JERSEY CITY, N.J., December 4, 2019 — Verisk (Nasdaq:VRSK), a leading data analytics provider, announced today it has signed a definitive agreement to acquire FAST, a leading software company for the life insurance and annuity industry. FAST offers a flexible policy administration system that helps insurers accelerate underwriting and claims to enhance the customer experience and support profitable growth. “As customer expectations for a fast and easy insurance experience rapidly increase, life insurers are being pressured to modernize operations across the policy life cycle,” said Neil Spector, president of ISO, a Verisk business. “But transitioning from legacy...
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JERSEY CITY, N.J., August 31, 2022 – M Financial Group, a leading financial services design and distribution company, and Pacific Life, a leading global insurer, have leveraged Verisk’s FAST platform to develop a new life insurance product with flexible options and pre-configured tax rules designed exclusively for high-net-worth individuals. The new product – a flexible-premium survivorship variable universal life (SVUL) policy – is the first of several planned rollouts that will combine the power of FAST with M Financial’s new M Vision platform, a digital ecosystem for bringing sophisticated insurance products to market. “In developing this policy with...
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MSV Life p.l.c., Malta’s life insurance specialist recently announced the launch of its Fast Track Life Protection Plans, providing immediate life protection for young, healthy lives. This new product is available as a Loan Protection Plan (decreasing sum insured) or as a Protection Plan (level sum insured). Fast Track Life Protection Plans give clients immediate life cover if they meet certain criteria mainly related to age and health. Clients have to be aged between 18 and 40 (single life and joint life basis) and requesting a maximum sum insured of €150,000. The new Plans apply to persons who are in good health, and have been so for the past 5 years; not taking any medication or...
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If you have been watching the news lately, you have heard that inflation is on the rise. For example, CNBC recently reported a US Bureau of Labor Statistics analysis that showed inflation surged 7.5% on an annual basis, even more than expected and highest since 1982.* Regardless of profession, inflation affects the prices you pay for goods and services. But it also affects things you may not expect, like your life insurance. If you put a life insurance policy in place years ago–even 5 years ago–the lump sum benefit would not cover as much now as it would have then. You may now need a supplemental policy in order to give your family the right amount of financial security again. If you aren’t...
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Based on the insurance platform of the Norwegian insurtech Cloud Insurance, Maiden’s distribution partners can now offer their diverse catalog of insurance products to customers by simply plugging into this cloud-based insurance platform. Modular plug-and-play Maiden and Cloud Insurance have focused on implementing a modular plug-and-play solution for Maiden Life & General. The nimble and adaptable solution allows tailoring of the online proposition to the specific needs of each distribution partner. Utilizing the latest technology, the insurance proposition can be integrated within the distribution partner’s website, completely adopting the branding, look, and feel of the site. The...
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HONG KONG (Reuters) - Hong Kong has awarded Bowtie Life Insurance, a company backed by Sun Life Financial's Hong Kong unit SLF.TO, the first online-only insurance license under the city's "fast-track" scheme. The online platform will operate in a market worth more than $63 billion in insurance premiums, and will compete with players such as AIA Group 1299.HK and the local unit of Prudential Plc PRU.L. Bowtie Life Insurance, which is also supported by Sequoia Capital managing partner Neil Shen’s Hong Kong X Technology Fund, will offer life insurance directly to consumers rather than selling through intermediaries such as agents or banks, as is common in Hong Kong. More than 80 percent of...
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Update Your Insurance Beneficiary Your VA Life Insurance Beneficiary is the person you have designated to receive your insurance proceeds in the event of your death. It is very important to make sure your beneficiary information is always up to date. This will make it much easier on your family members to file a claim and receive the benefit quickly. You should review your beneficiary information at least once a year to make sure everything is current. Even though you may have the same beneficiary, they might have changed addresses. A regular beneficiary review each year will make sure you capture these changes. Certain life events such a marriage or the birth of a child or divorce should...
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Growing up is not easy. Sure, we can all find moments of joy and excitement when we make big steps like landing a new job, buying a new home, and having babies for the first time. While acknowledging and appreciating the beauty in all of these milestone events, it’s also true that they can bring major chaos. Working long office hours, staying up late with a crying newborn, and doing it all while keeping up with mortgage payments is not easy. It’s also tough that when all of this is going on, it’s likely the time that you should start considering life insurance policies. If you’re one of the near quarter of American adults who isn’t covered, it might be because you have heard that securing...
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Only 3% of the population are covered under life insurance The fear of the pandemic may have accelerated purchase of health insurance and life cover among the public, but India still has miles to go in increasing overall insurance penetration and building awareness of its benefits, according to the CEOs of private life insurers and intermediaries. On the occasion of the National Insurance Awareness Day (June 28), most of them felt that there is a need to fast-track insurance penetration, given that only 3 per cent of the population are covered under life insurance. One may have to take a leaf out of India’s vaccination drive and get insurance penetration levels up on a mission mode, they...
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New Delhi: India has put the initial public offering of the country's biggest insurer Life Insurance Corp of India (LIC) on a fast track while the privatisation of two state banks is mired in procedural issues, two government and one industry source said. The listing of LIC is set to be India's biggest ever IPO, with the government aiming to raise Rs 800 billion-900 billion ($11 bln-12.2 bln) from its stake sale. In all, the government plans to raise Rs 1.75 trillion from a privatisation programme in the current fiscal year ending in March, one of the sources said. It has selected 10 investment banks including Goldman Sachs, Citigroup and SBI Capital Market to handle the LIC initial public...
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