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Can You Beat My Score on This Retirement Literacy Test?

The first question that tripped me up asked, “Which one of the following is true about cash value life insurance?” As I now know, it is true that the cash value portion of the policy will accumulate tax deferred, but it’s not true that you typically cannot borrow from the cash value or that the policy will expire after a specified period of time. I also overestimated the ideal stock allocation for the typical retirement portfolio, and another question that gave me pause spoke to what types of services traditional Medicare will cover between routine dental care, physical exams, hearing aids and several other options. Without revealing the answer, I can say I didn’t realize just how many types of services are cut out of Medicare policies and therefore must be paid for through other policies or out-of-pocket spending. In addition to the intricacies of Medicare and Medicaid, my other weakest knowledge area is long-term care planning and nursing home expenses. For example, I had to guess on the true or false question asking about whether Medicare typically pays for the costs of a nursing home for the first year, and I guessed wrong. Finally, I missed the mark on...

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Advisors Who Use More Tech Tend to Outperform: Cerulli

Financial advisors who are considered heavy users of technology tend to outperform other practices in terms of client acquisition and assets under management growth rates, according to recent research from Cerulli Associates. Some 30% of heavy technology users are those with higher-growth practices over the most recent three-year period, compared with just 9% of light users. In 2023, the most active technology users offered 10.2 services, versus 7.2 services offered by light users. Heavy technology users average materially better performance than light users across practice productivity metrics, according to Cerulli data. These improved metrics include higher numbers of clients served per staff member across the practice — the number of clients per producing advisor, per professional staffer and per senior advisor. Sixty-five percent of advisors attribute most operational efficiency improvement to e-signature, 44% to customer relationship management and 29% to video conferencing. Cerulli noted that these three technologies also are among the most frequently used within advisor practices, ranking first, second and fourth, respectively.

Chubb to Acquire Healthy Paws, a Leading Pet Insurance Provider 0

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Chubb to Acquire Healthy Paws, a Leading Pet Insurance Provider

Transaction positions Chubb to expand in niche market with substantial growth potential New York, NY (Apr. 22, 2024) – Chubb is pleased to announce a definitive agreement to acquire Healthy Paws, a U.S.-based managing general agent (MGA) specializing in pet insurance, from Aon plc (NYSE: AON), a leading global professional services firm. The transaction positions Chubb to expand in a niche market with substantial growth potential. Financial terms of the deal, which is expected to close in the second quarter, were not disclosed. “We are delighted to welcome Healthy Paws to the Chubb family,” said John Lupica, Vice Chairman, Chubb Group and President, North America Insurance. “Together, we will be able to extend the reach and amplify the impact of this esteemed pet insurance brand in a vastly underpenetrated market. As part of Chubb, Healthy Paws will empower more pet owners to fund medical care and navigate the rising costs of veterinary care.” Since 2013, Chubb has been the exclusive underwriter of the Healthy Paws pet insurance program for Aon. The long-standing Chubb and Healthy Paws relationship positions the combination for accelerated growth while supporting a seamless transition for employees, customers and other business partners. “Chubb has been an important...

Insurance leaders optimistic about AI’s impact on underwriting quality and fraud reduction but underwriter confidence lags 0

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Insurance leaders optimistic about AI’s impact on underwriting quality and fraud reduction but underwriter confidence lags

62% of insurance executives recognize artificial intelligence/machine learning technology (AI/ML) as elevating underwriting quality and reducing fraud 43% of underwriters trust and regularly accept automated recommendations from predictive analytics tools but many still have concerns around complexity and data integrity Paris (Apr. 24, 2024) – The Capgemini Research Institute’s World Property and Casualty Insurance Report 2024 reveals the underwriting capabilities of insurers are being restricted by organizational constraints. According to the report, only 8% of property and casualty (P&C) insurers are regarded as underwriting “trailblazers” who are consistently outperforming mainstream carriers by leveraging AI-driven insights and automation to make informed decisions and accurate risk assessments with efficiency. These industry frontrunners drive greater collaboration and customer transparency by keeping underwriters at the heart of all decisions. Challenges mount for P&C insurers As inflationary pressures hit policyholders’ pockets, there is increased demand for affordability, simplicity, and transparency from their carrier. According to the report, 42% of policyholders find the current underwriting process complex and lengthy. Additionally, 27% of policyholders switched providers in the last two years in search of lower premiums (60%) and better coverage (53%). While premiums have increased, underwriting practices have struggled as combined ratios breached 100% sparked by natural...

Great American Insurance Group Announces the Formation of a Dedicated Team to Expand its Embedded Insurance Offerings 0

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Great American Insurance Group Announces the Formation of a Dedicated Team to Expand its Embedded Insurance Offerings

Cincinatti, OH (Apr. 24, 2024) – Great American Insurance Group is pleased to announce the formation of a dedicated embedded insurance team. Building upon the company’s 20 years of experience offering embedded insurance products, the new team will streamline and simplify the distribution of these offerings. This newly-formed group, led by Chris Banocy, Divisional Senior Vice President, will assist in finding and evaluating new embedded insurance opportunities for Great American Insurance Group’s specialty property and casualty operations. In addition, the team will develop a suite of custom embedded products, including ticket and travel coverages, which are anticipated to be available in 2024. “Technology has changed the way consumers make purchases, whether in traditional sectors like auto sales and retail, or in digital spaces. Our mission is to make the process of obtaining coverage as convenient as possible by bringing insurance to the point of sale,” said Rich Suter, Divisional Group President. “While Great American has vast experience in the embedded channel, the demand for embedded coverages continues to grow at a rapid pace. The formation of a dedicated team allows us to expand our distribution reach and reinforces Great American’s commitment to this channel.” Great American Insurance Group’s embedded solutions...

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Higginbotham Adds South Florida Benefits Agency to Team

Article 0 Comments Texas-headquartered Higginbotham, one of the largest independent insurance and benefits firms, has added Adams Benefits of Boca Raton, Florida, to its team, the company said in a news release. The move marks an expansion into south Florida for Higginbotham, which already had acquired agencies in central Florida. Adams Benefits has been in operation since 1975, advising south Florida businesses on HR and regulatory compliance. Blair Adams III is president and Meaghan Haines is vice president. Higginbotham, based in Fort Worth, is an employee-owned firm established in 1948. It ranks as the 21st-largest independent brokerages, the firm said. Topics Florida Was this article valuable? Thank you! Please tell us what we can do to improve this article. Submit No Thanks Thank you! % of people found this article valuable. Please tell us what you liked about it. Submit No Thanks Here are more articles you may enjoy. The most important insurance news,in your inbox every business day. Get the insurance industry’s trusted newsletter

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US Probes Tesla Recall of 2 Million Vehicles Over Autopilot, Citing Concerns

Article 0 Comments U.S. auto safety regulators said Friday they have opened an investigation into whether Tesla’s recall of more than 2 million vehicles announced in December to install new Autopilot safeguards is adequate. The National Highway Traffic Safety Administration (NHTSA) said it was opening an investigation after the agency identified concerns due to crash events after vehicles had the recall software update installed “and results from preliminary NHTSA tests of remedied vehicles.” The agency’s new probe comes after it closed its nearly three-year investigation into Autopilot, saying it found evidence that “Tesla’s weak driver engagement system was not appropriate for Autopilot’s permissive operating capabilities” that result in a “critical safety gap.” NHTSA also cited Tesla’s statement “that a portion of the remedy both requires the owner to opt in and allows a driver to readily reverse it.” The agency said Tesla has issued software updates to address issues that appear related to its concerns but has not made them “a part of the recall or otherwise determined to remedy a defect that poses an unreasonable safety risk.” Tesla said in December’s its largest-ever recall covering 2.03 million U.S. vehicles—or nearly all of its vehicles on U.S. roads—was to better...

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Missouri House Backs Legal Shield for Weedkiller Maker Facing Cancer Lawsuits

Article 0 Comments JEFFERSON CITY, Mo. (AP) — The manufacturer of a popular weedkiller won support Wednesday from the Missouri House for a proposal that could shield it from costly lawsuits alleging it failed to warn customers its product could cause cancer. The House vote marked an important but incremental victory for chemical giant Bayer, which acquired an avalanche of legal claims involving the weedkiller Roundup when it bought the product’s original St. Louis-area-based producer, Monsanto. The legislation now heads to the Missouri Senate with several weeks remaining in the annual legislative session. Bayer pursued similar legislation this year in Idaho and Iowa, where it has mining and manufacturing facilities, but it fell short in both states. Bayer disputes claims that Roundup’s key ingredient, glyphosate, causes a cancer called non-Hodgkin’s lymphoma. But it has set aside $16 billion and already paid about $10 billion of that amount to resolve some of the tens of thousands of legal claims against it. Though some studies associate glyphosate with cancer, the U.S. Environmental Protection Agency has said it is not likely to be carcinogenic to humans when used as directed. The Missouri legislation says that federally approved pesticide labeling “shall be sufficient to...

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The 3 Stages of Retirement Planning

What You Need to Know Clients fill the nest eggs. Later, they tap the nest eggs. Making the yolk last takes work. If you are very new to financial services, retirement planning may seem like a mysterious snooze-fest. You may be young. Your parents may still be young. You may think of retirement as a matter of turning 65 and suddenly being able to use Social Security to retire to a house in Florida. Bu having a comfortable retirement is harder than it may look, and understanding the three stages of retirement planning is the key to ensuring that your clients sip piña coladas on the beach instead of stressing about their finances. Stage 1: Accumulation. Picture this: You’re fresh out of school, armed with a degree and a mountain of debt. Sound familiar? Well, fear not, because Stage 1 is all about building that retirement nest egg. It’s the time to sock away as much cash as possible while you’re still young and spry. Think of it like planting seeds in a garden: The earlier you start, the more bountiful your harvest will be. So, what’s the game plan? First off, your clients need to get rid of that...

ICEYE and Juniper Re LLC announce multi-year flood and wildfire data collaboration 0

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ICEYE and Juniper Re LLC announce multi-year flood and wildfire data collaboration

ildings and other structures with ICEYE’s unique flood extent and depth analysis to enable rapid, fact-based decision-making Helsinki, Finland (Apr. 25, 2024) – ICEYE, a global leader in satellite-powered disaster management solutions, is pleased to announce a new data collaboration with Juniper Re, LLC, the dynamic reinsurance broking arm and indirect subsidiary of BRP Group, Inc. Juniper Re will leverage ICEYE’s Flood and Wildfire Insights data to support their carrier clients by accessing near real-time observed data on large-scale events to determine the impact within hours and support data-driven decisions. This collaboration forms part of Juniper Re’s investment in innovative solutions to enhance their ability to support clients. Rapid access to ICEYE’s hazard and damage data will enable Juniper Re’s clients to respond to natural disasters accurately and quickly, improving their decision-making, and ultimately transforming their ability to manage the loss. ICEYE operates the world’s largest constellation of synthetic aperture radar (SAR) satellites, offering unrivaled access to actionable Earth observation data. This provides the insurance sector with an entirely new level of persistent monitoring for any location on Earth, delivering uninterrupted visibility, both day and night, in any weather conditions. Adam Miron, Head of Catastrophe Analytics, Juniper Re, commented: “ICEYE’s...