Our weekly look at the latest promotions, appointments, awards & accolades from in and around the Massachusetts insurance industry…
Appointments
Paul A. Quaranto, Jr. of Boston Mutual Life Insurance Company Elected to ACLI’s Board of Directors
The American Council of Life Insurers (ACLI), whose member companies provide financial and retirement security to 90 million American families, elected Paul A. Quaranto, Jr., chairman, CEO and president of Boston Mutual Life Insurance Company, to the ACLI Board of Directors.
“Paul is a respected industry leader. His insights into the issues affecting life insurers and policyholders will be invaluable to ACLI’s board,” said Susan Neely, president and CEO of ACLI. “I look forward to working with him and the entire board in support of the life insurance industry and the millions of families we serve.”
Quaranto became president and chief operating officer of the company in 2012. Continuing to serve as president, he was appointed chief executive officer in May 2014 and was appointed chairman of the board of directors in April 2016.
Quaranto began his tenure at Boston Mutual as a group sales manager. He served as vice president of group insurance for 17 years before being named president.
In addition, Quaranto serves as chairman of the Life Insurance Association of Massachusetts. He is chair of the ACLI PAC Board and a member of ACLI’s Forum 500 Board of Governors as well as ACLI’s CEO Steering Committees on Prudential Issues, Consumer Issues, and Taxation. He sits on the Executive Committee of The Cook Family Charitable Fund, located in Marshfield, Mass. and is a fellow of the LIMRA Leadership Institute.
Quaranto holds a bachelor’s degree in administrative science from Colby College and a master’s degree in business administration from Anna Maria College.
Boston-based insurtech, Openly, welcomes Christopher Bacon as VP of Agent Engagement
“Openly has been built from the ground up as a modern MGA designed specifically to give agents access to products and technology that leapfrog the best direct carriers,” says Ty Harris, CEO of Openly. “Chris will make sure agents know about us, and that their experience with us is exceptional.”
Chris joins Openly from Liberty Mutual, where he was a Vice President with broad experience across product management, claims, and distribution—both in the U.S. and internationally.
“I especially love that he’s not ‘just’ a sales person,” says Ty. “He deeply understands what he’s selling—the insurance product and the quality of claims service one must deliver to earn agents’ and consumers’ trust.”
For his part, Chris is excited to hit the ground running. “I’m really excited to work with this team on these products. A large established carrier will always hold certain advantages, but Openly can move really fast to understand and react to agents’ and consumers’ needs.”
Openly is the personal lines MGA that puts highly flexible next generation products, processes, and technology into independent agents’ hands. Among other advantages, Openly instantly gathers data from dozens of sources so that agents spend their time building relationships and counseling on coverage needs, instead of asking redundant underwriting questions.
The Hanover Insurance Group Appoints Kevin Leach to Lead Financial Institutions Business
The Hanover has appointed Kevin Leach as the head of its financial institutions portfolio. In this role, Leach is responsible for leading The Hanover’s specialized insurance products and services for financial institutions.
Under Leach’s direction, The Hanover will continue to build market-leading financial services capabilities that offer total account solutions across both its commercial and specialty businesses. In addition, the company will offer top-tier risk solutions for targeted small and middle market financial institutions, including asset managers, regional banks and other financial services organizations.
Leach is an accomplished underwriter and leader with deep experience in the financial institution insurance industry. Most recently, he served as national product leader and deputy regional head for financial institutions at Allianz Global Corporate & Specialty (“AGCS”). In this capacity, Leach established and executed national marketing strategies for financial institutions, managed the underwriting staff across financial services, and significantly expanded the company’s financial institutions business. Prior to his tenure at AGCS, he spent 10 years at CNA Insurance, including two years as the underwriting director and segment leader for New York City. Leach is a graduate of Saint John’s Universityand earned a Master of Business Administration degree from Baruch College.
“The expansion of our financial institutions capability reflects our ongoing commitment to continually enhance our suite of first rate management and executive liability products and services to meet the needs of our agent partners,” said Bryan J. Salvatore, president, specialty at The Hanover. “We are very pleased to have Kevin join our organization. He brings a wide breadth of skills and expertise, and will help us continue to support our agents’ existing business and to expand our ability to acquire new business.”
Boyce Morin Joins Risk Strategies’ University Health Plans Specialty Division
Risk Strategies has welcomed Boyce Morin has joined as Vice President of University Health Plans, the firm’s specialty division focusing on the design, placement, and service of college and university student health insurance programs.
A veteran of the health insurance industry, Boyce joins University Health Plans from Aetna Student Health, the largest student health insurance carrier in the country, where he was most recently Director of Client Services and Head of Market Relations. He began his industry career in 1994 at Blue Cross Blue Shield of Massachusetts. Boyce is a graduate of Stonehill College and holds a Bachelor of Arts in Political Science.
“As a specialist in a complex industry, our clients rely on our expertise to make it simple for their students to get great benefits at a reasonable cost,” said Bill Devine, managing director of University Health Plans. “Boyce’s deep experience and carrier-side perspective is a terrific addition to our team, bringing the type of knowledge our clients really value.”
Risk Strategies announced its acquisition of University Health Plans in January of 2017. Based just outside Boston in Randolph, Massachusetts, University Health Plans works with colleges and universities to provide quality and affordable health insurance to their diverse student populations.
NAIC Accepting Applicants for 2019 Consumer Liaison Representatives
The NAIC is now accepting applications for its 2019 Consumer Liaison Program. Established in 1992, the Consumer Liaison Program promotes consumer representation and interaction with NAIC members by providing funding for representatives of consumer organizations to participate in NAIC meetings.
“The insight we get from consumer representatives is invaluable as we weigh the impact of changes to insurance regulation on the consumers in our states,” said Julie Mix McPeak, NAIC President and Tennessee Commissioner of Commerce and Insurance. “They provide a unique perspective and voice, which is critical as we make decisions at the NAIC.”
According to the NAIC, a consumer organization can be a national, state or local organization that serves to protect the interests of consumers as they relate to the regulation of insurance. The NAIC provides travel expense reimbursement to funded consumer representatives.
“Partnering with consumer representatives ensures that we never lose sight of who we are working for – U.S. consumers,” said Stephen C. Taylor, Commissioner of the District of Columbia Department of Insurance, Securities and Banking. “Working with consumer advocates brings into focus our collective vision for protecting policyholders.” Taylor chairs the NAIC’s Consumer Liaison Committee and the Consumer Participation Board of Trustees.
To qualify, an individual must demonstrate a commitment to representing consumer interests in insurance regulation, be willing to fully participate in NAIC deliberations and have established expertise and experience on insurance-related issues addressed by the NAIC. Funded consumer representatives must also show that outside funding is required in order to carry out the above responsibilities. A candidate must not have obligations or commitments to an industry that conflict with his or her responsibilities to represent consumer interests.
Individuals who do not need NAIC funding may apply to participate in the Consumer Liaison Program as an unfunded consumer representative. The deadline is 5:00 p.m. Central time on Oct. 31, 2018. Applicants will be selected in December and notified in early 2019.
More information regarding the NAIC’s Consumer Liaison Program and the application process is available online.
Awards/Raffle
Cape Cod Insurance Agents Association (CCIA) Launches 2018 Driver’s Education Raffle
The Cape Cod Insurance Agents Association has announced its sponsorship of a new Driver’s Education Reimbursement Raffle for students residing on Cape Cod. To enter, eligible students need to take a picture of themselves wearing the bracelet that the CCIA has provided to schools with the message, “Stay Alive Don’t Text and Drive”.
Once they have the picture they should text it to capeagentsraffle@gmail.com, an email address created specifically for the raffle. Raffle winners will be announced in December.
The following is a complete list of the Raffle Rules:
- Applicant must submit full name and telephone number along with pic wearing “Stay Alive! Don’t Text & Drive” wrist band, via email to capeagentsraffle@gmail.com.
- Drawing to take place 12/14/2018.
- Applicants must be enrolled as students in high school within Barnstable, Dukes or Nantucket Counties.
- Applicants must complete driver’s education with a Massachusetts accredited Driver’s Education Facility within 6 months (before or after) the drawing date.
- Must provide proof of completion and payment of class.
- Raffle will pay reimbursement to the payer of the class of up to $750.00
- Children & Grandchildren of Cape Cod Insurance Agent’s Association board of directors’ members and officers are not eligible.
- Winner will be notified on or about 12/14/2018 and will have until 7/15/2019 to claim the prize.
There is no purchase necessary to win. For those interested in learning more, please visit the CCIA website at https://www.capeagents.com/.
