Life insurers

Life insurers prepare to go digital to keep pace with customers needs and expectations

Worldwide, the life insurance landscape is undergoing rapid change in the wake of technological advancements. The impact of digital is transforming what customers expect and creating new opportunities to get closer to the customer. To keep abreast of changing demands and expectations, life insurers will need to rethink the way in which they serve their customers. These are the highlights contained in a report released by Strategy& today entitled ‘Life insurance in the digital age: The omnichannel revolution’. The report looks at changing expectations of customers in the light of the digital era. To keep abreast of changing demands, life insurers need to rethink the way in which they...

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Choosing a Life Insurer,

Choosing a Life Insurance Company Roughly 1,000 life insurance companies sell life insurance in the U.S., but many are members of groups of companies and so aren't really competitors with each other. Having separate companies enables a group to offer its products through separate distribution channels, to more efficiently meet the regulatory requirements of particular states, or to achieve other organizational goals. There are an estimated three hundred company groups. Moreover, not every group has a company licensed to operate in each state. As a general rule, you should buy from a company licensed in your state, because then can you rely on your state insurance department to help if...

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Life Insurance - FAQs, LifeDirect

Life Insurance basics Life Insurance FAQs You can choose the "policy owner" (this is the person that the insured amount is paid to if a claim is made). The policy owner could be you, or if you're setting up cover with a partner you can choose to have a "joint" policy, which means that you both own the insurance. Can I change the owner of my policy at a later date? Yes, you can do this at any time - just contact us and we'll send you a "Transfer of Ownership" form. How much will life insurance cost me? Premiums are based on your age, gender, smoking status, and the amount of insurance you are setting up. The costs shown on LifeDirect are the insurers' "standard premiums". For some people...

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Life insurers under ASIC scrutiny ahead of banking royal commission hearing - ABC News (Australian Broadcasting Corporation)

Life insurers under ASIC scrutiny ahead of banking royal commission hearing Updated August 30, 2018 13:05:02 Life insurers have been slammed for high-pressure sales tactics, including "cold calls", where vulnerable consumers are pushed into products they do not want or need, as the corporate regulator turns up the heat on the embattled sector. A report by the Australian Securities & Investments Commission (ASIC) has been released, as insurers prepare to be grilled about questionable strategies for signing up new customers when then financial services royal commission resumes on September 10. ASIC's review of direct life insurance sales shows that selling practices lead to "poor consumer...

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The Dangers Of Stranger-Owned Life Insurance

Stranger-owned life insurance (STOLI) is loathed by insurance companies and loved by investors - at least those with the stomach for it. Although it can be difficult to sympathize with insurance companies – they make money by betting you'll never collect on the policy they're charging you premiums on – in this case insurers may be in the right. In this article, we'll look at the implications of stranger-owned life insurance and how it is often abused. The Importance of Insurable Interest Life insurance laws vary between states, but one thing that is universal is that there must be an insurable interest in the individual being insured. Put simply, the person's death must result in a...

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