COLORADO SPRINGS, Colo.--( BUSINESS WIRE )--Insurance Technologies, LLC, a provider of sales and regulatory automation solutions for the insurance and financial services industries, today announced that Life Insurance Direct Marketing (LIDMA), the premier association for direct marketing of life insurance, has named Insurance Technologies a recipient of two LIDMA Seals of Approval for e-Signature and straight-through processing for the FireLight® sales platform. Since 2010, the Seal of Approval has been awarded to companies who are better serving their customers while advancing eProcesses and sales experiences for the life insurance industry. Seal of Approval recipients demonstrate...
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Life insurers reconfiguring distribution to deal direct with Millennials By Donna Glasgow | January 16 2017 07:00AM Neil Skelding, president and CEO of RBC Insurance, says the industry is presently in the midst of a game-changing moment driven by tech savvy Millennials who prefer to have a direct relationship with their life insurers. “There’s a sea change going on in the marketplace and it’s powered by consumers making choices…We, as an industry, need to configure our distribution and access to our companies in a different way and that’s going to happen no matter what,” says Skelding. The way Millennials buy is completely different than the baby boomers...
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ASIC Reports Poor Outcomes in Direct Life Insurance Sales According to research conducted by the ASIC (Australian Securities and Investments Commission) that reviewed direct life insurance sales, consumers are cancelling their policies in very high numbers: 1 in 5 of all policies taken out were cancelled in the cooling off period 1 in 4 of all policies that remained in force beyond the cooling off period were cancelled within 12 months 3 in 5 of all policies sold were cancelled within three years life insurance sold direct compares poorly with other channels when it comes to claims: 15% of claims are declined, with 27% of claims withdrawn “Life insurance is a long-term product but...
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Our Australian based consultants will call you at your preferred time. Give your family the ultimate gift of love with quality life insurance Life insurance can help you protect your family financially if you suffer a serious illness or injury. To help you get the cover you need, we've arranged affordable and comprehensive life insurance through NobleOak's My Protection Plan. My Protection Plan provides: Average savings of 20%* on premiums. Up to $15 million Life Insurance, including cover for both death and Terminal Illness. Optional Income Protection, Total and Permanent Disability (TPD) and Trauma Insurance. A quick and easy application process. A dedicated consultant at claim time....
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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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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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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 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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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 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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