Insurance companies have felt the brunt of Covid-19, which squeezed the country’s production capabilities and resulted in South Africa’s gross domestic product contracting by 16.4% in the second quarter of 2020. The lacklustre economy has affected the big insurance companies, according to financial results statements for the six months ended June 2020, which indicate an increase in claims and a decline in business. According to statistics by the Association for Savings and Investment South Africa (Asisa) released this week — showing the half-yearly long-term insurance numbers — there has been a slight decrease in individuals holding insurance products. At the end of June 2020, there were 41...
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(Newport Beach, Calif. Image source: Pixabay.) Pacific Life (Newport Beach, Calif.), a national provider of life insurance, annuities, and mutual funds, has licensed FAST (Iselin, N.J., a Verisk company) software to serve as a key component in its digital transformation. Pacific Life will use FAST software to augment data workflows, improve policy administration, and enhance distribution management for the insurer’s Life Insurance and Retirement Solutions divisions. “We were looking for a platform that could address our needs across both Life Insurance and Retirement Solutions, while providing cutting-edge technology that would allow us to adapt and quickly react to challenges in the...
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Verisk (Jersey City, N.J.), a provider of data analytics to the insurance industry, has that it has signed a definitive agreement to acquire FAST, an Edison, N.J.-based core systems software company serving 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,” comments Neil Spector, president of ISO, a Verisk business. “But transitioning from legacy solutions is...
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Iselin, N.J., April 22, 2020 (GLOBE NEWSWIRE) -- FAST, a Verisk (Nasdaq:VRSK) business, announced today that Pacific Life, a leading provider of life insurance, annuities, and mutual funds, has licensed FAST software to serve as a key component in its digital transformation. Pacific Life will use FAST software to augment data workflows, improve its policy administration, and enhance its distribution management for its Life Insurance and Retirement Solutions divisions. “We were looking for a platform that could address our needs across both Life Insurance and Retirement Solutions, while providing cutting-edge technology that would allow us to adapt and quickly react to challenges in the...
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Overview and Executive Summary of the Life Insurance Policy Administration Systems Market The report is rightly designed to present multidimensional information about the current and past market occurrences that tend to have a direct implication on onward growth trajectory of the Life Insurance Policy Administration Systems market. The discussed Life Insurance Policy Administration Systems market has been valued at xx million US dollars in 2019 and is further projected to grow at xx million US dollars through the forecast span till 2024, growing at a CAGR of xx% through the forecast period. The study encompasses profiles of major companies operating in the Life Insurance Policy...
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Photo: Priyanka Parashar/Mint LIC clocks a 40% jump in premium income 1 min read . Updated: 19 Aug 2020, 06:31 AM IST Anirudh Laskar The new found interest in pure protection products has improved sales in LIC’s term products LIC witnessed negative growth in new business in the first quarter as its agents could not meet customers due to the lockdown restrictions. Given continuing curbs, LIC has shifted focus to fewer but bigger policies, which are being sold at 50% higher size than in the last fiscal year, managing director Vipin Anand said in an interview. With assets of more than ₹ 34 trillion, LIC is India’s largest life insurer. “Apart from high net-worth individuals (HNIs) who are...
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Pacific Life Licenses FAST Software to Enable Digital Transformation of Its Life Insurance and Retirement Solutions Divisions Iselin, N.J., April 22, 2020 (GLOBE NEWSWIRE) -- FAST, a Verisk (NASDAQ: VRSK ) business, announced today that Pacific Life, a leading provider of life insurance, annuities, and mutual funds, has licensed FAST software to serve as a key component in its digital transformation. Pacific Life will use FAST software to augment data workflows, improve its policy administration, and enhance its distribution management for its Life Insurance and Retirement Solutions divisions. "We were looking for a platform that could address our needs across both Life Insurance and ...
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Globalization is reaching at the highest level day by day and hence global market research has become quite imperative which helps businesses with decision making. Usage Based Insurance Market research report considers several market aspects to offer solution for the toughest business questions. This global market document provides estimations about the key factors of the Automotive industry with the precise and perfect data that is useful for the business. Usage Based Insurance Market report takes into account key market dynamics, existing market scenario and future prospects of the sector. By carrying out top to bottom examination of the Automotive industry, the report gives evaluations...
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Publish A New Market Research Report on –“ Global Life Insurance Market 2019 by Company, Regions, Type and Application, Forecast to 2024”. The global Life Insurance market is valued at million USD in 2018 and is expected to reach million USD by the end of 2024, growing at a CAGR of between 2019 and 2024. The Asia-Pacific will occupy for more market share in following years, especially in China, also fast growing India and Southeast Asia regions. North America, especially The United States, will still play an important role which cannot be ignored. Any changes from United States might affect the development trend of Life Insurance. Europe also play important roles in global market, with...
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Publish A New Market Research Report on –“ Global Specialty Insurance Market 2019 by Company, Regions, Type and Application, Forecast to 2024”. Specialty Insurance Industry 2020 There is no standard definition for specialty insurance, in this report, specialty insurance includes high-hazard insurance, non-standard general insurance, niche market segments, bespoke underwriting, and excess and surplus lines insurance. The leading manufactures mainly are UnitedHealthcare, AXA, Allianz, AIG, Tokio Marine and ACE&Chubb. UnitedHealthcare is the largest manufacturer; its revenue of global market exceeds 5.63% in 2016. The next is AXA and Allianz. There are mainly two type product of specialty...
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