Nexus has had much experience with the formation of Strategic Alliances. A prime example is when a mutual life insurance company located in Maryland wanted to develop a pre-need senior life insurance policy. Since policy development and approval can easily cost $50,000 – $75,000 and take several months, Nexus approached another carrier client in the same line of business. This client was located in New York and was also adding a final expense product to their portfolio. Because the Maryland carrier had current policy filings and expertise in final expense, Nexus proposed a Strategic Alliance between the carriers.
This successful strategy gave both carriers access to competitive products with seasoned pricing. The ultimate outcome was an exchange of policy forms that were filed in most states on a “me too” basis, which shortened the process. It was more efficient for each carrier to retain administration functions for their core product. Consequently, all pre-need policies were issued by the New York carrier, while the other carrier handled final expense. The policy underwriting and issue time were also greatly reduced, especially since the learning curve and implementation of a new product at each carrier was eliminated.
Testimonials
I have had several very good experiences with Nexus and Kenneth Walker relating to client's needs and prospective clients. Where Kenneth felt our company, Health Systems International, could provide an appropriate service, he quickly introduced us to his client and then followed through to make sure we provided the best information possible and that the client was getting what they needed. This process has resulted in a business relationship or improvement in a business relationship with at least 9 TPA clients over the past few years Kenneth and his company Nexus are true professionals and very effective as consultants."
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