one of the most effective tools for showcasing expertise and connecting with potential clients on a more personal level. Educational videos shared on platforms such as TikTok and LinkedIn can help advisors reach new audiences, reinforce their value proposition and build trust before the first meeting even takes place.
Creating consistent content on TikTok has not only helped me reach thousands of individuals — including some who have become clients — but has also generated supplemental revenue through platform engagement. While results may vary, the visibility and brand recognition gained through regular content creation can be substantial.
Another simple yet powerful strategy is asking satisfied clients to leave Google reviews. These reviews act as digital word-of-mouth and often shape the first impression prospects form when researching your firm. Google’s algorithms and AI-powered search summaries are increasingly pulling reviews directly into your results, giving prospects a quick sense of your reputation before they ever click on your website. Advisors who actively gather and showcase positive client feedback will stand out in an increasingly digital-first marketplace.
The new year is a chance for advisors to raise the bar in how they support and show up for clients. Advisors who take thoughtful steps to expand their value, modernize their approach and stay closely aligned with client expectations will be positioned for long-term success. Now is the time to assess what’s working and make the adjustments that will matter most in the year ahead.
Aaron Kane is an 11year MDRT member with seven years in the Top of the Table. He is managing director and owner of EK Financial Group, which was founded by his father in 1987. Contact him at aaron.kane@innfeedback.com.
More than 850 financial services companies in more than 70 countries turn to LIMRA first to help them build their businesses and improve their performance.
It’s difficult to imagine the demand for registered index-linked annuities fading anytime soon.
By Roger Aucoin
Registered index-linked annuities were introduced in 2010 during a historically low-interest-rate environment. Since then, RILAs have grown from $0 to $65.4 billion in sales in 2024 and from one company to 23 companies offering the product. Only 15 years old, RILA products continue to evolve and mature, addressing clients’ needs.
RILAs appeal to more than just clients — they’re less capital-intensive for insurers, making them especially attractive to product manufacturers. Meanwhile, traditional variable annuities — once all the rage — have declined from $183.7 billion in
advisor platforms, integrating products such as RILAs into their practice is easier now than in days past.
Although RILAs are still maturing, four new products were launched in 2024 alone, the most in any one year.
Whether investors are members of Generation X — who may not feel confident about their retirement readiness — or members of the baby boomer generation, which has more people entering retirement this year than ever before, they may be asking themselves three essential questions.
1. How much of your retirement savings can you afford to lose?
2. How much of the market upside would you like to participate in?
3. How important are guarantees right
2007 to just $60.9 billion in 2024, roughly a third of their former sales volume.
RILAs offer a new value proposition: a blend of market participation and downside protection, supported by features such as caps, buffers and participation rates that help define a more predictable range of outcomes within a financial plan.
We’ve all heard about the importance of being “asset allocated,” but “asset location” — where assets are held, such as in an annuity — is also important. With modern
While these questions can apply across other annuity products, RILAs stand out by addressing a need that has gone unmet in the annuity space; they offer a solution for those seeking greater market participation than traditional spread-based protection products, while still wanting some level of downside protection.
RILA sales surged in early 2020 as nervous investors — coming off a decade-long bull run and then in a pandemic — faced a sudden 30% market drop in just under
a month. That sharp decline may have prompted nervous investors to ask, “How can I protect the savings I’ve built over the past decade and still grow my assets — without the fear of loss?” Demand for RILAs surged; since Q1 2020, through Q2 2025, we’ve seen 15 record-breaking quarters (out of 22) with more than a quarter-trillion dollars in RILA sales during this period.
Going forward, if the economy shifts into a lower interest rate environment, RILAs may prove more resilient than traditional fixed products. Fixed annuities are highly reactive to declining interest rates, while RILAs can be argued to be in a better position to withstand a decrease in rates (after all, they were designed in a low-rate environment).
With more education, continued innovation, new entrants, broader distribution and favorable regulation, RILAs seem poised for continued growth, aligned with evolving retirement needs. LIMRA’s current forecast has RILA sales growing $64 billion to $69 billion in 2026 and $64 billion to $72 billion in 2027.
Wholesalers often say, “It’s not what it is, but what it does.” What a RILA does is give your clients the opportunity to earn more than the strongest fixed annuities while protecting the downside of their investment like a structured note. It grows tax-deferred and offers the potential to generate an income stream ensuring clients don’t run out of money before they run out of life. With that combination of growth, protection and income, along with educational tools and technology to integrate into a holistic financial plan, it’s hard to imagine these value propositions fading anytime soon.
Roger Aucoin is senior research analyst, LIMRA Annuity Research. Contact him at roger.aucoin@ innfeedback.com.
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