Ohio National - Demutualization

[DWPCL]

I saw on linked in that ON fired all of their internal and external wholesalers. Its becoming a comedy at this point.

 

[Allen Trent]

I saw on linked in that ON fired all of their internal and external wholesalers. Its becoming a comedy at this point.

Layoffs starting to happen at several of the newer insurtech life startups too.

 

[scagnt83]

I saw on linked in that ON fired all of their internal and external wholesalers. Its becoming a comedy at this point.

Not a huge surprise. Old guard wants the old way of life... and ON did a complete 180.

And if their focus is on term and non-par products, not much need for wholesalers really to the extent they needed it before.

 

[scagnt83]

Layoffs starting to happen at several of the newer insurtech life startups too.

Id guess they are trying to go down the insurtech road as much as possible. Automate whatever they can.

 

[pfg1]

I get all the emails. When I see the leaders emails I have a hard time imagining anyone still WANTING to write ON...when there are so many better options.

My rep left ON a while ago, and interestingly has not contacted me to try and get me to work with his new company. I wonder if it feels like a hard conversation to him.

I have one case I need to move, the inforce illustration looks awful.... yet they keep saying how committed they are to their clients going forward. They must just think we are too stupid to run an inforce illustration, and we'll take their word for it.

 

[walthamny]

I had this conversation last week. I sold this policy because I told them you are the best Mutual company in the market. Now you guys have made an educated well informed business decision to demutualize. You expected x numbers would leave you. My client is one of them.

 

[Allen Trent]

Id guess they are trying to go down the insurtech road as much as possible. Automate whatever they can.

Not so sure. Reinsurers involved are saying the carriers behind some of the products are having way more mortality slippage than expected. IE: random audits finding 10% of cases being rescinded when new info found that would have caused lower rating class or even severe table ratings. Add to that record sales causing strain on expenses & surplus

 

[walthamny]

Downgrade. As part of our regular rating agency review cycle, Moody's issued a press release late yesterday updating its ratings on Ohio National. In the release, the ratings outlook has changed to stable, from negative. However, we are disappointed that the Ohio National insurance financial strength rating has been assigned as Baa1, down from A3

 

[pfg1]

Are they really shocked?

 

[WinoBlues]

They are disappointed?

I get to have a conversation with my ex wife and her husband on their ULs.

That I sold 20 years ago.

Last year's annual report guarantee still looks good.(ish).