Lumico & Elips Discontinuation

[Northeast Agent]

Swiss Re has announced plans to withdraw from its relationship with iptiQ, the parent company of Lumico and Elips. New sales will discontinue in the very near future. We will have additional direction as we receive more details from the Lumico team.

At this point, please stop promoting Lumico or Elips. You should remove all promotional and marketing materials from websites and social media. Lumico and Elips will be put into runoff with the focus of taking care of the in-force book.

Swiss Re to Withdraw From Digital Insurer iptiQ, Reports Strong Q1 Net Income of $1.1B

Swiss Re announced plans to withdraw from its digital B2B2C insurance business, iptiQ, following a strategic review. The iptiQ business lost $250 million

www.insurancejournal.com

 

[goillini52]

Swiss Re has announced plans to withdraw from its relationship with iptiQ, the parent company of Lumico and Elips. New sales will discontinue in the very near future. We will have additional direction as we receive more details from the Lumico team.

At this point, please stop promoting Lumico or Elips. You should remove all promotional and marketing materials from websites and social media. Lumico and Elips will be put into runoff with the focus of taking care of the in-force book.

Swiss Re to Withdraw From Digital Insurer iptiQ, Reports Strong Q1 Net Income of $1.1B

Swiss Re announced plans to withdraw from its digital B2B2C insurance business, iptiQ, following a strategic review. The iptiQ business lost $250 million

www.insurancejournal.com

They did this 6 months ago in Illinois.

 

[somarco]

I seem to recall folks speaking positively about Lumico a few years ago and referencing their financial strength because their line of coverage was reinsured by Swiss Re.

Reinsurance or parent carrier doesn't mean diddly when it comes to long term stability. Some money bag put them in the business and they can just as easily yank the plug when ROI tanks.

If you don't believe this, look at the Medigap Graveyard thread . . .

 

[sshafran]

I seem to recall folks speaking positively about Lumico a few years ago and referencing their financial strength because their line of coverage was reinsured by Swiss Re.

Reinsurance or parent carrier doesn't mean diddly when it comes to long term stability. Some money bag put them in the business and they can just as easily yank the plug when ROI tanks.

If you don't believe this, look at the Medigap Graveyard thread . . .

I agree - small carriers are always a risk.

I will say, though, that my clients who have done the best over 14 yrs have picked low or lowest price then changed every 3 yrs or so. Sure, that cycle eventually runs it's course when they finally can't pass UW... Some of them are with Lumico right now - price has been great for years.

I generally tell people: If we want long term stability it's hard to go with someone other than UHC (no Anthem in NC, I think they're your go to in GA).

Or, we can play the "price and hope for good health game."

 

[vic120]

I agree - small carriers are always a risk.

I will say, though, that my clients who have done the best over 14 yrs have picked low or lowest price then changed every 3 yrs or so. Sure, that cycle eventually runs it's course when they finally can't pass UW... Some of them are with Lumico right now - price has been great for years.

I generally tell people: If we want long term stability it's hard to go with someone other than UHC (no Anthem in NC, I think they're your go to in GA).

Or, we can play the "price and hope for good health game."

This right here

No one is exempt, we never know who where and when, I remember a time all I would hear about was how great Equitable was, and what an edge they had on the bigger companies

It really does not matter, who it is

But my happies clients are just that who went with the lowest rates and changed till they cant

even when they cant they are still referring