ABL Tech, a subsidiary of Abacus Life, Announces a Preferred Equity Investment in Insured Connect
Rhea-AI Summary
ABL Technologies, a subsidiary of Abacus Life (NASDAQ: ABL), announced a preferred equity investment in Insured Connect, an insurance data and technology platform. The investment aims to support Insured Connect's growing demand while strengthening Abacus's position in longevity-related technology and insurance product distribution. The partnership focuses on bridging gaps between life insurance distribution, carriers, and policyholders through improved communication and information access.
Positive
- Strategic investment in insurance technology platform expands ABL's market presence
- Partnership enhances company's technological capabilities in life insurance sector
- Investment supports growth in longevity-related technology and distribution channels
Negative
- None.
News Market Reaction 1 Alert
On the day this news was published, ABL gained 3.32%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
ORLANDO, Fla., Nov. 27, 2024 (GLOBE NEWSWIRE) -- ABL Technologies, LLC (“ABL Tech”), a groundbreaking technology platform that revolutionizes how organizations manage and reconcile mortality data, and a subsidiary of Abacus Life, Inc. (“Abacus”) (NASDAQ: ABL), today announced it is providing a preferred equity investment to Insured Connect, an insurance data and technology platform that connects carriers, distributors and agents. This investment will enable Insured Connect to meet the growing demand for its innovative data & technology, while solidifying Abacus’s growth in innovative technology related to longevity and distribution of new insurance products.
“I’m excited to further strengthen Abacus’ dedication to data-driven innovation in the life insurance sector,” said Jay Jackson, Chairman and CEO of Abacus Life. “Insured Connect’s technology will bridge the gap between life insurance distribution, carriers, and policyholders, fostering better communication, improved access to information, and driving new policy sales.”
“We’re thrilled to partner with ABL Tech in this investment,” said Rick Hyde, President of Insured Connect. “As a technology-enabled pioneer in the longevity and lifespan space, ABL Tech represents the perfect partner for Insured Connect to continue to deliver our innovative insurance technology solutions and we are excited with what we can bring to the table.”
About ABL Tech
ABL Tech is a premier provider of sophisticated data, technology, and analytics solutions specifically tailored to identify mortality events and facilitate the connection of beneficiaries with their rightfully due benefits.
ABL Tech’s state-of-the-art platform empowers a wide array of clients, including businesses and pension plans, to meticulously track, analyze, and subsequently improve their management practices and risk evaluation processes concerning pensioners, beneficiaries, and policyholders.
Through its dedication to innovation and client-centric approach, ABL Tech is committed to enhancing the efficiency and effectiveness of mortality data management and analytics, thereby supporting a diverse range of industries and organizations across the nation in achieving their operational objectives.
About Abacus
Abacus is a pioneering global alternative asset manager and market maker specializing in uncorrelated financial products. The company leverages its proprietary, cutting-edge longevity data and actuarial technology to purchase life insurance policies from consumers seeking liquidity. This creates a high-return asset class uncorrelated to market fluctuations for institutional investors.
With nearly
Abacus is expanding its leading expertise in longevity and lifespan into new growth areas:
- ABL Wealth - Leverages decades of data and proprietary algorithms to offer longevity-based wealth management platforms that enable financial advisors to create customized plans and provide access to uncorrelated investments.
- ABL Tech - A groundbreaking technology service that delivers advanced real-time data tracking and analysis for pension funds, governments, insurance companies, retirement associations, and more.
Through each new channel, Abacus is revolutionizing the future of asset management and financial planning, centered on longevity and lifespan.
About Insured Connect
Insured Connect is the first insurance technology company to leverage life and annuity data to connect Carriers with Policy Owners, helping them save money, increase revenue and meet compliance standards.
Insured Connect makes it easy for Carriers to directly connect with Policy Owners and other stakeholders by leveraging life and annuity data in an actionable way that creates opportunities for greater revenue and customer engagement while ensures compliance.
Insured Connect's simple, turnkey approach enables Carriers to put their data to work quickly without the need for complicated integration. Carriers benefit from a proven, cloud based platform that supports multiple distribution channels, while reducing costs and providing a better customer experience.
With full control over communications, Carriers not only meet industry regulations, but they also increase opportunities for new revenues through customer-centric engagement and marketing capabilities.
Contacts:
Investor Relations
Robert F. Phillips – SVP Investor Relations and Corporate Affairs
rob@abacuslife.com
(321) 290-1198
David Jackson – IR/Capital Markets Associate
djackson@abacuslife.com
(321) 299-0716
Abacus Life Public Relations
press@abacuslife.com
FAQ
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