While overall sales of life insurance were stymied in the first half of 2020 due to the pandemic and accompanying shut-down, both term life and whole life products are expected to rebound in 2021 and onward. That trend will be aided by Covid-19 vaccine uptake and technological advancements that enable a smoother and more efficient application process. Here is what some industry experts expect to see in the coming year. The COVID-19 pandemic is likely to increase consumer demand for life insurance products in 2021 and beyond. Insurers are now doing a greater share of their business with less in-person interaction, a trend that may continue. Consumers are also expecting faster turnarounds,...
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The Life Insurance Association of Singapore (LIA Singapore) today announced a set of industry results for the period January to September 2020 showing steady YoY. Overall, the industry recorded a total of S$2.99bn in weighted new business premiums for YTD 3Q2020, a decline of two per cent from the same period in 2019. However, there was a notable 90.6% increase in new business premiums recorded in 3Q2020 compared to 2Q2020, the latter encompassing both ‘Circuit Breaker' and ‘Phase 1' periods. Total weighted premiums recorded in the third quarter reached $1,324.6m, a significant $629.5m more than the $695.1m recorded in the second quarter. Sales of single premium products...
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Life insurance industry responds to COVID-19 Relief for consumers, ongoing service, and changing ways of doing business – some of which may require support and relief from regulatory bodies – are all on the list of concerns insurers are grappling with in the wake of closures country-wide, in response to COVID-19. All that said, life insurance companies are generally stable and well-capitalized, unlike those in many other industries. It’s estimated that more than 90 per cent of the industry’s workforce has effectively transitioned to working from home on a permanent basis, and industry associations like the Canadian Life and Health Insurance Association (CLHIA) say regulators are being...
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The study includes analysis of the Turkey Life Insurance Market, with their company profiles, recent developments, and the key market strategies. Turkey Life Insurance Market report shows the latest market insights with upcoming trends and breakdowns of products and services. This report provides statistics on the market situation, size, regions and growth factors. Turkey Life Insurance Market report contains emerging players analyze data including competitive situations, sales, revenue and market share of top manufacturers. Top Company Profile Analysis in this Report This report provides in-depth market analysis, information and insights into the Turkish life insurance segment. It...
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A collective analysis on 'Internet of Things on Insurance Industry market' is covered in this new research, available at Market Study Report, LLC, that offers an exhaustive study based on current trends influencing this vertical throughout assorted geographies. Key information regarding market size, market share, statistics, application, and revenue are compiled in the research to develop an ensemble prediction. In addition, this research offers a detailed competitive analysis focusing on business outlook emphasizing expansion strategies accepted by market majors. The research report on Internet of Things on Insurance Industry market provides a comprehensive assessment of the business...
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“Old, stuffy and antiquated.” While these characterisations of insurance hardly come as a surprise, the Discovery Group has taken a bold move to flip the script on the negative perceptions of the industry. Through a combination of behavioural economics, digital technology and data analytics, the US$5bn insurer has developed innovative incentive and reward programs to change the way customers engage with its products. [1] Discovery was founded in 1994 and describes itself as a ‘shared value insurance company… that incentivises people to be healthier, and enhances and protects their lives.’ [2] The company’s shared value principles are demonstrated across its portfolio of health, life...
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When Big Data Goes Too Far: A Look Inside the Insurance Industry Insurance companies are using data on race, marital status and what you watch on TV to assess risk As more and more industries get in on it, the use of big data in business decision-making is increasingly heralded as the apex of customer centricity. What better way to personalize the customer experience than to base every decision -– from marketing to product development to sales strategy -– on data that tells a story about your customers’ behavior? More importantly, what better way to mitigate risk than to create products and services in line with the inferred needs and wants of your target market? However,...
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Common drivers of mergers and acquisitions in the global health and life insurance industry include the entry into new markets, access to new technologies, valuation trends, and reaction to regulatory changes. With growth strategies leading the charge, market expansion is often made possible through the acquisition of target companies that optimize product portfolios and customer bases, especially those that provide relatively easy yet quite valuable add-on opportunities, as organic growth does not come easily in the insurance space. Another major impetus behind M&A is investment in new technologies to boost sales, enhance customer service, and improve distribution efforts. Data...
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Global Insurance Industry Life insurance represents the leading market segment with almost 58% of the overall market in terms of value. The EU represents just over 35% of the overall global insurance market. Developed markets dominate the global insurance industry (one of the most profitable financial services ), with the US, the UK, Germany, France and Japan holding the largest combined share, reports Global Industry Analysts. The internet is occupying an increasingly important place as businesses interface in the insurance market, helping insurance institutions attract customers and cutting down on marketing and administrative spending as sales agents become unnecessary. Key Insurance...
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Insurance firms are an important source of capital for investment on the African continent, according to Gilbert Anyetei, Alternative Investment Associate at RisCura. “They invest the premiums they receive from policyholders into capital markets to ensure they can cover claims. As such, they are key institutional investors alongside pension funds, development finance institutions (DFIs) and banks,” he said. South Africa has a relatively high insurance penetration rate when compared to its emerging market counterparts and in relation to the sizes of their economies. This emerged following the release of investment firm RisCura’s latest Bright Africa research. Insurance penetration, which...
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