Direct life insurance

Life insurers need to take a direct approach to tap the middle-income market - Accenture Insurance Blog

Life insurers that take a direct-to-consumer (D2C) approach to serve the middle-income market can curb costs and tailor their products to meet the specific needs of their customers. Furthermore, a D2C approach won’t prejudice their agents. A direct-to-consumer (D2C) approach enables life insurers to earn big revenues from the under-served middle-income market without disrupting their agents. By using digital channels, such as online services, mobile applications and connected devices, insurers can forge strong direct ties with increasingly tech-savvy middle-income consumers. These channels not only lower distribution costs. More importantly, they also enable insurers to tailor their...

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Outstanding direct life insurers recognised, Insurance Business

Strategic Insight Actuaries & Researchers has announced the winners of the 5th Annual Direct Life Insurance Awards, which recognise life insurance company excellence in providing direct life insurance products and services to Australian consumers over the past year. Scooping the Overall Direct Life Insurance Excellence Award was NobleOak Life, which also bagged three other awards: the TPD Award for its Premium Life Direct - TPD Option Rider, the Income Protection Award for its My Protection Plan - IP Cover, and the Customer Service Award for Life Companies. TAL also won four awards: Term Life Award for its Lifetime Protect, Funeral Cover Level Premiums Award for its Insuranceline -...

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致富理財 IF Direct LLC - Life Insurance Annuity

Term life insurance provides death protection for a stated time period, or term. Term life insurance is perhaps the simplest form of life insurance. It was developed to provide temporary life insurance protection on a limited budget. Since term insurance can be purchased in large amounts for a relatively small initial premium, it is well suited for short-range goals such as life insurance coverage to pay off a loan, or providing extra life insurance protection during the child-raising years. In most states, carriers offer term insurance policies providing level premiums for 5, 10, 20, 25, and 30 year periods. These policies can be renewed or continued at higher premiums in most states. The...

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Direct plans sales of life Insurance companies increase marginally -

Direct plans sales of life Insurance companies increase marginally Direct plans sales of life insurance companies have picked up marginally last fiscal, shows the latest annual report of IRDAI. Growth in sales of individual life insurance policies through direct channel has increased from 4.36% in FY 2015-16 to 4.54% in FY 2016-17, a growth of 18 bps. While LIC procured 1.33% of its new business premium from direct sales, private companies sold 9.11% of their policies through their direct channels. In absolute terms, of the 2.1 crore policies sold last fiscal, life insurance companies have sold 12 lakh policies directly. Vighnesh Shahane, CEO and Wholetime Director, IDBI Federal Life...

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AIG Direct Reviews and Matrix Direct Reviews 2019 - TermLife2Go

Finding the best company at the best price requires choices. Matrix Direct and/or AIG Direct Life Insurance offers customers over 10 choices. Similarly, at TermLife2Go, we work with dozens of top rated life insurance companies , representing both exam and no medical exam life insurance . The key with representing so many carriers is knowing what specific advantage each company has over a competitor. This is the TermLife2Go difference. Matrix Direct AIG Direct Reviews Over the years of offering life insurance online, we have often had conversations with clients about one of our largest online competitors: AIG Direct (also less well known as Matrix Direct). For this reason, we decided...

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The eight myths about direct life insurance

The eight myths about direct life insurance When one of the country’s major financial services providers decided to enter the short-term insurance market they had to do some serous thinking about the best possible distribution channel. They concluded that the intermediated route served the company and clients best. But they didn’t leave their critical assessment of financial services product distribution there. As a major player in the life space the group’s Discovery Life division decided to put the “direct is cheaper” claim to the test in the risk space. Discovery based their study on quotes for R1 million life cover, R1 million lump sum non-accelerated disability cover and R1 million non...

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The NAIC's Top 7 U.S. Life Insurers of 2018, ThinkAdvisor

The seven biggest players in the U.S. life insurance market ended up with a slightly smaller share of direct life insurance premium revenue in 2018 than they captured in 2017. The insurers’ direct life insurance premium revenue fell to $60.6 billion, down 1.4% from the 2017 total. Their share of the U.S. life market fell to 36.3%, from 36.4%. The National Association of Insurance Commissioners, a group for state insurance regulators, develops the market share rankings to help regulators identify the leading insurance writers and keep tabs on how healthy the level of competition is. For a look at the NAIC’s top seven writers for 2018, ranked in order from least gigantic to most gigantic, see...

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ASIC turns fire on ?inappropriate sales tactics? in direct life - Life Insurance - Insurance News -

ASIC turns fire on?inappropriate sales tactics? in direct life Direct life insurance is to face the same scrutiny as advised sales, according to the Australian Securities and Investments Commission (ASIC). In a submission to a Senate inquiry into consumer protection in banking and insurance, the regulator says a recent review “identified potential issues in sales practices for direct or non-advised policies. This distribution channel had the highest average declined claim rates – compared to retail and group policies – and generally higher lapse rates. “This may indicate that inappropriate sales tactics are being used to sell these products to consumers.” ASIC...

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Direct Life Insurance Report - Wearables could shrink lapse rates Shifting Gears - Life insurance tech insights

Direct Life Insurance Report - Wearables could shrink lapse rates For years, lapse rates in life insurance have been climbing. In Strategic Insight’s Direct Life Insurance Report 2016, the study found life insurance lapse rates in Australia had increased substantially in the last decade. For Direct Lump Sum Life Insurance for example, lapse rates have increased significantly. Comparing two studies outlined in the report, one covering 2008-2010 direct sales and the other covering 2010-2012; the first showed a total 62.6% lapse rate after 5 years, and the latter, after just 3 years had already hit a lapse rate of 59.9%. This suggests quite strongly that the 2010-2012 lapse rate is on track...

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Banking Royal Commission: Dodgy life insurance under the microscope

Not our intention to sell ‘rubbish products’, life insurance firm claims A LIFE insurance firm forced to refund $1.5 million to customers says if its products are deemed to be “rubbish”, it will stop. A SENIOR executive of a life insurance firm accused of using unfair sales practices to target vulnerable consumers has told the Banking Royal Commission “as far as I know” the intention was “not to offer rubbish products to the market”. ClearView chief actuary and risk officer Greg Martin was the first in the hot seat as the commission resumed for its sixth round of hearings today, this time focusing on dodgy insurance. The company earlier this year refunded $1.5 million to 16,000 customers...

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