Life Insurance and Annuities Services

The life insurance and annuity marketplace is constantly evolving. At Lewis & Ellis, we provide industry-leading actuarial consulting to help insurers develop competitive products, optimize risk management, and ensure regulatory compliance. Our solutions are tailored to the unique challenges of life insurers, helping them stay ahead in a competitive industry.

Our Life Insurance and Annuity Expertise

At Lewis & Ellis, we position ourselves as your comprehensive actuarial solution, offering expertise in a broad range of life insurance and annuity products:

• Traditional Life Insurance and Annuities.
• Universal Life Insurance.
• Term Life Insurance Products.
• Variable Life Insurance and Annuities.
• Final Expense & Pre-Need Insurance.
• Home Service & Direct Response Insurance.
• Credit Life & Group Life Insurance.
• Indexed Life and Annuity.

Life Insurance and Annuities Services

Product Development Management

Whether it's designing a new life insurance policy or managing an existing annuity contract, we collaborate closely with you to forecast product requirements and stay one step ahead of the competition.

Our process encompasses everything from creating actuarial assumptions for plan foundations to premium schedules, rates, values, policy forms, and filing support.

Long-term success in the life insurance and annuity industry depends on adept business management to achieve profitable outcomes. Our documentation of business assumptions enables easy tracking of actual versus projected results. This enables them to make critical, timely adjustments to premium payment amounts, dividends, credited rates, and/or charges.

We provide comprehensive insights into the costs and benefits of each market, as well as essential guidelines that can mean the difference between a thriving financial future and a downward trend in earnings.

Financial Reporting and Analysis

As trusted valuation actuaries, we provide services including:

• Reserve Systems for Statutory, GAAP, and Tax Reporting: Our team provides reliable reserve systems tailored to various reporting standards.
• Actuarial Opinions for Insurance Annual Statements: We offer well-founded actuarial opinions for annual insurance statements, aiding in transparency and accuracy.
• Asset Adequacy Analysis: We conduct thorough asset adequacy analysis to ensure financial security, stability, and risk management.

Our sophisticated actuarial modeling systems serve as invaluable tools for companies seeking to analyze their current financial condition and predict future earnings. Our systems provide the unique capability to examine by business segment and period to predict future income stream potential, enabling insurance companies to sidestep costly errors and capitalize on existing opportunities in the marketplace.

Illustration Testing

Our actuaries specialize in illustration testing for all life insurance and annuity products with no guarantees, conducting rigorous tests and providing the required actuarial certifications for filing under illustration regulations.

Should there be a need for product modifications, our team of expert actuaries will outline strategic options to help you make a more informed choice. Our goal is to help each life insurance policy and annuity contract remain competitive while prioritizing regulatory compliance of these financial products.

Life Insurance Policy Forms and Filing Support

Well-constructed life insurance policy forms and applications are crucial to prevent unintended consequences, such as denied claims, delayed benefits, or legal disputes that could end up costing your business money in the long run.

We specialize in drafting comprehensive life insurance policies, annuity contracts, and rider forms while supplying all the necessary documents and information required for filing with each state’s department of insurance — so you can feel confident in your business's financial future.

Reinsurance

Reinsurance plays a pivotal role in helping insurance companies like yours achieve their financial objectives in the life insurance and annuity industry.

At Lewis & Ellis, we bring our clients invaluable insight into various reinsurance structures — from renewable term death benefit protection to sophisticated financial reinsurance strategies.

Our team of seasoned actuaries meticulously scrutinizes the fine details of reinsurance treaties. After conducting a rigorous examination, we develop practical suggestions aimed at maximizing your company's retention concerning your risk assumption capacity.

Distribution

We assist our clients in defining compensation structures and establishing target objectives that translate into competitive life insurance policies and annuity contracts for the market. Our comprehensive understanding of the life insurance and annuity industry, combined with a robust network, enables us to facilitate swift entry into defined markets.

One Model Vision

Our experts can also help you achieve your One Model Vision. Our staff of actuaries has assisted companies in centralizing and standardizing actuarial models on both Moody’s Analytics AXIS and FIS Prophet.

Whether you’re converting platforms or consolidating to a true single model, we have the experience necessary to get the job done right, including consolidated, single instance models covering:

• Pricing.
• Asset adequacy testing.
• Asset-liability management.
• Principles-based reserving.
• Traditional reserving methods.
• Economic capital.
• GAAP, including LDTI.

Mergers and Acquisitions

During a merger or acquisition, there are lots of moving pieces that can be challenging to navigate. But amid those pieces, it’s of utmost importance to maintain financial security, stability, and resilience.

Here’s how our experts can help you prepare for and undergo mergers and acquisitions:

• Build actuarial models to develop actuarial appraisal values of life, annuities, health, and P&C blocks of business.
• Assist in negotiations while helping you understand the financial impact of mergers and acquisitions.
• Assist in the actuarial due diligence of the transaction.
• Identify any financial risks to both buyers and sellers.
• Assist buyers and sellers in the regulatory process of appraisals.

Expert Life Insurance and Annuity Assistance

Leverage our expertise and connections in insurance distribution services to launch competitive products and efficiently penetrate your target markets. Contact us today.

Life Insurance and Annuities FAQs

What Factors Are Considered When Designing a New Insurance Product?

Factors we consider when devising a strategy for product development typically include:

• Market demand and competition.
• Risk assessment and regulatory requirements.

What Regulatory Requirements Must Businesses Meet When Filing New Policy Forms?

Regulatory requirements vary by jurisdiction. We work with legal and compliance teams to ensure filings meet all state, federal, and international regulations.

Does Lewis & Ellis Work With All Types of Annuities?

Yes, our experts are well-versed in the following annuity types:

• Variable annuity.
• Indexed annuity.
• Immediate annuity.
• Payout annuity.
• Fixed annuity.