Officials in the Ministry of Finance have discussed proposals to...
Category:
Life
Latest
ULIPs should not be advertised as ‘investment products’, says IRDAI
Insurers will have to specifically state that market-linked...
Sanlam to buy majority stake in financial wing of top African media group
The deal gives Sanlam an opportunity to further expand its...
COVID-19 Pandemic:Insurance Shield for the medical fight
It is vital that risks are identified and monitored throughout the duration of a clinical trial. Key risk indicators include patient safety, patient recruitment, site performance, data quality and vendor performance. Data must be monitored throughout the trial, and the trial team must remain focused on risk at all times
From Africa to America, businesses and insurers face survival showdowns
Businesses around the world, hamstrung by lockdowns, are facing often-existential showdowns with insurance companies that are reluctant to pay out on business interruption policy claims for a disaster unknown in living memory.
The insurers say many such policies exclude pandemics, require physical damage on premises or do not apply to the widespread lockdowns seen globally. Facing pressure from regulators, mounting reputational damage and a wave of lawsuits, they warn that paying out could sink their industry.
In some countries, including South Africa, France and Germany, insurers are now opening their chequebooks. But for many customers, these settlements or ex-gratia payments – voluntary payouts that do not imply legal liability – fall short.
Prudential Thailand deploys Munich Re’s digital solution, customers can avail real-time underwriting decisions
Pasalaree Theerasas, Chief Customer Officer, Prudential Thailand, said,“The automated solution shortens the turnaround time for underwriting decisions compared with the traditional process, and reduces the time spent by applicants in answering unnecessary or repetitive health questions and providing medical documents. ”
UK life insurers pay 90 million pounds in COVID-19 claims – trade body
Insurers received 7,000 life insurance claims from families of people who died from COVID-19 and 83% have been paid so far, the ABI said in a statement. Every life insurance claim has been accepted, it said.
The average payout is expected to be 63,000 pounds for an individual policy and 137,000 for a group policy.
Although they are paying life insurance claims, worsening life expectancy will mean pensions, often the bulk of their business, are paid for a shorter period, industry sources say.
Digital and new business capabilities driving modernisation of life insurers: Novarica CIO Study
“For 60% of insurers surveyed, improving digital and new business capabilities stand out as the key drivers for modernization, followed by improvements in productivity to allow faster and more fluid underwriting processes and workflows,” said Tom Benton, Vice President of Research and Consulting at Novarica
Britain’s Prudential to exit U.S. business,focus on Asia, Africa
“This new Prudential model will be a growth-oriented business,” Prudential CEO Mike Wells,
Prudential had already sold an equity stake in the U.S. unit to Apollo Global-backed Athene Holding for $500 million (382 million pounds) in June.
Operating profit in Asia was up 14%. .
Prudential Thailand and The 1 to launch country’s first lifestyle-health collaboration
Through this collaboration, The 1’s members will gain access to highly customised digital lifestyle and health solutions based on their lifestyle preferences, health stages and savings intentions. The partners in the collaboration will use Artificial Intelligence (AI) to curate and offer services that are highly relevant to members, helping them to achieve a higher quality of life and wellbeing
“Millennial buyers and the maturity of digital tools will bring about profound change in insurance distribution models”
Though markets are very different across Asia, almost life insurers now have a digital transformation programs in place in the region, says Alby Van Wyk, Executive Vice President, Asia, Munich Re Automation Solutions. In an exclusive e-mail interview with Asia Insurance Post, he explains how the requirement and demand for IT systems that enables faster delivery and greater agility, will only continue to grow in Asian markets
LIC launches month-long `Special Revival Campaign” for its policyholders
In view of the prevailing circumstances, no concessions are being offered in medical requirements and the same are limited to late fee only; under plans other than term assurance and other high risk plans
Up to Rs.1,00,000, a policy holder can avail 20 per cent (maximum Rs 1500) concession on late fee
– From Rs 1,00,001 to Rs 3,00,000,25 per cent (maximum Rs. 2000) concession on late fee
– From 3,00,001 and above, 30 per cent( maximum of Rs 2500) concession on late fee
Aviva’s new CEO to cut focus on Asia and Europe
Blanc took over last month to become the insurance company’s third chief executive in less than two years. Analysts have said the insurer is operating in too many countries and sectors, and its shares have lagged rivals.
Aviva will instead focus on Britain, Ireland and Canada, the company said.