Luxembourg is considered a world leader in terms of its delivery of insurance products and services. Part of the reason for this reputation comes down to the strict manner in which the insurance sector is regulated, with all insurers required to acquire the approval of a government minister before being allowed to open for business – the purpose of which is to ensure that each new entrant is financially sound and therefore unlikely to damage the stability of the market. Once ministerial approval is obtained, companies within the industry are overseen by the Commissariat aux Assurances to ensure that their activities within the insurance sector are in line with national and EU laws. Due in...
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HGP – Envera Health Launches New Company, Clareto, Connecting Life Insurance Industry to Patient-Authorized Health Information RICHMOND, Va.–(BUSINESS WIRE)–To better serve growing demand for Envera Health’s Patient Authorized Data (PAD) Solutions, an innovative health data exchange model created to connect health information exchanges (HIEs) to life insurers, Envera Health is establishing a stand-alone company called Clareto. Dave Dorans, an experienced executive who has been part of several technology advances in the insurance industry, has been named CEO of Clareto. Envera launched PAD Solutions as the first cross-industry collaboration to bridge the information gap...
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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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While the earned rates for life insurers are relatively straight forward, the paid or credited rates may warrant further discussion. Life insurers are subject to minimum interest rate guarantees, both explicitly and implicitly, for long-term insurance contracts. Minimum crediting rates offered within fixed annuities are an example of the “explicit” investment return requirement, while valuation interest rates specified for statutory reserving are “implicit” minimum investment returns that life insurers must earn to maintain profitability. We use the implicit investment returns in this net investment spread analysis. This issue of Perspectives follows a similar approach and methodology...
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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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