This is a preview of Insurtech and the Gig Economy research report from Business Insider Intelligence. Life insurance is a fundamentally difficult product to sell; it requires people to think about their deaths without promising any immediate returns. And, despite tech innovations and the development of personalized services in other areas of finance, life insurance remains largely unchanged. Luckily, there is a small but growing pocket of insurtech startups looking to modernize it. These companies are finding ways to digitize life insurance to appeal to consumers — and they're giving incumbents the opportunity to revamp traditional offerings, either by partnering with them or using...
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We profit from it, we fear it, and we find it impossibly hard to quantify: risk. While not the sexiest of industries, insurance can be a life-saving protector, pooling everyone’s premiums to safeguard against some of our greatest, most unexpected losses. One of the most profitable in the world, the insurance industry exceeded $1.2 trillion in annual revenue since 2011 in the US alone. But risk is becoming predictable. And insurance is getting disrupted fast. By 2025, we’ll be living in a trillion-sensor economy. And as we enter a world where everything is measured all the time, we’ll start to transition from protecting against damages to preventing them in the first place. But what happens...
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Artificial intelligence is likely to affect the entire landscape of insurance as we know it. Change is here, more is coming. Today, t he insurance market is dominated by massive national brands and legacy product lines that haven’t substantially evolved in decades. This kind of stagnations has historically suggested that it is an industry ripe to be disrupted- see the transportation industry and the raise of ride-share applications. Insurance is an industry that venture capitalists consider so ripe for disruption that the founders of Lemonade, a New York-based insurtech company, raised one of the largest seed rounds in history simply by talking. It’s not just the venture crowd. Warren...
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Life insurance companies have clocked 65 percent year-on-year (YoY) growth in the first year premiums in Q1. Data from the Insurance Regulatory and Development Authority of India (IRDAI) showed that life insurers collected new premiums of Rs 60,637.22 crore for the quarter ended June 30. Among the companies, Life Insurance Corporation of India (LIC) posted an 81 percent YoY growth in new premiums at Rs 44,794.78 crore in Q1. Private insurers, on the other hand, posted a 32 percent YoY growth in premiums to Rs 15,842.44 crore in the June quarter. Despite the fact that the first quarter is considered a slow one for insurance companies, IRDAI data shows that this year proved to be an exception...
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Passion for the insurance industry Insurance is one of the hardest products to sell. It takes character and strong determination to stay long in this industry. Industry veteran MELECIO “Mel” CASIBANG MALLILLIN has all what it takes to be an insurance professional. Armed with the right disposition and sheer hardwork, the leader of Mercantile Insurance Co., Inc. sees a bustling business as Filipinos increase their incomes following an improving domestic economy. Established in 1962, Mercantile is one of the Philippines’ longest-standing non-life insurance companies offering a wide variety of products. Headquartered in Manila’s oldest and most historic walled city, Intramuros, in Manila,...
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Strategic Market Intelligence: Life Insurance in Norway – Key Trends and Opportunities to 2021 ‘Strategic Market Intelligence: Life Insurance in Norway – Key Trends and Opportunities to 2021’ report provides a detailed outlook by product category for the Norwegian life insurance segment, and a comparison of the Norwegian life insurance with its regional counterparts. It provides values for key performance indicators such as written premium, incurred loss, claims paid, commissions and expenses, combined ratio, total assets, total investment income and net earned premium during the review period (2012-2016) and forecast period (2016-2021). The report also analyzes...
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Singapore’s life insurance industry crossed a significant milestone in 2017 with total weighted new business premiums reaching S$4.8bn for the year. The results are the highest recorded to date, and mark a 24% increase compared to the same period in 2016 affirms the industry’s strong progress over the past 12 months. All product types reported double-digit growth for 2017. There was also strong double-digit growth across both single and annual premium products within the period. The results, reported by the Life Insurance Association (LIA) Singapore, reveal a remarkable 91% jump in the uptake of single-premium products in the last quarter of the year (compared to the same period in 2016)....
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The life insurance industry provides protection against the premature death of policyholders over fixed, variable, and indefinite terms. In the event of a policyholder’s premature death, insurance companies guarantee a payout to a policyholder’s named beneficiaries. In exchange for taking on this risk, insurance companies charge policyholders premiums, which can be either one-time or recurring, over the insurance policy’s defined term. Insurance providers generate income in two ways: 1) through the premiums charged to policyholders and 2) through investment income on the proceeds from premium payments. Given that a portion of insurance companies’ economic income is...
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Put simply, life insurance provides the financial means to preserve your way of life, or that of your family, in the event of an accident, serious illness or even death. Life insurance is a contract between an insurance policy holder and an insurer or assurer,. Between and more than two dozen life insurance companies were started, but fewer than half a dozen survived.. Automated Life Underwriting is a technology solution which is designed to perform all or some of the. Life insurers provide jobs, protect American families, and invest in the economy. Download the Fact Sheet: Facts About the U.S. Life Insurance Industry (PDF). In the simplest terms, insurance of any type is all about managing...
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