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Author: Vincent
How does Whitespace benefit life insurance providers?Verisk’s Whitespace platform offers life insurance companies powerful tools to improve their business strategies.The platform originally launched in London. It has now expanded into the U.S., where it provides access to comprehensive data analytics.Life insurers can leverage Whitespace to explore untapped market segments, such as underinsured populations or regions where life insurance penetration is low.By using Whitespace’s market segmentation features, insurers can tailor their policies to meet the specific needs of these underserved areas.Insurers could, for example, increase their reach for younger generations or individuals in lower-income brackets who may not have sufficient coverage.…
Many people think about protecting their loved ones with a death benefit when they discuss life insurance. However, there is a shift toward viewing life insurance as not just a safety net but also a tool for financial growth. This trend is picked up by insurers like Penn Mutual, who introduce products like Accumulation Whole Life insurance. Accumulation in life insurance refers to the potential for cash value growth over time. It is a feature that sets policies like Accumulation Whole Life apart. These policies offer policyholders the chance to build wealth while they maintain the guaranteed protection of a…
What is group credit life insurance?Group credit life insurance plays a crucial role in Japan, especially as competition among insurers and banks heats up.This insurance ensures that a borrower’s outstanding mortgage gets paid off in the event of death or severe disability, easing the financial burden on their family. Banks in Japan mandate this insurance for most housing loans and are now differentiating their offerings with enhanced flexibility and additional services.For example, insurers now offer policies with higher coverage limits that do not require medical examinations.This makes it easier for more people, including those with pre-existing health conditions, to obtain coverage.The…
Is the FCA market study necessary for protecting vulnerable costumers?The Financial Conduct Authority (FCA) has announced its intention to launch a market study into the UK’s £4 billion life insurance market. They will focus on pure protection products.The FCA’s primary concern revolves around whether these products truly offer fair value to consumers.The products provide financial security in case of serious illness or death. The regulator suspects, however, that certain commission arrangements may not be in the best interest of policyholders.In 2022 alone, insurers paid out around £4 billion in claims. Yet the FCA remains concerned that consumers might pay significantly…
How will Prudential’s AI Lab revolutionize insurance?Prudential launched an AI Lab, which is the first of its kind in Asia and Africa. With the lab, Prudential positiones itself at the forefront of technological innovation.Prudential’s strategic partnership with Google Cloud marks a significant leap forward in the evolution of the insurance industry.The Lab aims to transform the insurance landscape. It will develop AI-powered products and applications that cater to the needs of customers, agents, and employees.With Google Cloud’s expertise in AI and data analytics, the Lab focuses on enhancing customer experience, streamlining operations, and expanding access to affordable, quality healthcare.This initiative…
Why are people under thirty in South Africa neglecting life insurance?Many people under thirty in South Africa neglect life insurance policies. This creates a significant coverage gap.According to the 2024 Old Mutual Savings and Investment Monitor, 62% of young adults (18 to 29 years) recognize the importance of financial security.However, only 17% have life insurance coverage. This is attributed to a tendency among young people to delay important financial decisions.They usually understand the importance of it and are aware of the need for it However, they see insurance as something that can be delt with at a later point in…
How does unequal life expectancy affect life insurance? The recent international study published in Science Advances highlights the significant and unequal declines in life expectancy in India during the COVID-19 pandemic. Life expectancy in India dropped by 2.6 years in 2020 compared to 2019. Women and marginalized social groups suffer the greatest declines. In the United States, similar patterns of unequal life expectancy can be observed, particularly among marginalized communities. This disparity in life expectancy has profound implications for life insurance. Life insurance companies must consider these disparities when assessing risk and determining premiums. Higher mortality rates among certain groups…
What does AM Best’s review of BF&M Limited mean for policyholders? AM Best recently placed the credit ratings of BF&M Limited and its subsidiaries under review with developing implications. This has generated significant interest in the life insurance sector. AM Best is a renowned credit rating agency. It has evaluated several life insurance companies, like BF&M Life Insurance Company Limited, BF&M General Insurance Company Limited, and Island Heritage Insurance Company, Ltd. They all received an A (Excellent) for Financial Strength and “a” (Excellent) for Long-Term Issuer Credit Ratings. The definitive agreement signed between BF&M and Argus Group Holdings Limited to…
How does the Supreme Court’s ruling impact company life insurance policies? On June 6, 2024, the US Supreme Court decided that the death benefits from company-owned life insurance policies must be included in the valuation of a closely held corporation for federal estate tax purposes (Connelly v. USA, 602). This recent ruling by the Supreme Court has significant implications for business owners and their estate planning strategies. This decision affects a common estate planning practice. Companies often maintain life insurance policies on the lives of their owners. They then use the proceeds to redeem the deceased owner’s interest in the…
How does Swiss Re’s partnership with Appian transform life insurance underwriting?Global reinsurer Swiss Re has taken a significant step forward in modernizing life insurance underwriting. It extends its partnership with business automation specialist Appian.This collaboration focuses on expanding the Connected Underwriting Life Workbench solution to several regions, including Asia-Pacific and Europe, the Middle East, and Africa (EMEA).Launched in North America last year, this solution integrates with Swiss Re’s Magnum. This is an automated life insurance underwriting system.The automated system streamlines the underwriting process and enhances productivity and the overall experience for underwriters.Traditional underwriting often involves navigating multiple systems to gather…