For more stories like this, sign up for the PLANSPONSOR NEWSDash daily newsletter.
Alight Worklife Updates Include AI Advancements
Alight Inc. has upgraded its Alight Worklife employee benefits platform to expand offerings on its mobile employee engagement platform, self-service administrator tools suite and its AI-based virtual assistant, “Ask Lisa.”
The upgrade is Alight’s second major enhancement to the platform serving 36 million people and dependents through their employers.
Key enhancements highlighted by Alight include:
- Mobile-enabled engagement:The Alight mobile app now features integrated to-dos across HR and benefits, new mobile-friendly employee journeys in areas such as caring for families or starting a new job, and additional capabilities for embedded video communications.
- AI-based virtual assistant: Alight’s “Ask Lisa” can now respond to more employee inquiries with specific, personalized information such as spending account claim decisions to debit card status and benefit payment information for inactive employees.
- Enhanced platform tooling: This release introduces Alight’s Control Center, a centralized, administrator suite of tools to increase productivity and simplify daily administration through enhanced self-service technology.
Optimized health decisions: The upgrade adds self-service features related to health and well-being decisions, from enrollment through personal health care needs.
Midland National Refreshes IndexBuilder Fixed Indexed Annuity
Midland National Life Insurance Co., a member company of Sammons Financial Group, updated two of its bestselling fixed indexed annuities to offer an immediate premium bonus on each annuity in the first seven years.
The MNL IndexBuilders 10 and 14 now include the premium bonus, which can vary based on the customer’s choice of a 10- or 14-year duration, according to an announcement.
“Our MNL IndexBuilder is among our best-selling fixed index annuities for accumulation,” Mike Odor, vice president of annuity sales for Midland National, said in a statement. “The new bonus feature and improved flexibility will help retirees better plan for the ‘what ifs’ they face in retirement.”
In its new form, clients can generate up to a 19% bonus on the premium they put into MNL IndexBuilder 10 in the first seven years of ownership. Midland National is offering an additional 1% special premium bonus on MNL IndexBuilder 14 and 2% on MNL IndexBuilder 10.
AllianzIM Launches Buffered ETF Series
Allianz Investment Management LLC, a subsidiary of Allianz Life Insurance Co. of North America, launched a series of buffered exchange-traded funds designed to mitigate risk.
The August Buffered ETFs series includes two 12-month outcome period ETFs: AllianzIM U.S. Large Cap Buffer10 Aug ETF and AllianzIM U.S. Large Cap Buffer20 Aug ETF, according to an announcement.
“Despite signs that inflation is cooling, worries of an economic slowdown are prevailing among most Americans,” Allianz’s announcement stated. “The August Buffered ETFs series equips investors’ portfolios with an added layer to seek risk mitigation during these unpredictable times.”
The ETFs seek a downside buffer of 10% or 20% against market drops, while allowing investors to participate in the upside potential of the SPDR S&P 500 ETF Trust up to a stated cap.
“The latest CPI print indicated that inflation is finally cooling in the U.S., sending equity markets higher,” Johan Grahn, head ETF market strategist at AllianzIM, said in a statement. “Our Buffered ETFs help investors who don’t want to leave cash on the sidelines take advantage of these potential equity market returns.”