NFP Makes Life Insurance Friends

By Allison Bell

News March 11, 2020 at 01:37 AM

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NFP — an insurance broker and consultant that started out with roots in life insurance, and then became better known for its property and casualty operations — has announced two major new life insurance-related relationships.

The New York-based firm says it has received an exclusive endorsement from the American Bankers Association (ABA) for bank-owned life insurance (BOLI) and executive benefits.

NFP recently acquired Equias Alliance. Equias had the old ABA endorsements for BOLI and executive compensation arrangements.

The new announcement means that the ABA has transferred the Equias endorsement to NFP, as a result of NFP's acquisition of Equias, NFP says.

NFP says it now provides BOLI services and nonqualified plan services for about 1,250 banks.

NFP has also announced a strategic collaboration with Manulife Financial Corp.'s John Hancock unit.

The new relationship will give NFP a simple way for clients of NFP advisors to share their electronic health records with John Hancock underwriters, NFP says.

The health record sharing tool should help improve the life insurance buying experience, NFP says.

The tool can help clients share electronic health record data from about 85% of U.S. health care providers, NFP says.

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