Life insurers

The FCA announces outcome of investigation into 4 life insurance companies, FCA

The FCA launched the investigation following a thematic review, published on 3 March 2016. This identified further work was required to determine whether 6 of the 11 firms that were involved in the thematic review had failed to meet our standards. These 6 firms were Abbey Life, Countrywide Assured, Old Mutual, Police Mutual, Prudential and Scottish Widows. All of the remaining investigations have now been closed. The FCA found the conduct of the 4 remaining firms (Abbey Life, Old Mutual, Prudential and Countrywide Assured) did not warrant enforcement action. In each firm, some issues have been identified during the investigations, which are being addressed as part of our ongoing supervision...

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The Internet of Things: Key Considerations for Life Insurers

The Internet of Things: Key Considerations for Life Insurers Five Questions with RGA’s Julianne Callaway As Strategic Research Actuary for RGA’s Global Research and Data Analytics (GRDA) team, Julianne Callaway researches emerging areas of interest to the insurance industry. Her insights on wellness, wearable technology, genetics, and other strategic research initiatives are shared with clients in presentations, white papers, and articles. We sat down with Julianne to discuss the “Internet of Things” (IoT) and its implications for insurers, a subject on which she presented at the Second Annual Internet of Insurance Conference . 1. In what ways is IoT impacting the life...

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Life insurer breached cold-call laws more than 300,000 times, inquiry told, Australia news, The Guardian

Life insurance company Clearview Group has admitted to breaking anti-hawking laws more than 300,000 times, which is a criminal offence, by cold-calling people to sell them insurance. On Monday the banking royal commission heard Gregory Martin, Clearview’s chief actuary and risk officer, conceding many of the phonecalls were targeting poor and vulnerable individuals. The commission heard Clearview made the unsolicited calls to Australians over a three-year period, between July 2014 and May 2017, after buying their data from third-party data providers Bradford Exchange, Greater Data, and Value Add. It made between 300,000 and 303,000 unsolicited calls in total, during which attempts were made...

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How are genetic test results being used by Australian life insurers?, European Journal of Human Genetics

Introduction Underwriting describes the process whereby a life insurance company assesses the risk of claiming carried by an applicant in order to determine the cost charged for cover of that risk [ 1 ]. Life insurance products include cover for death; trauma that provides payment if a person is diagnosed with a specified serious illness or injury, including the major illnesses or injuries that will make a significant impact on a person’s life, such as cancer or a stroke; total and permanent disability (TPD) that pays a lump sum if the person becomes totally and permanently disabled; disability income (DI) that replaces the income lost due to a person’s inability to work due to injury or...

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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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