Insurable Interest Canadian Insurance Blog

State Farm ranks highest in Individual Life Insurance satisfaction, F&G ranks highest in Individual Annuity satisfaction: J.D. Power 2023 U.S. Individual Annuity Study Troy, MI (Oct. 12, 2023) – Could the latest generation of mobile apps and websites hold the keys to solving the decades-old challenge of customer apathy toward life insurance and annuities? According to the J.D. Power 2023 U.S. Individual Life Insurance StudySM and the J.D. Power 2023 U.S. Individual Annuity StudySM, customer satisfaction is climbing as more customers make use of digital tools and start using life insurance and annuities for financial planning in addition to final planning (e.g., death benefits, burial insurance). “Sales of life insurance enjoyed a brief surge in popularity during the height of the pandemic, while sales of annuities have more recently soared,” said Breanne Armstrong, director of insurance intelligence at J.D. Power. “But outside of that, customer satisfaction and engagement have generally declined the longer customers hold onto these products. Now, however, with more customers than ever engaging with life insurance and annuity providers more frequently via digital channels, we’re starting to see a real evolution. Customers who interact with the digital offerings of their providers are more engaged, have higher levels...

Start Slideshow Wealthy prospects are still prospects, after all. The dollar amounts might be larger, but the signs expressing interest in doing business can be universal.   What are these signs? First, a story: Many years ago, I had clients with a weekend house in the country, about an hour outside New York City. They invited us to visit, and the itinerary included a tour of the area, a dinner party and other meals out. They also introduced me to their friends, and one shook hands and said, “I understand you are my new broker” and handed me a manila envelope filled with account statements. No, it is not going to be that easy. The situations in which a wealthy prospect is ready to commit can be broken down into three broader categories: Social conversations with friends who want to work with you Early stages of the prospecting relationship Meeting with the prospective client People give off signals. Often, they do not know it is happening, and you need to be alert and pick up on opportunities. See the accompanying slideshow for 14 signs along the way. Start Slideshow

Calgary, AB (Oct. 16, 2023) – Trufla, a pioneer in insurance technology solutions, is thrilled to unveil Marketplace, a game-changing platform that redefines the insurance sales landscape for brokerages. This isn’t just an innovation; it’s a revolution. Marketplace is poised to disrupt the industry, offering brokerages an unprecedented opportunity to increase monthly reoccurring revenue without the overhead costs. With Marketplace, Brokers earn full commission on all products. It’s the first of its kind, unique to brokers, and sets a new standard for the industry. Seamless Online Purchasing Marketplace, exclusively accessible through the truMobile app and portal, marks a seismic shift in insurance sales. It empowers customers with a seamless, effortless way to purchase insurance products online. What sets Marketplace apart is its unique capability to enable brokers to effortlessly offer small insurance products without any broker intervention . Plus, it eliminates the cumbersome overhead costs historically associated with insurance sales. Empowering Brokers with Marketing Tools Beyond its revolutionary purchasing experience, Marketplace equips brokerages with potent marketing tools to amplify awareness and sales, including: Push Notifications: Engage customers through targeted push notifications, ensuring they’re always informed about new products and opportunities. Email Drips: Implement email drip campaigns to nurture leads and...

Launching VELOⓇ, a cloud-based web application to aid banks, insurance companies and corporates in developing their climate risk needs Toronto, ON (Oct. 17, 2023) – Riskthinking.AI, an award-winning, innovative climate risk start-up located in Toronto, Canada, is pleased to announce the release of its product, VELO®. Climate change is no longer a “tomorrow” problem; today, businesses and governments worldwide are feeling its effects. The physical, economic, social, and natural assets we all depend upon are increasingly exposed to loss and disruptions associated with greater physical and transitional risk. It’s more important than ever that companies, financial institutions, and governments understand how, where, when, and why they are exposed to climate risk so that they can: Continue to thrive in this new environmental and regulatory environment. Generate strategies to mitigate/adapt to risks and capitalize on opportunities. Quantify and report their exposure to investors and other stakeholders. Yet, most organizations lack the critical data and models to facilitate this understanding. Dr. Ron Dembo, Founder and CEO of Riskthinking.AI explains: “It is a tremendous challenge to address, requiring access to a vast amount of data including the physical asset make-up of companies, forward-looking climate risk data across multiple hazards, and transition risk data...