M Financial, Pacific Life launch life insurance product for high net worth market

By Press Release

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.