New Delhi, Dec 24 () Insurance regulator Irdai has cautioned the foreign promoter of SBI Life Insurance (SBI Life) against selling part of its stake in the company in March 2019 without seeking a prior approval from the sectoral watchdog. On March 30, SBI Life had informed the Insurance Regulatory and Development Authority of India (Irdai) regarding sale of 5,07,40,000 equity shares held by Cardif constituting 5.069 per cent of SBI Life's total shareholding, by way of on-market transaction on March 29, 2019. However, a show-cause notice was sent to BNP Paribas Cardif SA (Cardif) by Irdai on June 12, 2019 followed by a reply given by Cardif in July and personal hearing in October. "The...
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Voya Financial to Stop Selling Individual Life Insurance Voya Financial has announced financial results for the third quarter of 2018. “During the third quarter, we continued to make strong progress on our 2018 priorities. Our commitment to achieving our growth plans this year was demonstrated in the third quarter by positive net flows in both Retirement and Investment Management and an increase in annualized in-force premiums in Employee Benefits. We also generated strong bottom-line results. Excluding the negative impact of DAC/VOBA and other intangibles unlocking and the benefit of prepayment fees and alternative investment income above our long-term expectations, normalized...
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Closing the gap: Selling life insurance to Gen Xers and millennials As you start to strategize different selling approaches for open enrollment, take September’s Life Insurance Awareness Month as an opportunity to focus on the importance and value of life insurance with your clients’ Gen X and millennial employees. Statistics from a recent LIMRA survey revealed that almost 45% of people under the age of 45 plan to buy life insurance in the next 12 months. With Gen X and millennial employees falling into this demographic, now’s the time to reach out to these generations and help them understand the need for coverage. As you prepare for your enrollment meetings, consider highlighting these...
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Great-West Lifeco Inc. ( ) agreed to sell its U.S. individual life insurance and annuity business to Dai-ichi Life Holdings Inc.’s Protective Life Corp. in a deal valued at $1.6 billion. The transaction value includes a capital release of about US$400 million, the Winnipeg, Manitoba-based insurer said Thursday in a statement. Great-West expects a book-value loss of US$70 million, and US$57 million of transaction costs. The business transferred includes bank-owned and corporate-owned life insurance, single premium life insurance, individual annuities and closed block life insurance and annuities. “This transaction allows us to focus on the retirement and asset-management markets in the U.S...
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The Role of Persuasion and Behavioral Economics in Insurance: How to Sell ‘Sprouts’ It is easy to sell candy. Candy tastes nice. It is full of sugar that our body craves, and we have to use our willpower to stop ourselves from overindulging. If you want to sell me more candy, you just need to make it easy to buy and hard to avoid. You can ensure the packaging is bright, bold and colorful so that it grabs my attention and makes it hard to ignore my cravings. You can place the candy by the supermarket checkout so that it tempts me while I’m waiting to be served. It is much harder to sell sprouts. Although they are good for you, sprouts just do not taste good to many people. We will not...
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Dear Mr. Premack: I have a question that I can't find an answer. If I have a do not resuscitate form filled out and signed, does that in any way, or can that in any way, disqualify my life insurance policy that I've had for a long time for my grandchildren and my son to receive payments as beneficiaries? Can they say my death was suicide because I made the decision to refuse intervention instead of allowing the costs (both emotional and financial) of dying to linger? -B.I. Texas law allows a variety of ways for individuals to legally control their end-of-life decisions. As a group they are called “advance directives.” Let’s start by defining them: 1. A do-not-resuscitate...
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PHOTO: Travel insurance. (photo via scyther5 /iStock / Getty Images Plus) “Hello what can I sell you today”, is this what you say to your customer? No, of course not, you ask “How can I help you today”? Times have changed and so have consumers. Many sales people forget that there is a recognized selling process that, if followed really works. It starts with listening to the client’s needs and then establishing a trusting relationship. Many prospective clients will say they have some form of travel insurance, they believe the insurance is provided through their credit card, or they have it through work. It is up to you to educate these clients on their coverage. Most clients know what...
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Pepper gets another job: Softbank robot to sell life insurance at 80 stores in Japan Pepper will be deployed across 80 branches in Japan to help on sales floor Robot will accompany employees, explain insurance products and service Pepper will also go to insurance seminars and on promotional trips It's been a big year for the humanoid robot 'Pepper,' who recently landed a job in Pizza Hut locations in Asia, and announced a partnership with Honda's robot Asimo. Now, the ambitious bot can add life insurance sales to its resume as well. Meiji Yasuda Life Insurance Co will be deploying 100 Pepper robots across 80 branches in Japan to help out on the sales floor by 2017. According to The Yomiuri...
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Buying and Selling Insurance There's nothing quite like signing the closing documents, shaking hands with your agent, and being handed the keys to your very first home. Since it will probably be the biggest purchase you ever make in your life, you'll want to protect your investment with a homeowners insurance policy. But how do you choose? Whether you're looking to buy insurance or considering becoming an insurance agent, you'll want to get a handle on how insurance is packaged, what it covers, how laws come into play, and more. FindLaw's Buying and Selling Insurance section will help you better understand what goes into an insurance premium, the meaning of "loss run reports," insurance...
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Selling insurance is rewarding, has amazing growth potential, and is a great way to start your career or make a much-needed change. But if you do know, you think you have what it takes, and you've considered making this career change, you're likely wondering how. In this article, we've outlined the five basic steps toward earning a license and starting your insurance career. How to Become an Insurance Agent Step 1: Decide What Kind of Insurance You Want to Sell The first thing you want to do is decide what type or types of insurance you’d like to specialize in. In the industry, these are referred to as “lines of authority.” Here’s a rundown of the most common: Life insurance: Selling...
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