Company Announcements

M Financial, Pacific Life Launch Life Insurance Product for High-Net-Worth Market with Verisk’s FAST Technology Platform

Source: OMX
M Financial, Pacific Life Launch Life Insurance Product for High-Net-Worth Market with Verisk’s FAST Technology Platform

JERSEY CITY, N.J., Aug. 31, 2022 (GLOBE NEWSWIRE) -- M Financial Group, a leading financial services design and distribution company, and Pacific Life, a leading global insurer, have leveraged Verisk’s FAST platform to develop a new life insurance product with flexible options and pre-configured tax rules designed exclusively for high-net-worth individuals.

The new product – a flexible-premium survivorship variable universal life (SVUL) policy – is the first of several planned rollouts that will combine the power of FAST with M Financial’s new M Vision platform, a digital ecosystem for bringing sophisticated insurance products to market.

“In developing this policy with FAST and Pacific Life, we’ve helped address some of the challenges that tax law can create for high-net-worth individuals,” said Dave Kittredge, Vice President, Business Strategy Partner at M Financial. “We’ve also created a platform on which further innovation can occur with compelling new offerings for a client base that needs flexible, thoughtfully designed insurance solutions. We now have the means to accelerate our speed to market with established carrier partners, a robust digital environment and a single interface to our back-end systems.”

The flexible-premium SVUL product, available exclusively through M Member Firms, is a second-to-die policy with benefits payable upon the survivor’s death. It offers a curated array of investment options, no surrender charge and an optional no-lapse guarantee optimized to life expectancy.

“The applications for FAST are vast, as our collaboration with M Financial and Pacific Life demonstrates,” said Tom Famularo, managing director at Verisk and co-founder of the FAST platform. “We come alongside insurers, distributors and industry trailblazers to help meet their biggest challenges at any point on the value chain.”

To support life insurers across the policy life cycle, Verisk has developed a suite of solutions that apply advanced analytics, automation and machine learning to existing and emerging data sources. The solutions are designed to help transform current workflows in life insurance underwriting, life and pension analytics, claim insights, compliance and fraud detection and actuarial and portfolio modeling.

Learn more about Verisk’s life insurance solutions.

About Verisk
Verisk (Nasdaq: VRSK) provides data-driven analytic insights and solutions for the insurance and energy industries. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk empowers customers to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global issues, including climate change and extreme events as well as political and ESG topics. With offices in more than 30 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong. For more, visit Verisk.com and the Verisk Newsroom.

About M Financial Group
With more than 135 Member Firms in 36 states and the United Kingdom, M Financial Group is one of the nation’s leading financial services design and distribution companies. Since 1978, our network of independent insurance, investment, and executive benefit firms has served the needs of high-net-worth individuals, corporate executives, successful entrepreneurs, and Fortune 1000 companies. To learn more about M or locate an M Member Firm, visit www.mfin.com.

About Pacific Life
For more than 150 years, Pacific Life has helped millions of individuals and families with their financial needs through a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative products and services that provide value and financial security for current and future generations. Pacific Life counts more than half of the 100 largest U.S. companies as its clients and has been named one of the 2022 World’s Most Ethical Companies® by the Ethisphere Institute. For additional company information, including current financial strength ratings, visit www.PacificLife.com.

Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of June 2022 is compiled by Pacific Life using the 2022 FORTUNE 500® list.