Citizens, Inc. entered into a Master Software as a Service Agreement with Bestow Agency LLC on October 5, 2026, to modernize its insurance technology infrastructure. The deal, filed with the U.S. Securities and Exchange Commission, grants the company hosted access to Bestow's proprietary cloud-based platform for final expense life insurance products.
The agreement, effective October 1, 2026, includes two specific orders: a Build Order for implementation and a Run Order for ongoing operations. Under these terms, Bestow will configure and maintain the platform to support Citizens' Final Expense Products, which are simplified issue whole life insurance policies issued by its subsidiary, CICA Life Insurance Company of America. The subsidiary is licensed in 43 U.S. states, Washington, D.C., and Puerto Rico.
The platform will enable Citizens' appointed independent agents to quote, apply for, underwrite, sign, and issue policies electronically. It also provides a consumer portal for post-purchase policy management and data feeds to the company's existing systems. While Bestow handles hosting, operation, and maintenance, Citizens retains responsibility for underwriting rules, product pricing, regulatory filings, agent licensing, commissions, and claims adjudication.
Bestow is obligated to complete the platform configuration and implementation by December 15, 2026, using an agile development methodology. Citizens will pay a development fee in 36 monthly installments. The Run Order governs ongoing access and services after the launch date for each covered product. It allows the company to add additional insurance products by executing product schedules without amending the Master Agreement.
Ongoing fees under the Run Order include an annual subscription fee, a committed application fee based on a minimum annual volume of applications, and per-application fees for volume above that minimum. Bestow also passes through costs for third-party underwriting data, identity verification, and payment processing at cost. The fee structure assumes that both parties will execute an updated product schedule by March 31, 2027, to add additional insurance products. If those products are not added by the deadline, both the development and annual subscription fees will go up going forward, with a retroactive adjustment made for amounts already billed.
Beginning in 2029, the per-application fee may increase annually based on the Consumer Price Index, subject to a floor. The initial term of each order runs through December 31 of the respective year, though the specific end date for the full term is cut off in the provided filing excerpt. The Master Agreement provides a nonexclusive, non-assignable right to use the platform solely for Citizens' business operations; no software is licensed or transferred to the company.