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5 Keys to Building a Successful Business Process

Innovation isn’t necessarily at the forefront of the concept, which doesn’t push the product to the next level, despite the technological advancements. We wanted to challenge the status quo of what the term life insurance application process should look like and, as a result, truly reimagine what not only we could do for our clients but the larger industry itself. This thought process was driven home through an integration of multiple business units, including IT, distribution, operations and underwriting. When a diverse group of departments come together and ideate, the resulting product can reshape the industry. 3. Don’t be afraid of the moment. Our digitized platform was the first of its kind in the U.S. term life insurance market and was essentially launched during the peak of COVID-19. The industry wasn’t able to operate under normal circumstances during the pandemic, because agents weren’t allowed to visit homes or prioritize getting exams completed. Looking back on it, it was a scary moment to dive head first into but the risk taken of launching a system during the pandemic turned out to be for the better and changed the way that life insurance applications look today. 4. Prioritize consumers and agents. When...

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Choreo Launches Automatic Tax Assessment and Management Tool

Advisors can also use the tool to sets tax and gains budgets for predetermined thresholds, helping to maximize tax-loss harvesting and gains realization, while supporting tax-minimizing rebalancing at both the account and household levels. According to Choreo, the automated assessment of trade-offs eliminates the need for manual tax considerations and adjustments. “Our team appreciates that tax planning is an integral part of comprehensive wealth management,” Matthew Gotlin, Choreo’s chief investment officer and managing director, said in a statement. “With Choreo Tax Advantage, our financial professionals can maximize efficiency and effectiveness, while their clients gain the opportunity to capture tax savings in an improved manner.” Credit: Adobe Stock

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Antares Announces Leadership Team for New Commercial Division

Article 0 Comments Antares Global Management Ltd. announced three key appointments for its new Commercial Division, which comprises Syndicate 1274 and Bermuda-based Antares Re. Antares announced in November that it was restructuring its underwriting operations by spitting its Bermuda and UK re/insurance businesses into Commercial and Retail divisions. The Commercial unit is led by Mark Graham, CEO of the Antares Commercial Division, while Pantelis Koulovasilopoulos is the CEO of the new Retail division. (The Retail division includes the recently launched UK-based insurer, Antares Insurance Co. Ltd., which is focusing on retail business primarily through established MGAs in the UK.) Martin Campbell, James Glynn and James Thomas (l to r) In the Commercial division, Graham is being supported by a new leadership team of three divisional heads, as follows: Martin Campbell has been appointed head of the Casualty FinPro Division, and chair of the Antares Underwriting Committee. He will also take on the role of acting head of the Reinsurance Division. Campbell will, subject to board and regulatory approval processes, also be appointed to the Antares Managing Agency Ltd. (AMAL) board as AMAL’s chief underwriting officer. Additionally, subject to Lloyd’s approval, Campbell will be designated active underwriter for Syndicate 1274. He...

Severe weather drives insured losses above USD 100 billion for 5th consecutive year, says Swiss Re Institute 0

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Severe weather drives insured losses above USD 100 billion for 5th consecutive year, says Swiss Re Institute

Estimated insured losses from natural catastrophes on track to exceed USD 135 billion in 2024 Hurricane Helene and Hurricane Milton severely impacted the US, resulting in estimated insured losses approaching USD 50 billion Major floods hit Europe and the Middle East, causing estimated insured losses of close to USD 13 billion as of today Armonk, NY (Dec. 5, 2024) – With 1.54°C above the pre-industrial average, 2024 is set to become the hottest year on record. A warming climate favours the occurrence of many of the natural catastrophes observed in 2024. Europe, in particular, has experienced intense flooding in 2024, resulting in the second-highest insured losses from floods in the region ever, according to Swiss Re Institute’s estimates. The US has been affected by two major hurricanes and a high frequency of severe thunderstorms, making up at least two thirds of 2024’s global insured losses of more than USD 135 billion as of today’s estimates. Balz Grollimund, Swiss Re’s Head Catastrophe Perils, says: “For the fifth consecutive year, insured losses from natural catastrophes break the USD-100-billion mark. Much of this increasing loss burden results from value concentration in urban areas, economic growth, and increasing rebuilding costs. By favouring the conditions leading to many of this year’s...

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Aviva CEO Amanda Blanc Conquers Detractors and Direct Line

Article 0 Comments Amanda Blanc is determined to steer Aviva Plc to one of the biggest takeovers in its history, a highlight in a storied insurance career where she’s stood up to challenges including activist shareholders and sexist barbs. If her £3.6 billion ($4.6 billion) plan to combine Aviva with Direct Line Insurance Group Plc that was announced on Friday goes through, it’ll be her largest acquisition on record and the highlight of more than four years of work to transform the insurer — while handing Aviva a rival company run by one of her former lieutenants. Blanc, one of the City of London’s most influential women, has until Christmas to firm up the transaction, which took several price bumps to get Direct Line’s approval. Direct Line would be Aviva’s biggest deal since the purchase of Friends Life in 2014, bringing in 3 million motor insurance customers and a chance to cut costs and capital. It could also shield the business from being swallowed by another competitor during a flurry of insurance deals. “This is a major tactical move, one that will bolster Aviva’s personal lines business in the UK. It will help Amanda strengthen Aviva as the UK’s national...

Watches of Switzerland Group and Zillion Partner to Offer an Embedded Insurance Benefit to Clients at Point of Sale 0

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Watches of Switzerland Group and Zillion Partner to Offer an Embedded Insurance Benefit to Clients at Point of Sale

Clients can enjoy instant watch and jewelry coverage before leaving the showroom Boston, MA (Dec. 3, 2024) – Watches of Switzerland Group, a business built on delivering world-class client experiences, has partnered with leading embedded insurance provider Zillion to offer a valuable client benefit at point of sale. Watches of Switzerland clients can now enjoy instant coverage for their watch and jewelry purchases with one click on mobile, and without applications, appraisals or app downloads. The frictionless benefit enables an elevated client experience and exceeds the expectations of discerning consumers. Focused on how it makes clients feel throughout every interaction with its brands, Watches of Switzerland has a reputation for unsurpassed excellence and unparalleled service. The company has partnered with Zillion to further enhance client care by offering a peace of mind coverage benefit with concierge service. “Exceptional client experiences are at the heart of everything we do,” says Lorcan McCabe, Regional Director of Watches of Switzerland. “Zillion’s innovative product and white glove service aligns with our commitment to providing best in class services to our clients. It also complements how we strive to go above and beyond, even before our client walks through the door of one of our...

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‘Large Number’ of Americans’ Metadata Stolen by Chinese Hackers, Says Official

Article 0 Comments A large number of Americans’ metadata has been stolen in the sweeping cyberespionage campaign carried out by a Chinese hacking group dubbed “Salt Typhoon,” a senior U.S. official told journalists on Wednesday. The official declined to provide specific figures but noted that China’s access to America’s telecommunications infrastructure was broad and that the hacking was still ongoing. “We believe a large number of Americans’ metadata was taken,” said the official, who spoke to reporters on condition that their name be withheld. Pushed on whether that might include every American cell phone’s records, the official said: “We do not believe it’s every cell phone in the country, but we believe it’s potentially a large number of individuals that the Chinese government was focused on.” Dozens of companies across the world had been hit by the hackers, the official said, including “at least” eight telecommunications and telecom infrastructure firms in the United States. U.S. officials have previously alleged the hackers targeted Verizon, AT&T, T-Mobile, Lumen and others. T-Mobile has said no customer data was compromised in its case and Lumen said there is no evidence customer data was accessed on its network but, in at least some other cases,...

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Why Savers Need Help Estimating the True Cost of Retirement

There is a persistent difference where households who are guessing tend to overestimate required savings at lower income levels and underestimate required savings at higher income levels. The difference could be due to a variety of factors, but one potential culprit is the progressive nature of Social Security retirement benefits, which replace a higher portion of wages at lower income levels. This effect becomes clearer in the following chart, which compares the ratio of the median divided by the income level, for different income levels. Source: EBRI 2024 RCS, author’s calculations The estimated and guessing trendlines cross at about the $100,000 total household income level. This suggests that lower-income households who are guessing about required retirement savings could be oversaving and those with higher incomes could be undersaving. The following chart looks at the behaviors taken among workers who attempted to estimate required savings. Source: EBRI 2024 RCS, author’s calculations. Trying to figure out required savings had a number of notable positive benefits, in particular saving more for retirement, which 52% of respondents noted doing. Additionally, 29% of respondents noted researching other ways to save, 24% of respondents noted paying down debt, and 22% of respondents noted enrolling in their...

Customer Satisfaction with Digital Claims Process Surges as Insurance Carriers Load New Features onto Apps: J.D. Power 0

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Customer Satisfaction with Digital Claims Process Surges as Insurance Carriers Load New Features onto Apps: J.D. Power

Digital Claims Reporting Now Outperforms Phone-Based Communication: J.D. Power 2024 U.S. Claims Digital Experience Study Troy, MI (Dec. 3, 2024) – Auto and home insurers have spent the past year adding dozens of new features and refinements to their mobile apps, such as automatic collision reporting capabilities, enhanced image upload and body shop selection tools. According to the J.D. Power 2024 U.S. Claims Digital Experience Study,SM these investments are resulting in significantly higher customer satisfaction scores. Overall satisfaction with the digital insurance claims process is 871 (on a 1,000-point scale), up 17 points from 2023. “The digital channel has now surpassed traditional phone-based communication as the most satisfying way for insurance customers to submit a new claim,” said Mark Garrett, director of global insurance intelligence at J.D. Power. “After years of slow growth in the usage of digital channels for claims reporting, insurers’ investments into developing these tools and promoting usage have really paid off as more insureds than ever are using them. Auto and home insurers have finally gotten the digital formula right with streamlined reporting tools, proactive updates and well-designed apps. However, the industry still has some work to do when it comes to helping insureds navigate between...

Allianz Partners, Uber and Indeez launch Vehicle Interruption Cover for Uber drivers in UK 0

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Allianz Partners, Uber and Indeez launch Vehicle Interruption Cover for Uber drivers in UK

Vehicle Interruption Cover aims to provide benefits and protection for Uber drivers in the UK when their car is off the road The UK is the first market to unveil this benefit for Uber drivers Product offered in a joint collaboration with the insurtech Indeez London, UK (Dec. 3, 2024) – Allianz Partners, a leader in B2B2C assistance and insurance, and Uber, the largest ridesharing company worldwide, have joined forces to offer digital insurance and income protection for Uber drivers in the UK, orchestrated by the insurtech Indeez. The new product ‘Vehicle Interruption Cover’ will help Uber drivers protect their income if they are unable to work because their car is off the road. Vehicle Interruption Cover (VIC) will be available to all Uber drivers operating in the UK and enrolled in the Uber Pro programme. Access to the cover is via a subscription to the Uber driver app and is supported by an end-to-end digital user experience powered by Indeez’s technology platform. Vehicle Interruption Cover is the latest addition to the ’Partners Protection Programme’ available to the Uber driver community through Allianz Partners and Uber. This financial protection is offered alongside benefits such as workplace accident & injury cover,...