US-based MIB Group Holdings (MIB) has entered into an agreement with a subsidiary of Reinsurance Group of America, Incorporated (RGA) to acquire the advisor compliance and contracting platform APEXA. MIB declined to disclose any additional details about the transaction.
In addition to providing life insurance data and digital solutions to several North American insurer members, MIB also publishes the MIB Life Index. This index has tracked life insurance applications in the U.S. for several years. It launched a similar service in Canada in 2020. MIB says the acquisition expands its digital solutions portfolio and customer base in Canada.
“We are thrilled to add APEXA to our growing portfolio of digital solutions and to expand our reach in the Canadian market,” said Brian Winikoff, CEO of MIB. He believes that APEXA’s success in Canada makes it “well positioned to expand with additional services in Canada and potentially the U.S.”
MIB Executive Vice President and Chief Operating Officer Andrea Caruso shared more details with Insurance Portal. “With the addition of APEXA, we will now also be able to help digitize training, contracting and compliance processes for the Canadian marketplace.” She points out that MIB already offers insurers and distributors digital tools and services, including services that digitize the application and underwriting process.
RGA spokesperson Elizabeth Curry told Insurance Portal that the reinsurer acquired APEXA’s former owner, LOGiQ3, in 2018, which became its subsidiary. Curry explained that RGA sold APEXA as part of its renewed focus on solutions and services that support reinsurance markets.
Connected to 50,000 advisors
MIB views APEXA as a platform that connects insurers, MGAs and advisors through a single digital interface. It describes APEXA as Canada’s leading provider of contracting and compliance services to life insurance advisors.
“APEXA’s platform has become the leader in Canada, with 95 per cent of major Canadian life insurance companies and their partner MGAs using the service today to connect with over 50,000 independent advisors,” reads the MIB release on the transaction.
APEXA in the US?
“We are excited to join MIB, who shares a similar heritage and culture as well as a mission focused on providing innovative tools to advance the life insurance industry,” said Dylan Friedmann, APEXA’s Vice President and Chief Client Officer.
Andrea Caruso informed Insurance Portal that the APEXA brand will remain in place. The Executive Vice President says she looks forward to exploring, with APEXA clients and MIB members, ways to expand APEXA’s offering, both in Canada and potentially in the US.”
Change in APEXA management
In addition, APEXA employees will join MIB, apart from current CEO Tonya Blackmore, who will remain with RGA. In a LinkedIn post, Blackmore explained that her role had been expanded at RGA in 2021 “to lead the AURA business, RGA’s global automated underwriting system, as well as Global Digital Underwriting.” “As a result, I’ll be remaining with RGA and transitioning my APEXA responsibilities to Dylan Friedmann,” Blackmore adds.
MIB COO Andrea Caruso confirmed that Dylan Friedmann will lead APEXA and will report to her.
Continuing partnership
APEXA was created in partnership with Canadian insurers and MGAs, Friedmann says. The APEXA Advisory Committee is comprised of insurers Canada Life, Empire Life, iA Financial Group, Manulife and Sun Life, together with HUB Financial, Financial Horizons Group, IDC Worldsource Insurance Network and PPI.
Andrea Caruso confirms that MIB is committed to the continued partnership and collaboration with the APEXA Advisory Committee. “We appreciate their involvement as we work with them to identify ways to maximize the value we provide to our members and the insurance industry,” she says.
