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Term insurance from India emerges as preferred choice for NRIs seeking customization and convenience 0

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Term insurance from India emerges as preferred choice for NRIs seeking customization and convenience

New York, NY (Mar. 29, 2024) – Policybazaar, India’s leading online insurance marketplace, is witnessing a significant increase in non-resident Indians (NRIs) choosing term insurance from India via its platform. This surge is driven by the unparalleled ease, benefits and accessibility offered by the Indian insurance market. While several factors contribute to the growing interest in term insurance in India, large covers with longer coverage stand out as primary reasons. The demand among the 18-60 age group has seen an impressive 130% year-on-year growth, with India emerging as the preferred choice for NRIs residing in the US, Canada, and select European countries. The surge in demand from NRIs can be credited to several standout features and benefits. Term policies from India that offer coverage of up to INR 5 crores or ~665K USD can be easily obtained with tele-medical check-ups from India, eliminating the need for physical visits. Unlike some countries with restricted policy terms and coverage, Indian term plans offer coverage for longer duration, extending upto 99 years. Sarbvir Singh, Joint Group CEO, Policybazaar, says, “We are witnessing exponential growth in term insurance purchases from NRIs, particularly from the US, Canada and the Europe. Policybazaar has focused its efforts...

Critical Gap in Creditor Life Insurance Coverage Among Canadian Homeowners: CAFII Study 0

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Critical Gap in Creditor Life Insurance Coverage Among Canadian Homeowners: CAFII Study

Toronto, ON (Mar. 20, 2024) – New research conducted by LIMRA on behalf of the Canadian Association of Financial Institutions in Insurance (CAFII), sheds light on the insurance landscape among Canadian homeowners. The study’s primary objective was to reveal the prevalence of insurance products, with a particular focus on Credit Protection Insurance (CPI), among homeowners. The results have raised significant concerns about the financial security of numerous Canadian families. The report set out to address pivotal questions regarding the insurance environment among Canadian homeowners. It sought to ascertain whether individuals with lower incomes prioritize credit protection insurance (CPI) over others and whether CPI plays a significant role in the market for homeowners. The study surveyed 1,175 Canadian homeowners, placing a specific emphasis on those with mortgages or home equity lines of credit (HELOCs). This comprehensive survey explored various aspects, including insurance ownership, financial attitudes, coverage, and demographic factors. Key Findings: Uninsured or Underinsured Homeowners: The study found a concerning trend among Canadian homeowners: a significant 80% lack sufficient insurance coverage, being either uninsured or underinsured with CPI or traditional life insurance. This shortfall in coverage leaves many families inadequately protected against unforeseen life events. Underinsured is defined by FCAC as...

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New $20 Minimum Wage for Fast Food Workers in California Began Monday

Article 0 Comments Most fast food workers in California will be paid at least $20 an hour began Monday, when a new law kicked in giving more financial security to an historically low-paying profession while threatening to raise prices in a state already known for its high cost of living. Democrats in the state Legislature passed the law last year in part as an acknowledgement that many of the more than 500,000 people who work in fast food restaurants are not teenagers earning some spending money, but adults working to support their families. That includes immigrants like Ingrid Vilorio, who said she started working at a McDonald’s shortly after arriving in the United States in 2019. Fast food was her full-time job until last year. Now, she works about eight hours per week at a Jack in the Box while working other jobs. “The $20 raise is great. I wish this would have come sooner,” Vilorio said through a translator. “Because I would not have been looking for so many other jobs in different places.” The law was supported by the trade association representing fast food franchise owners. But since it passed, many franchise owners have bemoaned the impact the...

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The Best View of Closely Held Business Transactions: It’s a Process

What You Need to Know When it comes to the ideal sale and purchase process, everything starts with due diligence. Another point of emphasis is that teamwork is key, and nobody can navigate the process alone. It’s important to avoid assuming that only the worst-case scenario is possible in bankruptcy. Monique Hayes, a partner for DGIM Law and an adjunct professor for the University of Miami School of Law, says that people often assume that the due diligence process ahead of a business sale or a similar liquidity event is of significantly more importance for the buyer than the seller. After all, buyers put up a pile of cash or other valuable assets to gain ownership of the business, from which they hope to derive commensurate value over the long term. Sellers, on the other hand, get to walk away from the deal having monetized years or even decades of hard work — perhaps entering retirement or simply moving on to the next big thing. The reality, as Hayes told attendees on a recent ThinkAdvisor webinar hosted in partnership with the Investments and Wealth Institute, looks a lot different. In some big ways, she said, the presale due diligence process...

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FINRA Hits BD With $250K Fine Over Emails, IMs

The Financial Industry Regulatory Authority has fined H2C Securities $250,000 for failing to preserve and review over 1.25 million business-related electronic communications on four platforms. According to FINRA’s order, from at least January 2013 to June 2021, H2C Securities failed to preserve and review the electronic communications, the vast majority of which were mass marketing emails. During this period, “the firm’s supervisory system, including written supervisory procedures, was not reasonably designed to achieve compliance with the firm’s obligation to capture, retain, and review communications sent or received using these electronic communication platforms,” FINRA’s order states. The business-related electronic communications included internal and external emails, instant messages, mass marketing materials, and documents requiring customers’ electronic signatures.

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New York Life Sues Former Agent to Recoup Commission Advances

“Victor Chavez was permitted to resign after a review of his business practices raised concerns on a number of issues, including a pattern of life insurance applications declined for inaccurate or incomplete information such as the insured’s contact information and a possible signature discrepancy,” according to an entry in Chavez’ record in the FINRA BrokerCheck system. Chavez has been registered with Park Avenue Securities since December 2023, according to BrokerCheck. New York Life says Chavez owes it money because the company has a contractual right to get back advances it paid him in connection with life insurance applications he submitted that never actually resulted in the issuance of life insurance policies, that resulted in policies on which commissions were adjusted, or that resulted in the issuance of policies that were later rescinded or canceled. Credit: Sergign/Adobe Stock

The Top Five Benefits of InsurTech 0

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The Top Five Benefits of InsurTech

By Aaron Davidson, CEO, Relay Platform — Technology helps every industry do things faster and better, and insurtech is transforming the insurance industry. Insurtech, short for insurance technology, was coined shortly after fintech reshaped traditional banking and financial services. In the not-too-distant past, insurance companies have viewed technology as something to dabble around with or something nice to have. The regulatory nature of insurance has been somewhat responsible for the lag in the progress of technology within the industry. Nonetheless, insurtech has overcome regulatory challenges to improve the claims process and customer experience while generating greater revenue. Here is a brief overview of the top five benefits of insurtech. What Are the Benefits of Insurtech? Insurtech can help insurance agencies save money on operational costs. By automating tasks and using data analytics to improve underwriting and fraud detection, insurers have reduced their overall expenses. In addition, one of the benefits of insurtech is that it can help insurance agencies more effectively manage risk. By using data to identify trends and pinpoint areas of potential exposure, insurers can make better-informed decisions about how to protect their policyholders. Insurtech provides a more efficient way to manage and process insurance claims. One of...

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Insurance Industry Readies for Historic Losses From Baltimore Bridge Tragedy

Article 0 Comments It’s very early in the recovery process and already the numbers are large. Insured losses for the tragic collapse of the Francis Scott Key Bridge in Baltimore could be as much as $2 billion to $4 billion, according to Morningstar. S&P Global Ratings estimates $3 billion, which would still make this tragedy the largest marine insurance loss ever recorded. Barclay’s analysts believe damage claims for the bridge alone could reach $1.2 billion, while claims for wrongful deaths and business interruptions could run $350 million to $700 million, according to Bloomberg. “While the total cost of the bridge collapse and associated claims will not be clear for some time, it is likely to run into the billions of dollars,” said Matilde Jakobsen, senior director, analytics, AM Best. These estimates track with what others are seeing and saying in terms of this tragedy being a major marine insurance event. “I do see this claim as having a high likelihood of being one of the largest marine claims on record – rivaling Costa Concordia in 2012 or Exxon Valdez oil spill in 1989 — almost 35 years ago to the day,” John A. Miklus, president, American Institute of Marine Underwriters...

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The Long-Term Care Planners’ Club Meeting

What You Need to Know One in three seniors die with dementia. Dementia costs the U.S. economy $345 billion per year. Just keeping systolic blood pressure below 125 could do some good. Working in the long-term care insurance industry is like being part of an exclusive club. Why? Because once you get immersed in this field, you rarely leave it. You may change roles, companies or agencies, but you remain dedicated to this product and the need for long-term care protection. That’s why attending the annual ILTCI Conference, an event for the long-term care planning community, is so special. More than 950 attendees traveled to San Diego earlier this month to learn and network. For many of us veterans, this conference means reconnecting with countless colleagues we’ve known for decades. And let’s not forget the company-hosted evening events, where networking and socializing continued. The 58 break-out workshops were divided into seven tracks: Actuarial and Finance; Advisors, Agents and Agencies; Claims and Underwriting; Legal, Compliance and Regulatory; Management and Operations; Marketing, Engagement and Research; and Wellness and Aging in Place Solutions. After the official welcome, Karen Smyth, the conference chair, announced the winners of the ILTCI Recognition Award: Ron Hagelman, president...

Canadians fear climate change, spring flooding and smouldering wildfires 0

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Canadians fear climate change, spring flooding and smouldering wildfires

First Onsite survey explores climate, spring melt, flooding, wildfires and threats to properties Mississauga, ON (Mar. 19, 2024) – First Onsite Property Restoration, Canada’s leading property restoration company, marks the end of winter and the official beginning of spring with the release of the first leg of its annual survey – examining Canadians’ concerns, perceptions, and property readiness amid ever-changing weather patterns. Commissioned by FIRST ONSITE, the Weather and Property Survey explores Canada’s top disaster fears (including climate change, spring flooding, wildfires, landslides, etc.) It also asks about threats and concerns for property during severe weather events. “We conduct this survey every year to get a benchmark of Canadian attitudes, weather worries, and concerns that business and homeowners have for their properties,” said Jim Mandeville, SVP, First Onsite Property Restoration. “People are aware that storms aren’t acting like they used to, and we are seeing an increase in all types of property damage from weather events.” Climate change concerns Three quarters of respondents (73%) are worried about climate change and its effects on extreme weather and disasters. This concern was highest in Quebec (79%), British Columbia (77%) and Ontario (75%) and the lowest in Atlantic Canada (67%), Manitoba and Saskatchewan...