North America life insurers embrace predictive analytics to elevate their business Willis Towers Watson survey reveals life insurers commitment to invest in predictive analytics to grow earnings, profitability ARLINGTON, Va., June 17, 2019 (GLOBE NEWSWIRE) -- North America’s life insurance industry will increase its investment in predictive analytics capabilities over the coming years, according to Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company. Findings from the company’s Life Predictive Analytics Survey show that life insurers recognize they need to invest in predictive analytics to address earnings and profitability pressures, and the...
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ORLANDO, FL and AUSTIN, TX – October 01, 2018 – Hannover Life Reassurance Company of America “Hannover Re US”, a member of Hannover Re Group, and Life By Spot, a direct-to-consumer life start-up, join forces to create an entirely new way for adventure-loving consumers to insure their lives during the moments they need it the most. For the first time in the US market, consumers will have the ability to purchase short-duration event-based life insurance policies, ranging from 24-hours to 30-days, through Spot's simple platform. The affordable coverage enables people to pursue their passions while alleviating the fear that exists during times when they are inherently more at risk. The...
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KUALA LUMPUR: The move by Bank Negara to increase the investment limit for credit facilities by life insurers to 70% will result in higher demand for quality bonds and further spur the growth of the domestic capital market as a whole, industry players said. MCIS Zurich Insurance Bhd chief executive officer Datuk L. Meyyappan said relaxing the investment limit would allow insurers to increase their exposure in corporate debt securities at the opportune time. “The total assets of life insurers currently exceed RM70bil. This move by Bank Negara will mean they can now invest up to RM50bil in corporate bonds. The current exposure of the industry in this sector is only about RM25bil,” he said...
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If your insurer has requested a PMA, call me on 05793 20836. One of our insurers may be able to offer you cover immediately. Things you don’t want to share with anybody: Old love letters (remember those) Drunken texts (yeah, we’ve all done it) Things you have to share with an insurance company Your medical history (and they don’t send you love letters, drunken texts or even give you a ROLO in return, the swines) When you apply for cover, the insurance company will ask you routine medical questions to figure out if you’re worth insuring. If you answer no to all of these questions, meaning you don’t have any health issues, the insurer will usually offer you cover...
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Russell Golden (Credit: FASB) The Financial Accounting Standards Board (FASB) today said it wants to give U.S. insurers more time before they have to get on a new financial reporting rollercoaster. FASB has proposed postponing the dates when insurers will have to begin complying with a new set of FASB rules that affect accounting for “long-duration insurance contracts,” such as contracts for life insurance, long-term disability insurance, annuities and long-term care insurance. For the biggest publicly traded insurers, the effective date could move back to January 2022, from January 2021, FASB says. For smaller publicly traded companies, the effective date could move to January 2024, from...
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How 10 Life insurers got their start The real, live Aflac Duck takes a first look at the red carpet as he celebrates the company’s debut as an official partner of The GRAMMY®s. (Eric Reed/AP Images for Aflac) American Family Life Insurance Company of Columbus was born on November 17, 1955. Brothers John, Paul and Bill Amos entered the Life Insurance market with 16 employees and 60 agents. After their first year of operation, they had over 6,400 policyholders and $388,000 in assets. This early success allowed them to expand into a new market: In 1958, they pioneered cancer insurance to help ease the financial burden faced by cancer victims and their families. By 1970, the company had...
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Term vs. Permanent Life Insurance According to industry experts, most people don't have enough life insurance. LIMRA, which keeps close tabs on the industry, recently reported that average coverage equals $163,000, which is equivalent to approximately 3.5 years in terms of income replacement (with the average income being $46,800 in 2019, according to the Bureau of Labor Statistics). That's only half the recommended 7-year threshold. Furthermore, more than half of consumers said that their households would be in immediate or near-immediate financial trouble if the primary wage earner died today. When considering life insurance, one of the most important factors to understand is the...
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Term vs. Permanent Life Insurance According to industry experts, most people don't have enough life insurance. LIMRA, which keeps close tabs on the industry, recently reported that average coverage equals $163,000, which is equivalent to approximately 3.5 years in terms of income replacement (with the average income being $46,800 in 2019, according to the Bureau of Labor Statistics). That's only half the recommended 7-year threshold. Furthermore, more than half of consumers said that their households would be in immediate or near-immediate financial trouble if the primary wage earner died today. When considering life insurance, one of the most important factors to understand is the...
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When it comes to life insurance, most people know that there are two basic types – term insurance, which lasts for a specific number of years, and permanent insurance, which (when structured properly) lasts a lifetime. However, one of my favorite questions to ask advisors, as well as clients, is “How many types of permanent insurance are there?” Most people get this wrong. The correct answer is four. Universal Life, Whole Life, Indexed Universal Life and Variable Life are all types of permanent insurance. What’s the difference between them? The simplest way to understand how permanent life insurance policies differ is to imagine that every time you pay a premium, the...
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Looking for the best life insurance? Simple is better when it comes to life insurance, and buying level term insurance from a trustworthy company is just about as simple as you can get. Best Life Insurance Companies: Table of Contents What Is Level Term Life Insurance? Do you have a family or someone else who depends on you financially? Life insurance is meant to replace your income when you’re gone. Let’s break down some concepts in the phrase “level term life insurance” to get a better understanding of the policy. The “term” part here means you buy insurance for a set number of years depending on your age and your family’s needs. Typically, that...
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