Walgreens plans to open up to 700 primary care clinics as part of $1B investment in VillageMD
Walgreens is expanding its reach into primary care with plans to open 500 to 700 clinics in the next five years. It’s part of the drugstore giant’s partnership with VillageMD, a national provider of primary care based in Chicago.
How Nationwide and other carriers can support agents going digital post-COVID
We knew 2020 was going to be a year of change, but no one could have anticipated how significantly the COVID-19 crisis would reshape the business environment and accelerate the need for change in the insurance industry. Challenges created by social distancing and economic volatility have presented new opportunities for insurance agencies.
Forbes: Top auto insurance-carrier mobile apps
You already know that insurance consumers increasingly prefer a digital platform to handle their policy and claim business. But consider that consumers are expected to initiative more than 592 million mobile app downloads a day this year, according to websitebuilder.com.
Where does the car insurance mobile app fit in?
Individual Insurance Market Performance in Early 2020
The coronavirus pandemic and the resulting economic downturn are likely to impact the individual insurance market in profound but complex ways.
Walmart launching health insurance agency
Walmart Insurance Services will allow the retailer to sell insurance products, services directly to customers. Walmart will now sell health insurance with its groceries, clothing and camping gear.
July 7th, 2020
2020 Insurance Barometer Study Reveals a Significant Decline in Life Insurance Ownership Over the Past Decade
Over the past decade, U.S. life insurance ownership has fallen 9 percentage points to 54%, according to the 2020 Insurance Barometer Study.
How COVID-19 Is Making Employers More Receptive To Benefits
The COVID-19 pandemic has brought many operational changes to U.S businesses. It has also drawn attention to the importance of many types of financial protection, which may increase employers’ interest in offering certain benefits.
Why insurers should lead in digital accessibility for people with disabilities
QA Vector, the research arm of QA Financial (an independent information, resource and events company focused on helping financial services firms improve software quality), recently conducted a survey of these firms (including insurance companies, banks, asset managers and fintechs) and found that many of them are not adequately ensuring their digital properties are accessible.
MassMutual $3 Billion Free Life Insurance Program Now Available Nationwide for Frontline Healthcare Workers Battling COVID-19
MassMutual expands HealthBridge across the U.S. to continue reaching healthcare workers putting their safety on the line to support their communities. Previously, HealthBridge was available in MassMutual’s home states as well as those hardest hit by the pandemic. Now it will reach these critical individuals coast to coast.
U.S. Commercial Auto Insurers Report Worst Losses in Decade: AM Best
The U.S.commercial automobile insurance segment’s underwriting losses deepened to $4.0 billion in 2019, the segment’s worst loss in 10 years and a continuation of a decade-long trend of worsening underwriting results, according to a new AM Best report.
Bright Health Plan to expand into new markets in 2021
Bright Health Plan announced today its 2021 expansion plan. It will expand access to its Medicare Advantage, individual and family-plan products in select areas, and to add fully-insured small business plans to its available products in certain markets.
June 30th, 2020
Oscar’s health insurance platform nabs anther $225 million
The direct-to-consumer health insurer Oscar has raised another $225 million in its latest, late-stage round of funding as its vision of tech-enabled healthcare services to drive down consumer costs becomes more and more of a reality.
Softbank-backed Lemonade wants to raise up to $286 million in an IPO — valuing the ‘insurtech’ firm at about 25% less than its latest funding round
Lemonade, the buzzy insurance startup backed by Softbank, updated its initial public offering documents on Thursday with a price range for its new shares of $23 to $26.
What health plans must know about telehealth’s immediate impact on risk adjustment
When CMS approved telehealth as a means for health plans to gather risk adjustment data it made the right move, as it is critical for Medicare Advantage (MA) plans to stay on track with risk adjustment.
Cigna, Oscar offer insurance plan to help small businesses maintain productivity
Small businesses have lost a lot to COVID-19 — including revenue and employees — but two large companies don’t want quality health insurance to be another loss for them to bear.
Insurer launches overseas and domestic road trip coverage for pandemic-era travelers
Travel insurer Seven Corners has started two new products tailored to vacations in the age of coronavirus: one policy specifically covers medical expenses incurred due to Covid-19 infection while traveling overseas, and another helps motorists as road trips replace flights and cruises as the preferred means of summer and fall travel.
June 23rd, 2020
Is insurtech immune to COVID-19?
In my last blog I talked about how the insurance and risk management industry must embrace innovation if it is to stay relevant to clients. The dislocation created by the novel coronavirus (COVID-19) pandemic is just one example of an under-insured risk.
Walmart Opening More Healthcare ‘Super Centers’
Walmart disclosed plans to open more “Walmart Health” centers that feature an array of primary medical services, dental care, and behavioral health services as part of a new model being replicated beyond Georgia into other markets.
Views 3 healthcare benefits trends to consider for 2021
COVID-19 has created an incredibly challenging and complex environment for businesses and American workers, with unemployment claims skyrocketing and 11% of CEOs saying they fear their companies won’t survive the pandemic, according to a YPO survey.
Low- And Middle-Class Families Dropping Life Insurance: Study
Even before the COVID-19 pandemic hit, ownership of life insurance fell among households earning less than $100,000, declining by 25% over the past 10 years.
Insurance chatbots: Optimizing customer experiences
In a 24/7 world where customers expect instantaneous communication, carriers are finding new ways to convey information to them.
June 16th, 2020
Insurance in the digital age: injecting automation into the claims process
Whether you envisage self-driving vehicles to be five or 25 years away, given the substantial investments and technological progress being made, it is hard to argue against the industry’s narrative of inevitability.
Seeing an uptick in demand, athenahealth adds telehealth service
After seeing a surge in telehealth visits through its software, health IT company athenahealth is building a telehealth solution for its users. The company said its system would integrate with provider workflows, making scheduling and documentation easier.
Do Auto Insureds Prefer Insurer Websites Over Agents? J.D. Power Thinks So.
Remember all the talk that digital transformation would disrupt the auto insurance industry? Well, it’s real, according to the consultants at J.D. Power.
Life Insurance Activity Soars 5.2% in May, MIB Life Index Finds
After two months of declines during the pandemic quarantine, U.S. life insurance application activity jumped 5.2% year-over-year in May in what appears to be a V-shaped recovery, according to the MIB Life Index.
Anthem rolling out health insurance kiosks
Anthem has deployed more than 200 digital kiosks inside 80 health centers in the past six months across the state of California, the company has announced. The goal is to help doctors communicate more effectively with non-English speaking residents.
June 9th, 2020
Founder of Microsoft Healthcare comes up with plan to reduce hidden insurance costs
With millions of dollars for health plans tied up in hidden fees and negotiations, Microsoft Healthcare founder Dave Chase sought to tamp down on growing healthcare costs.
New Voya Survey Finds Americans Would Rather Sanitize Their Home Than Review Personal Finances
Voya’s survey reveals that the COVID-19 pandemic continues to influence the majority of Americans’ (89%) daily decisions, including who they see, where they go and what they do.
Insurance Will Grow And Flow Through Different Channels: Analyst
Insurance products remain solidly profitable, but big change is coming in who sells them and how they are sold, one leading industry analyst predicts.
Seven-Eleven to sell life insurance in Japan
Convenience store chain Seven-Eleven Japan is partnering with insurance company MS&AD Insurance Group Holdings to sell life insurance, allowing the insurance company to avoid face-to-face sales amid fear of coronavirus.
Hippo Acquires Spinnaker Insurance Company
Hippo, the high-growth company that’s transforming home insurance and ownership, announced today that it has entered into a definitive agreement, pending regulatory approval, to acquire Spinnaker Insurance Company.
What Forward-Looking Insurers Are Focusing on Now
The COVID-19 pandemic—along with the new reality taking shape because of it—has created a clear mandate for insurers: deal with the rigors of the present and the near future while starting to prepare for challenges and opportunities over the longer term.
Life Insurance Ownership Drops 9% In A Decade, Study Finds
Over the past decade, U.S. life insurance ownership has fallen 9 percentage points to 54%, according to the 2020 Insurance Barometer Study.
June 2nd, 2020
Biden’s ‘Medicare At 60’ Gains Momentum In Coronavirus Era
A proposal by Democrat Joe Biden to allow Americans between the ages of 60 and 64 the option of buying into Medicare is gaining more attention as more people lose employer-sponsored health coverage in the era of the coronavirus strain Covid-19.
Best’s: COVID Impact On U.S. Health Insurers Less Than Expected
The first-quarter 2020 earnings of publicly traded U.S. health insurance companies show that the impact of the COVID-19 pandemic has been less severe than anticipated, according to a new AM Best commentary.
Coronavirus relief: Allstate, USAA extend customer refunds for insurance policies through June
As Americans drive less because of the coronavirus pandemic and there are fewer accidents, Allstate announced Tuesday it is extending its shelter-in-place payback program through June.
Who’s using what in P&C insurance: June 1, 2020
The Texas Department of Insurance deployed the machine learning and natural language processing in Verisk’s Mozart Form Composer to accelerate the regulatory review of thousands of property & casualty forms filed by insurers each year.
IRS Rule Shift Lets Workers Make Benefits Changes Midyear — If Their Employer Agrees
The economic upheaval and social disruption caused by the coronavirus pandemic have upended the assumptions that many people made last fall about which insurance plan to sign up for or how much of their pretax wages to sock away in flexible spending accounts.
Term Life Premium Up 8%, Offsetting Tough 1Q: LIMRA
Term life insurance new premium rose 8% in the first quarter, with 40% of term life writers reporting double-digit increases, according to LIMRA data.
May 26th, 2020
2021 health insurance rates are coming out despite ‘unprecedented uncertainty’
Health insurance premium rates are starting to come in for 2021, giving people an idea for what insurance may cost for the first time since the coronavirus crisis began. But not much more than an idea.
Insurers speeding up innovation amid pandemic
These are uncertain times. After weeks of lockdown, social distancing and government-mandated ‘stay at home’ orders, jurisdictions around the world are slowly announcing their proposed economic and social recovery plans.
Agent Recruiting Continues During Pandemic, LIMRA Finds
LIMRA reached out to U.S. and Canadian agency-building companies regarding their recruiting efforts during the COVID-19 pandemic crisis and the challenges and strategies around it.
The best life insurance companies of 2020
Business Insider compiled data from 30 different life insurance companies based on customer service, financial stability, and asset size rankings, along with premium prices where available.
Carriers Cut Age Groups From Coverage
The life insurance industry finds itself in an awkward position of finding increased demand from consumers intensely aware of mortality during a pandemic, just as companies have to restrict products because of the mysterious, novel coronavirus.
May 19th, 2020
Tourists, Beware: Foreign Visitors’ Travel Health Insurance Might Exclude Pandemics
It was evident that the fever, nausea and loss of appetite Vlastimil Gajdoš felt on his wedding day was not a mere case of cold feet.
Magic Johnson’s Life Insurance Company Reportedly Funding $100 Million In Small Business Loans
Former NBA all-star Magic Johnson told the Wall Street Journal that his life insurance company will provide $100 million in funding for small women and minority owned businesses as part of the Small Business Administration’s embattled Paycheck Protection Program.
Forbes Global 2000: Pandemic Will Roil The Insurance Sector
Last year will be seen as calm waters compared to the tsunami that’s hitting the insurance industry around the world right now.
Insurers Wrestling With Distribution, Profitability Concerns: Survey
LIMRA worked with the Society of Actuaries and Oliver Wyman to conduct a series of short surveys on the COVID-19 pandemic and its potential effects on the insurance industry.
May 12th, 2020
Humana to waive patients’ share of some costs for rest of 2020
Health insurer Humana Inc. will waive the costs its Medicare customers are normally expected to pick up for primary care, behavioral health and telehealth visits through the end of the year.
Coronavirus Has Made It Harder to Get a Life Insurance Policy
The coronavirus pandemic is making it harder for some Americans to get a life insurance policy, The Wall Street Journal reports.
Underwriting Among Early Effects Of COVID-19 On Life Insurance
COVID-19 has prompted a number of insurers to voluntarily extend grace periods, while some states have mandated those extended grace periods.
Global commercial insurance pricing rises by 14% in first quarter
Global average commercial insurance prices increased 14% in the first quarter, driven in part by rises in property insurance rates, insurance broker Marsh said in a report released Monday.
Up to 43m Americans could lose health insurance amid pandemic, report says
As many as 43 million Americans could lose their health insurance in the midst of the coronavirus pandemic, according to a new report from the Robert Wood Johnson Foundation and the Urban Institute.
Gerber’s new baby Magnolia is the first adopted spokesbaby in the company’s history
This year’s Gerber baby just goes to show that family doesn’t have to be defined by genes.
May 5th, 2020
Survey: Short-Term Health Insurance Demand Increasing
Pivot Health, a division of HealthCare.com, which is a leader in technology-enabled health insurance solutions, has released new customer survey data that reveals 26% of short-term medical plan purchasers were long-time uninsured, while 29% had recently lost their insurance due to unemployment.
Underwriting Among Early Effects Of COVID-19 On Life Insurance
COVID-19 has prompted a number of insurers to voluntarily extend grace periods, while some states have mandated those extended grace periods. This creates a challenge for insurers.
Near $50 billion loss but Buffett believes insurance business won’t be as hard hit as others
Berkshire Hathaway Inc., the parent company of Berkshire Hathaway Specialty Insurance (BHSI), has posted a $49.75 billion net loss attributable to Berkshire shareholders in the first quarter of 2020.
The unlikely alliance trying to rescue workplace health insurance
Big businesses and powerful Democrats are aligning around a proposal to bail out employer health plans in the wake of staggering losses to the insurance industry, as some worry that a surge in uninsured Americans could give new life to a stalled push for “Medicare for All.”
Data may imply coronavirus auto-premium reductions were premature
Amid record low travel and vehicle miles traveled, severe and fatal crashes in cities around the United States have increased. From New York City to Austin Texas, there has been even more speeding, more deadly crashes, and more frequent severe crashes than before Covid.
April 28th, 2020
John Hancock and Clareto Streamline Life Insurance Purchase Process
Today, John Hancock announces a strategic collaboration with Clareto, a leader in digital solutions to acquire and aggregate electronic health data, to further improve the Company’s underwriting speed and efficiency.
Some Auto Insurer Premium Discounts Should Be Bigger, Say Consumer Groups
Two consumer groups said on Thursday that some of the largest U.S. auto insurers, including billionaire Warren Buffett’s Geico Corp., are short-changing customers on premium rebates as Americans drive less due to stay-at-home orders.
Health Insurance Outlook Optimistic; Life Insurance Challenging
U.S. health insurers will likely remain profitable despite the uncertainty surrounding COVID-19 and its financial impact, Moody’s Investors Service said in a new report. However, U.S. life insurers could face some financial challenges, the analysts said in a separate report.
Insurance Industry Trends 2020: Growth, Stats, and Forecast
Welcome to the future of insurance — where getting quotes is as simple as clicking a button; managing a coverage can be done via a mobile app; determining a policy premium depends on monitoring devices, and so on.
Consumers Looking To Buy Life Insurance
Half of all consumers are interested in increasing or buying life insurance, but they are 90% certain that they don’t want to do business face-to-face.
New York Life and Cigna Launch ‘Brave of Heart Fund’ to Raise More Than $100 Million to Provide Financial and Emotional Support for Families of Frontline Healthcare Workers and Volunteers
New York Life today announced that it has partnered with Cigna to launch, through their foundations, the Brave of Heart Fund.
April 21st, 2020
Some life insurers hit pause on older Americans during coronavirus crisis
Some U.S. life insurers are deciding not to gamble on older Americans during the coronavirus crisis by temporarily suspending applications from certain age groups or imposing tougher requirements.
Alan raises another $54.4 million for its health insurance product
French startup Alan has raised a $54.4 million (€50 million) Series C funding round. Temasek is leading the round with existing investors (such as Index Ventures) also participating. Overall, Alan has raised $136 million (€125 million) over the past four years.
Insurtech could thrive in a COVID-19 insurance market
The word ‘unprecedented’ has been overused, but it’s also the only real way to describe the impact of the COVID-19 pandemic on our daily lives, work and the world of business.
Coronavirus Will Cause ‘Massive’ Losses Across Insurance Industry, Says Allianz CEO
Allianz SE Chief Executive Officer Oliver Baete warned the coronavirus has upended insurers’ business models and will cause “massive” losses across the industry.
MassMutual to Give $3 Billion in Life Insurance to Health Care Workers
Massachusetts Mutual Life Insurance Company is starting a $3 billion life insurance aid program for health care workers in Massachusetts and Connecticut.
Insurers Are Helping Businesses Maintain Employee Benefits: LIMRA
Insurers are doing their part to help businesses maintain crucial employee benefits during the ongoing COVID-19 pandemic, a LIMRA survey found.
April 14th, 2020
Haven Life: New Initiatives Will Help People Get Life Insurance During COVID-19
Haven Life, the digital life insurance agency backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), is today launching new initiatives that help more life insurance applicants obtain the coverage they need.
How insurance companies are giving back during COVID-19
Since its emergence, the coronavirus has caused fear and worry in millions as it spread at a rapid pace. At the same time, it has revealed the courage, camaraderie, and care of people around the world.
Insurance industry warns its companies not built to withstand ‘catastrophic and nearly universal’ losses
A group of associations that represent members of the insurance industry penned a letter to a pair of congressional lawmakers from California noting that its companies are not built to withstand pandemics such as the current coronavirus outbreak.
Auto Insurers Offering $8-$10B in Discounts in Coronavirus Relief Effort; Updated List
The group of property/casualty insurers offering auto insurance premium discounts to recognize that the insured are driving less during the coronavirus crisis continues to grow, and now includes all major auto insurers.
Warren Buffett’s Geico offers $2.5 billion in credits as coronavirus cuts driving
Geico, part of billionaire Warren Buffett’s Berkshire Hathaway, said on Tuesday it will offer about $2.5 billion of credits to its 19 million auto and motorcycle policyholders, reflecting the decline in driving stemming from the coronavirus pandemic.
April 7th, 2020
With fewer drivers on the road because of coronavirus, Allstate will return $600 million in premiums to its customers
Allstate announced Monday that it will return $600 million in auto insurance premiums to customers because fewer motorists are on the road as a result of the new coronavirus.
COVID-19 Sparks Extended Insurance Grace Periods And Other Relief
Americans who are suffering financially due to COVID-19 may have relief coming for insurance payments. Many auto and homeowners insurance companies are making moves to offer financial assistance to customers, and some states are asking insurers to help out.
In a Nation Without Medicare for All, 3.5 Million Workers May Have Lost Employer-Provided Insurance Over Last Two Weeks
A new analysis estimates that 3.5 million U.S. workers may have lost their job-tied health insurance in just the last two weeks.
11 insurance companies that may help you with payments during the COVID-19 outbreak
As the coronavirus continues to spread, insurance may be more important to you now than ever.
As coronavirus spreads, life insurance agencies see a surge in applications that shows no sign of slowing
Life insurance companies are getting a lot of attention during the coronavirus outbreak as Americans flock to get coverage.
Medicaid Nearing ‘Eye Of The Storm’ As Newly Unemployed Look For Coverage
As the coronavirus roils the economy and throws millions of Americans out of work, Medicaid is emerging as a default insurance plan for many of the newly unemployed.
March 31st, 2020
How Coronavirus May Affect Home And Renter Insurance
While it is highly improbable that the coronavirus pandemic is to wield any direct structural impact to properties, the ongoing health crisis could affect the payment, coverage and utilization of home and renters insurance.
Genstar Capital backs formation of new insurance company
Private-equity firm Genstar Capital has announced that it has partnered with insurance industry executives to establish Obsidian Insurance Holdings, a new fronting insurance holding company, with $100 million of capital.
I Asked 12 Life Insurance Companies About Coverage During the Coronavirus Crisis. Here’s What They Said
I recently got a call from a client asking if he could purchase more life insurance during the coronavirus outbreak and if he could count on the company to pay out if he gets sick.
Insurance Makes ‘Essential Business’ List for States Restricting Commerce Due to Virus
Insurance industry professionals might take some pride in knowing that they are considered essential.
A U.S. Court Gives Medicare Patients New Right To Challenge Denials Of Coverage
A federal judge in Hartford has delivered a sweeping health care victory to senior citizens by giving hundreds of thousands of Medicare beneficiaries a right to challenge denial of benefit decisions that for years have left elderly patients struggling under crushing medical bills.
March 24th, 2020
COVID-19 could prompt higher 2021 insurance premiums, benefit cuts
The cost of COVID-19 testing and treatment is likely to squeeze U.S. health insurers’ profits, which could lead to higher premiums in 2021. Pressure on state budgets may also prompt Medicaid benefit cuts, experts warn.
Why Are Insurance Companies Denying Restaurant Claims in Wake of Pandemic?
On the morning of March 16, less than 24 hours after closing her restaurant the Banty Rooster in New York City’s West Village, Delores Tronco-DePierro filed a business interruption claim to her insurance company.
Policyholders finding out that business interruption insurance doesn’t cover coronavirus
When Bryan Bush heard his five video poker truck stops were being shut down as part of an effort by the state to control the spread of the coronavirus, he reached out to his insurance agent to see about making a claim on his business interruption insurance policy.
Aflac enters agreement to acquire Zurich North America’s group benefits business
Aflac has announced that its insurance subsidiaries – American Family Life Assurance Company of Columbus (Aflac of Columbus) and American Family Life Assurance Company of New York (Aflac of New York) – have entered into a definitive agreement to acquire Zurich North America’s US corporate life and pensions (group benefits) business.
CSO Deadline Drives Indexed Life Sales Records In 2019: Wink
Life insurance sales were very strong in 2019, according to Wink’s Sales & Market Report, with indexed life sales smashing records.
U.S. life insurers impose waiting periods to skirt coronavirus risk
U.S. life insurers are trying to curb their own risks to coronavirus by imposing waiting periods for applicants who have traveled to regions with widespread outbreaks, industry experts said.
10 Ways COVID-19 Is Affecting the Life and Annuity Distribution World
The people in the life and annuity sales and distribution community are facing the same COVID-19 pandemic challenges everyone else is facing: looking for pasta, getting used to working at home every day, and wondering whether that scratchy throat is just a scratchy throat or… a symptom.
March 17th, 2020
Travel Insurance Coverage For Coronavirus Pandemic May Be Available
The coronavirus outbreak has been declared a global pandemic by the World Health Organization. Travel insurance comparison site Squaremouth.com, explains that while a policy can still be purchased today, there is limited coronavirus coverage.
Washington among states reopen to insurance enrollment as coronavirus spreads
At least three states are reopening their health insurance exchanges amid the coronavirus outbreak in an effort to boost coverage and expand treatment for the uninsured.
US insurance companies will cover costs of COVID-19 testing and treatment
US health insurance companies will waive copays for testing and cover the cost of treatment for the novel coronavirus, said Vice President Mike Pence during a press briefing today. Medicare and Medicaid will also cover costs without copays.
How can blockchain’s smart contract improve the insurance industry?
Blockchain can make a significant change in the Insurance industry.
Consumers Panic Shopping For Life Insurance In The Face Of Coronavirus
The panic shopping for coronavirus planning doesn’t end with food, water and toilet paper. Some consumers are also panic shopping for life insurance.
March 10th, 2020
Seniors May Get Tax-Free Life Settlements If House Bill Passes
New bipartisan legislation could go a long way toward helping seniors pay for late-life care through favorable tax changes, say officials with the Life Insurance Settlement Association.
Company aims to reduce health insurance costs with new innovation
Patrick Quigley founded Sidecar Health after he was forced to pay $1,300 for an MRI through his traditional health insurance plan.
COVID-19 response complicated by inequities in health insurance, sick leave
More than 27 million Americans are uninsured and millions more have health plans that cover almost nothing. That was Elisabeth Benjamin’s first concern when it became clear that the new coronavirus had arrived in the U.S.
Northwestern Takes Top Spot In 2019 Life Insurance Premium: NAIC
The National Association of Insurance Commissioners released data Monday on life/fraternal and property/casualty insurers. The reports provide market share information and identify leading insurance writers in several key lines of business.
N.Y. travel insurance to cover coronavirus in ‘cancel for any reason’ policies, Gov. Cuomo says
Travel insurers and travel agents will offer New York residents and businesses the ability to buy coverage that would allow them to cancel a trip for any reason, including those related to coronavirus, New York Governor Andrew Cuomo said on Friday.
March 3rd, 2020
Toyota drivers can buy Nationwide UBI through their cars
Nationwide and Toyota have partnered to help acquire usage-based insurance customers using the carmaker’s connected vehicles.
Homeowners claimants not ready for full digital: JDPA
According to J.D. Power 2020 U.S. Property Claims Satisfaction Study, homeowners’ satisfaction with property claims has reached a high as insurers focus on relationship management.
NAIC Terminates ‘Insure U’ Consumer Website
The National Association of Insurance Commissioners is terminating its Insure U consumer education website.
HEALTH INSURANCE IS A HUGE WORRY FOR MIDDLE-AGED AMERICANS
More than a quarter of people in their 50s and early 60s lack confidence that they’ll be able to afford health insurance in the next year, and the number goes up to nearly half when they look ahead to retirement. Two-thirds express concern about how potential changes in health insurance policies at the national level could affect them.
Created to help employees figure out health benefits, HealthJoy raises $30 million
HealthJoy, a platform designed to make it easier for employees to use their healthcare benefits, has raised $30 million in Series C funding led by Health Velocity Capital.
Checkup for $30, Teeth Cleaning $25: Walmart Gets Into Health Care
The main drag of Calhoun, Ga., a town of about 16,000 an hour’s drive north of Atlanta, is dotted with pawnshops, liquor stores, and fast-food joints. Here, as in thousands of other communities across America, the local Walmart fulfills most everyday needs—groceries, car repairs, money transfers, even hair styling.
February 25th, 2020
Travel Insurance Sales Soar Amid Coronavirus Outbreak
The NBC Bay Area Responds team is hearing from many travelers who’ve run into trouble rescheduling or canceling Asia trips over coronavirus fears.
Nationwide, Ford strike insurance partnership
Nationwide and Ford Motor Co. have struck a partnership meant to give buyers of some new Ford and Lincoln models a simple and convenient way to buy insurance through their smartphones.
Swiss Re’s iptiQ and IKEA Partner to Offer Home insurance
Swiss Re’s iptiQ and IKEA announced the launch of HEMSÄKER, home insurance that provides accessible protection at an affordable price, said Swiss Re in a statement.
More couples saying ‘I do’ to wedding insurance
Wedding insurance — also called event insurance — can shield people from financial loss that could result from a number of setbacks, such as severe weather, property damage and vendor problems.
Annuity Sales Hit 11-Year High In 2019: LIMRA
Annuity sales of $241.7 billion in 2019 represented the best sales in 11 years as the industry continued to rebound from regulation and other pressures.
February 18th, 2020
Direct Auto Insurance opens office inside Walmart
February marked the opening of Direct Auto Insurance, a firm with more than 400 locations in the Southeast. Their new Fayetteville office is located inside of Walmart.
The Future Of Insurance: Fintech 50 2020
We made insurance its own category on this year’s Fintech 50 list. Why? It’s hot. Global funding for insurtech companies jumped from $4.4 billion (410 deals) in 2018 to $6.8 billion (476 deals) last year, according to Accenture.
4 in 10 People With Employer-Provided Health Insurance Still Face Affordability Issues
When politicians talk about healthcare, there’s a lot of focus on reducing the uninsured population or making health insurance more affordable to people whose jobs don’t provide it. And these are important goals.
Drive Safely and This App Can Lower Your Insurance Premium
Ginger Purgatorio, senior vice president for product management at Allstate Corp., is demonstrating a new phone-app feature that, depending on your personality, will either stress you out or warm your penny-pinching heart.
Dowling Highlights Regulatory Battle Over AI Bias; Lemonade Ready
As insurers introduce artificial intelligence into pricing and claims handling activities, regulatory focus on disparate impact will grow into “one of the biggest topics of the next 10 years,” a well-known insurance analyst predicted at an industry conference.
February 11th, 2020
LIMRA: Consumers’ Brand Awareness Of Life Insurers Remains Low
A new LIMRA study finds 1 in 4 adult Americans cannot name a single company that sells life insurance and a majority (56%) are unable to name three life insurance companies.
Allstate’s Growth Plan Includes Shift in Agent Commissions, Hike in Advertising
Allstate first disclosed its Transformative Growth Plan in December, an effort to overhaul how it does business, boost efficiency and reduce expenses.
Lemonade Announces Health Insurance For Pets
Lemonade, the insurance company powered by AI and behavioral economics, today announced a new product line for an entirely new customer – the four-legged kind. Early registration is now open, and Lemonade’s pet insurance is expected to launch within a few months, pending regulatory approval.
Health plans continue to add digital platforms for mental health
Minneapolis-based PreferredOne has joined a growing number of health plans nationwide that are turning to the use of digital methods to treat mental health.
California Consumer Privacy Act: How does it impact insurance?
The California Consumer Privacy Act (CCPA) is a new law that came into effect on January 01, 2020, which protects the rights of Californian consumers. As the strictest state-level privacy and data protection law in the US, the CCPA law sets a new bar for businesses that collect and share the personal data of Californian consumers.
February 4th, 2020
Aegon Life Unveils ‘Dual Protect’ Term Life Insurance Feature
Term insurance plans may be preferred for their low premium charges, but they typically only offer death benefits to the nominee of the deceased policyholder.
Health insurance premiums are headed way higher
Some family budgets are stressed to the limit by the cost of health insurance and out-of-pocket medical expenses. This burden, unfortunately, is likely grow much heavier.
Why CV’s are dumping money into insurance marketplaces
This month, Insurify raised a $23 million Series A that TechCrunch covered here. And even more recently, Gabi, a competitor, raised $27 million. The two rounds added up to $50 million for the insurance marketplace startup space in less than two weeks.
Selective Insurance Launches Collegiate Competition to Inspire Students to Pursue Insurance Industry Careers
Selective Insurance Company of America, the lead insurance company of Selective Insurance Group, Inc. (NASDAQ: SIGI), today commenced a month-long collegiate competition to encourage risk management and insurance students to build industry knowledge and experience.
Data Driven Business Models to Affect Entire Insurance Value Chain: Swiss Re Report
Digital transformation empowers consumers to be more informed and independent, and equips insurers with the tools to develop new tailored products and services and refine existing ones, said the latest sigma report published by Swiss Re.
Top 10 health insurance companies in the US
In the US, there are a host of private healthcare insurance specialists. However, life/annuity and property/casualty insurers also write this coverage, often referred to as accident and health insurance, as outlined by the Insurance Information Institute.
January 28th, 2020
MEXICO INSURANCE COMPANY ROLLS OUT ‘MEDICAL TOURISM’ COVERAGE FOR AMERICANS SEEKING AFFORDABLE TREATMENT SOUTH OF BORDER
This year, some 300,000 Americans are expected to drive across the border into Mexico in search of affordable medical and dental care, according to Patients Beyond Borders, an organization providing resources for so-called “medical tourists.”
Despite insurance gains, more people in the U.S. can’t afford doctors
A growing number of Americans find it too expensive to see doctors even though more people have health insurance, a U.S. study suggests.
15 states where car insurance rates will rise in the first half of 2020
Let’s face it: Car insurance pricing is an enigma to most drivers. While it’s frustrating enough to know your car insurance rate can be calculated based on factors you can’t control, it’s even more difficult to find out your rate has increased when you renew your policy.
Accelerated Underwriting Could Close The Life Insurance Gap
Accelerated underwriting holds the promise of being able to cut the agent’s time spent selling a $500,000 policy from 20 hours to roughly five, a Deloitte analyst said.
Why some life insurance could prove risky for consumers
Most American adults own life insurance, yet the buying process can be perplexing and pose traps for the unwary — and cause financial problems years down the road.
January 21st, 2020
Best Life Insurance Companies of 2020
Life insurance is essential if you have anyone in your life who depends on your income. Unfortunately, many people don’t have the right type of coverage or the right amount.
The state with the highest auto insurance rates in the US is…
Auto insurance rates across the US continue to rise, and one state continues to pay the steepest premiums, a new report from The Zebra has found.
Second-Largest Doctor Group Endorses National Health Insurance (Of Some Kind)
The American College of Physicians, which represents 159,000 doctors with training in internal medicine, on Monday said the federal government should assert more control over national health spending and guarantee insurance for all Americans, either by covering everybody directly (through what advocates call “Medicare for All”) or by creating a new public program that can compete with private plans (through what’s come to be known as a “public option”).
The global pet insurance market is expected to grow at a CAGR of over 20% during the period 2019-2025
The global pet insurance market is catching pace in several developed as well as developing countries. The rise in pet ownership has paved the way for several developments in the industry in recent times.
Life Insurance Industry Faces Low Growth, New Challenges
The U.S. life insurance industry is still feeling the effects of a low-growth decade, according to EY’s 2020 US and Americas Insurance Outlook.
January 14th, 2020
The Penn Mutual Life Insurance Company Introduces New Product to Bolster Individual’s Financial Security
The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 Company, introduces a new Guaranteed Whole Life SM insurance product that provides an array of options for a lifetime of security
At 10 Years Old, ACA Proves More Resilient Than Anyone Imagined
The repeal of an unpopular fine for people without health insurance has had little impact on “Obamacare” sign-ups or premiums, a gap between the real world and legal arguments from conservatives again challenging the Affordable Care Act.
How Insurers Can Win Over Gen Z Consumers
The “experience economy” is here. It’s fundamentally changing how companies go to market, influence their buyers and engage people throughout the customer journeys.
AI status report: Big interest, many small pilots
Technologies in the artificial intelligence family have great potential in insurance, according to a recent SMA survey of P&C insurance executives. This should come as no surprise to anyone following the developments in machine learning, natural language processing, computer visioning, chatbots, virtual assistants, and other related technologies.
Should I Pay for Dental Care With a Credit Card?
THE ONLY THING WORSE than a root canal is getting the bill after it’s all over. With all that Novocain in the dentist’s office, you’d think someone could develop a shot to numb the mental anguish that occurs when it’s time to pay up.
January 7th, 2020
Survey: 62% Of Millennials Would Put Pet’s Health Before Their Own
Putting Fido first. HealthPocket, a free information source designed to help consumers find medical coverage, today released results of a millennial health insurance survey which found that 62% of millennials would take their pet to the vet before going to the doctor for themselves.
New York Life Acquires Cigna’s Group Life And Disability Insurance Business
New York Life, America’s largest mutual life insurer, and Cigna, a leading global health service company, announced that they have entered into a definitive agreement whereby New York Life will acquire Cigna’s group life and disability insurance business for $6.3 billion.
The NextWave of insurance: Trillion-dollar risks and opportunities
According to EY NextWave Consumer Financial Services research, insurers must shift their strategies to differentiate on trust, financial health, and more holistic and personalized value propositions. In fact, our findings lead us to conclude that shifting trust dynamics will prompt the movement of $11.3 trillion in assets during the next five years.
NEW DATA: Insurance At The Point Of Sale Can Boost Consumer Retail Spend
Consumers have become accustomed to being offered insurance coverage with their purchases of electronics, home appliances and other big-ticket items from brick-and-mortar retail locations. Insurance provides a financial fallback in case the purchases break or prove defective, saving consumers from wasting large portions of their hard-earned cash.
Every life and health insurtech funding round over $25 million
Every life and health insurtech funding round over $25 million.
December 17th, 2019
10 insurtech market predictions for 2020
The insurtech industry has continued its growth trajectory in 2019, highlighted by surging valuations in the private market, emerging startups edging toward maturity and interesting M&A activity.
New York Life Is Going To The Super Bowl
North American insurers could save up to $44 billion through 2025 using technology to automate jobs or assist employees, according to estimates from Accenture Plc.
New York Life Is Going To The Super Bowl
New York Life, America’s largest mutual life insurer, is set to advertise during the Big Game next year in Miami.
If Amazon Were An Insurance Agent It Would Do This
WWJD? Of course, that stands for “What Would Jesus Do?” But John Rossman often gets asked, “What Would Jeff Do?”
2020 and insurance: what are the key issues?
With 2019 drawing to a close, predictions for what the year ahead may hold are flying in. Insurance Business interviewed Rich Sega (pictured), global chief investment strategist at Conning, who identified the key themes and surprises he has encountered throughout the year and whether he believes they will continue to impact the insurance sector into 2020.
HealthCare.gov enrollment extended to Wednesday after computer issues halt ACA insurance signups
The deadline to enroll in health insurance through the Affordable Care Act marketplace at HealthCare.gov has been extended to 3 a.m. Wednesday, Dec. 18, after widespread reports of technical glitches preventing people from signing up.
December 10th, 2019
Poll: Most In U.S. Still Favor Private Healthcare, But Numbers Falling
A majority of Americans still prefer private health insurance over government-run alternatives, a new survey shows.
MetLife to Enter Pet Insurance Market with Acquisition of PetFirst Program
MetLife has agreed to acquire PetFirst Healthcare, a pet insurance program administrator that currently distributes its pet insurance products through animal welfare agencies, direct-to-consumer channels and employers.
As the cost of dying rises, more families try crowdfunding for funerals
At 2 a.m. on Oct. 17, Helen Ramos tried to wake up her son, Michael Bowen. Something about the 37-year-old looked strange.
LIMRA: 3Q Life Insurance Sales Driven By 7% Bump In IUL
Total U.S. individual life insurance new annualized premium increased 2% in the third quarter, compared with prior year results, according to the LIMRA U.S. Retail Individual Life Insurance Sales Survey.
10 insurtech market predictions for 2020
The insurtech industry has continued its growth trajectory in 2019, highlighted by surging valuations in the private market, emerging startups edging toward maturity and interesting M&A activity.
December 3rd, 2019
No Itch to Switch: Few Medicare Beneficiaries Switch Plans During the Open Enrollment Period
Each year, Medicare beneficiaries in private Medicare Advantage plans and Part D stand-alone prescription drug plans (PDPs) have the opportunity to change plans during the annual open enrollment period (October 15 to December 7).
Despite Challenges, ‘Moderate Growth’ Ahead For Life/Health Industry
Insurers can expect “moderate growth” in the coming years on both the property & casualty and life/health sectors, a leading analyst says, but far greater opportunities exist for certain products.
ACA Enrollment Report: Average Individual Premiums Down 4%, Deductibles Up 5%
Today eHealth, Inc. (NASDAQ: EHTH) (eHealth.com) released a snapshot analysis of costs and trends among consumers purchasing Affordable Care Act (ACA) plans through eHealth without the aid of government subsidies during the first half of open enrollment season.
Online life insurance company Bestow offers competitive pricing, for 2 to 20 years at a time. Here’s how it works and what to expect.
If you have dependents — others who rely on your income, whether that’s children, a spouse, or aging parents — you probably need life insurance.
The Latest Retail Upsell: Insurance At The Point Of Sale
Every merchant is looking for an edge – a way not only to make more money, but also to hit on fresh methods for building customer loyalty and trust. As we look to a new decade and as payments technology advances, eyes are turning toward point-of-sale (POS) insurance offerings for retail purchases.
November 26th, 2019
Walgreens, UnitedHealthcare to open in-store Medicare service centers
UnitedHealthcare and Walgreens will be opening 14 UnitedHealthcare Medicare service centers within Walgreens stores in five metropolitan areas. The two companies have signed a multiyear agreement that will see the first Medicare services centers opening in January 2020.
How InsurTech companies should approach senior customers
In the world of InsurTech, seniors largely remain an untapped market, with many companies opting to target tech-savvy millennials and Generation Z.
Hippo Insurance Acquires Sheltr
Home insurance startup Hippo bought home maintenance startup Sheltr, its first acquisition, the companies announced Thursday.
Health insurance is becoming more unaffordable for Americans
Americans who receive health insurance through their employers are finding it increasingly unaffordable, as out-of-pocket costs continue to outpace wage growth, according to a new study.
Cyber Insurance Market Expected To Reach $15B By 2022
As data breaches and ransomware hacks escalate, cyber protection is becoming one of the fastest-growing insurance industry sectors, a Financial Times special report indicated.
November 19th, 2019
The 10 best car insurance companies in the US
No matter what kind of vehicle you drive or where you’re going, it’s essential that you have car insurance coverage — and not just because it’s the law in 48 of the 50 states.
Startup of the Week: Life Insurance For Millennials Who Want to Die
Life insurance is a boring business, but does it need to be less boring? Deadhappy, a life insurance startup based in the UK, is betting the answer is yes, and it thinks that one way to do it is by making a #FuneralFails board on Pinterest.
Allianz Forms Partnership with Microsoft, Aiming to Transform Insurance Processes
Allianz SE and Microsoft Corp. announced a strategic partnership focused on digitally transforming the insurance industry, making the insurance process easier while creating a better experience for insurance companies and their customers.
AgeUp To Offer New Kind Of Financial Protection For Life After 90
One-third of 65-year-olds will likely live past 90, but many are underfunded for that long a life span and their families are often not prepared to cover the gap.
White House Unveils Finalized Health Care Price Transparency Rule
Hospitals will soon have to share price information they have long kept obscured — including how big a discount they offer cash-paying patients and rates negotiated with insurers — under a rule finalized Friday by the Trump administration.
November 12th, 2019
Half Of Consumers Think Life Insurance Not Relevant: AALU Survey
Life insurance isn’t selling like it used to, and one industry organization wants to find out why.
BenefitMall partners with Humana
BenefitMall, a provider of employee benefits and payroll services, has announced the launch of Humana Integration through its online enrollment platform.
29% of couples have separate health insurance—and they may be onto something
When couples get married, many times there’s a conversation about combining everything from bank accounts to last names. But while picking one health insurance plan for both of you may seem like a convenient solution, experts say this strategy doesn’t make sense for most couples.
America’s Largest Health Insurer Is Giving Apartments to Homeless People
In 1986, Congress enacted a law to bar hospitals from turning away patients who are unable to pay.
November 5th, 2019
The digital customer is here: Are insurers ready?
Every generational cohort has a demographic profile that reflects shared experiences, attitudes and behaviors. Think of the Greatest Generation or Baby Boomers and instant images and perceptions come to mind.
Verily, John Hancock collaborating on life insurance solution that offers virtual diabetes management
Life insurance company John Hancock is teaming up with Verily Life Sciences to offer a life insurance solution and digital wellness program to help people with diabetes manage and improve their condition.
Health benefits, insurance navigation chatbot Sensely lands $15M
This morning Sensely, an artificial intelligence chatbot that helps users navigate insurance benefits, announced a $15 million raise. The latest funding round was led by Aflac Corporate Ventures with participation from NMC, Nippon Life Insurance Company, Susquehanna International Group, Sojitz Corporation, Zuellig Pharma and Silicon Valley Bank.
Amazon and JPMorgan to roll out new health insurance plans as part of Haven joint venture
Haven Healthcare, a joint venture between Amazon, JPMorgan Chase and Berkshire Hathaway, created its first offering in the form of health insurance plans for tens of thousands of employees.
One In Two Seriously Ill Medicare Enrollees Struggles With Bills
More than half of seriously ill Medicare enrollees face financial hardships with medical bills, with prescription drug costs the leading problem, according to a study published Monday.
October 29th, 2019
Medicare would cover dental and vision if these bills pass Congress
Medicare beneficiaries would get dental, vision and hearing coverage if several bills now before Congress pass.
Digital playing supporting role in claims satisfaction lift: J.D. Power
Satisfaction with auto insurance claims is at an all time high, according to J.D. Power & Associates’ U.S. Auto Claims Satisfaction Study. However, policyholders are still eager to talk to live reps for assurance that their claim will be handled in the best manner.
U.S. Insurance Carriers Embrace AI, Drones And Other Technologies
U.S. insurance companies are rapidly adopting new technologies such as artificial intelligence and drones to better serve their customers, and they are looking to business process outsourcing (BPO) providers to help them roll out these advancements, according to a new report published today by Information Services Group, a leading global technology research and advisory firm.
HealthCare.gov premiums to fall 4% in 2020
Health insurance premiums for benchmark Affordable Care Act exchange plans will decrease in 2020 for the second year in a row, and most shoppers will have more plan choices.
Employers Are Scaling Back Their Dependence On High-Deductible Health Plans
Everything old is new again. As open enrollment gets underway for next year’s job-based health insurance coverage, some employees are seeing traditional plans offered alongside or instead of the plans with sky-high deductibles that may have been their only choice in the past.
A Sweet Life Insurance Deal: “Buy, Don’t Die”
Imagine life insurance that tries to keep you from dying.
October 22nd, 2019
Destination AI for insurance underwriting
It’s almost inevitable: Spend your working life identifying, analysing, quantifying and ascribing monetary value to risk, and you’re likely to have a fairly strong aversion to it. Or, perhaps more accurately, you’ll have an aversion to undertaking new endeavours with inadequately understood consequences.
Medigap Plan F Will Soon End. Here’s How That Changes Retirees’ Costs.
The so-called Cadillac of Medicare-related insurance is being phased out at year’s end, shutting Medicare newcomers out of the plan that many retirees buy for peace of mind, and potentially boosting costs for those who remain or turn to another popular option.
Auto claims leans into AI, automation
It’s early days for some of the most sophisticated technology solutions available for auto insurance, but not because there are so few companies adopting technology solutions. It’s because an increasing number of insurers now have the vision to combine certain key technologies to create an ideal customer experience.
CMS: More Medicare Advantage beneficiaries will enroll in top-rated plans in 2020
More than three-quarters of Medicare Advantage (MA) beneficiaries with prescription drug coverage are expected to enroll in plans with four- or five-star ratings for the 2020 coverage year, according to CMS quality star ratings data released Friday.
Technology Is Changing Insurance for The Better
The days of customers calling an insurance company out of the blue and getting a quote over the phone are fading fast. Customers today are digital natives and want the best rates from every insurer out there at the tap of just a few clicks.
October 15th, 2019
Clients Look To Their Brokers For Prompt Service, Managing Costs
Zywave, a leading insurance tech provider, today released the results from its highly anticipated 2019 Broker Services Survey. The annual survey of employers provides valuable insight into the constantly evolving broker-client relationship and reveals what businesses across the country are asking of their brokers.
Newly-rebranded Thimble raises $22M to bring flexible insurance to the gig economy
Thimble, which offers flexible, short-term insurance to small businesses and freelancers, is announcing that it has raised $22 million in a Series A funding round led by IAC.
Medicare Advantage open enrollment starts this week. Here are the health plans’ star ratings for 2020
Medicare Advantage open enrollment begins Tuesday, and the Trump administration says that most beneficiaries will be enrolling in a plan with at least four stars.
A new twist on Medicare open enrollment
Many of your retired or soon-to-be retired clients probably think of enrolling in Medicare as a once-in-a-lifetime event that’s timed to coincide with their retirement date and Social Security claiming decisions.
Auto Insurance Customer Loyalty Is Declining. Here’s Why.
Last year more than $6 billion in advertising was pumped into the marketplace to encourage consumers to shop and switch their auto insurance providers.
October 8th, 2019
Millennials Pay More For Auto Insurance Than Any Other Generation
A recent study commissioned by Reviews.com has found that millennials pay more for auto insurance than drivers of any other generation.
John Hancock Expands Vitality Program Tracking Customers’ Habits
John Hancock announced today it is expanding its Apple Watch program to include the new Apple Watch Series 5. Beginning this fall, customers can earn the watch through the John Hancock Vitality Program for just $25, simply by being more active.
Insurance/insurtech partnerships on the rise: Capgemini
Digital experience have driven the business of insurance, and insurtech’s self-service platforms have improved the business dynamics for both insurers and consumers.
Personal Lines Insurance Composite Rate Rises To Plus 4.5%
The composite rate for personal lines continued to increase. Rates increased from plus 3.5 percent in the second quarter 2019 to plus 4.5 percent in the third quarter.
Next Insurance Raises $250M at $1B Valuation To Help SMBs Get Coverage
Next Insurance, a provider of digital insurance for small-and-medium sized businesses (SMBs), has raised $250 million in a round that takes its valuation “to slightly above $1 billion,” according to investor Munich Re.
October 1st, 2019
Salesforce expands financial services cloud to insurance
Salesforce.com Inc. is expanding its financial services cloud with a set of tools aimed at the insurance industry, company executives told a crowd at the InsureTech Connect technology conference in Las Vegas on Tuesday.
Lloyd’s Reveals Blueprint to Build ‘Most Advanced Insurance Marketplace’
Lloyd’s of London has unveiled a blueprint for action to facilitate its Future at Lloyd’s project, which aims to “build the most advanced insurance marketplace in the world.”
When Buying Car Insurance, Bigger Isn’t Better
Big car insurers like Geico, Progressive, and Allstate may be more recognizable, but it’s the lesser-known insurers that earn higher satisfaction scores in CR’s latest member survey about car insurance.
Watch Out Insurtechs: Nationwide Readies Own Digital Auto Insurance Platform
Nationwide plans on striking hard against digital insurer upstart competitors with the debut of Spire, a digital auto insurance platform with an eye on millennial customers.
Health Insurance Costs Surpass $20,000 Per Year, Hitting a Record
The cost of family health coverage in the U.S. now tops $20,000, an annual survey of employers found, a record high that has pushed an increasing number of American workers into plans that cover less or cost more, or force them out of the insurance market entirely.
September 24th, 2019
The future belongs to capital-light insurance businesses
Technology is enabling insurance companies to increasingly separate capital from the origination, underwriting, and servicing functions. This creates an opportunity for insurance businesses to transform themselves into balance sheet-light asset managers.
Tesla dips into the car insurance business. Whether it would cost less is not clear
If Tesla has your car-loving heart, it now wants your auto insurance business, too.
New NAIC Working Group Dives Into Accelerated Underwriting Issues
A new National Association of Insurance Commissioners’ working group is set to tackle accelerated underwriting with an Oct. 2 kickoff conference call.
Why Women Don’t Purchase Enough Life Insurance…And Why They Need More
According to a new study by online life insurance agency Haven Life , there is a major gender gap when it comes to life insurance and women.
Health Insurance That Doesn’t Cover the Bills Has Flooded the Market Under Trump
Early one Friday morning two years ago, David Diaz woke up his wife, Marisia, and told her he didn’t feel right. He asked her to pray with him. Their son called 911, and within minutes, Marisia was tailing an ambulance down the dirt road away from the couple’s house on the outskirts of Phoenix to a hospital in the city. David had had a massive heart attack.
September 17th, 2019
Home insurance needs improvement, consumers say
Three-quarters of home insurance customers say the industry needs improvement, according to J.D. Power & Associates’ 2019 U.S. Home Insurance Study.
Number of Americans Without Health Insurance Increased in 2018, Report Finds
The U.S. Census Bureau announced in a report on Tuesday that the percentage of Americans without health insurance is creeping upward. It’s the first rise in the uninsured rate since the Affordable Care Act passed in 2010.
Visa Direct Offers Real-Time Claims Payments With Insurance Partners
Visa is working with insurance companies who want to use its Visa Direct real-time payment system to send insurance payouts to their customers.
On Second Thought, Insurtech Next Insurance Thinks Agents Have a Role After All
Next Insurance has begun formally marketing a portal designed to help independent agents quickly quote and sell its policies.
Warren and Sanders say Americans don’t like their health insurance. Polls don’t back that up.
Poll of the week: A new Kaiser Family Foundation poll finds that when it comes to expanding coverage and lowering health care costs 55% of Democrats and Democratic leaning independents prefer to vote for a candidate who does so by building on the Affordable Care Act. Only 40% want do so by voting for voting for a candidate who replaces the ACA with Medicare for All.
September 10th, 2019
Baby Boomers and Millennials Want More Frequent Communication
Years before the oldest baby boomers reached retirement age, the healthcare industry began to prepare for the impact of an aging generation. Healthcare providers and organizations have dedicated time and resources to studying the needs of boomers and adapting to meet them.
Unum: 40% Of Adults Don’t Have Or Unsure If They Have Life Insurance
Employee benefits provider Unum finds that 38% of U.S. adults rate their ability to manage finances as average, poor, or very poor.
America’s Most Memorable Mascots
There’s something curiously nostalgic, reassuring, and even heartwarming about brand mascots. Some of the most successful characters in American marketing have smiled at us from product labels for more than a century — like Mr. Peanut, who was introduced in 1916, the Sun-Maid girl in 1915, or the Quaker Oats man in 1877.
Tesla Insurance Will Use Driver Video, GPS Data Subject to States’ Approval
Tesla Inc.’s use of individual customer data, such as vehicle camera footage and GPS, to price its new insurance products will depend on drivers’ authorization and individual U.S. state laws, a senior company executive said on Wednesday.
How a stealthy insurance tech startup bootstrapped its way to a $2.35B acquisition in less than 4 years
It started as conversations between two friends about how to improve the insurance and financial services industries for consumers. That idea turned into a company when Michael Rowell and Michael Paulus made the startup leap in 2016.
This insurance company is using tech to revolutionize claims processing
You may not exactly get excited when it comes to buying homeowner’s or renter’s insurance, but they’re nonetheless essential parts of life.
September 3rd, 2019
American Workers Want Life Insurance As Employee Benefit: Survey
Although 28 percent of employed1 Americans have voluntary group life insurance through their employer, 59% of workers who say they don’t because their employer doesn’t offer it say they would be likely to purchase it if it was an option.
Life Insurance Startup Ethos Valued At More Than $400 Million After Series C Raise
Ethos, the insurance startup out of San Francisco, raised $60 million in venture funding, giving it a valuation of between $400 million and $500 million.
Tesla Insurance Is Available Even For Chevy Bolts In California–If You Can Get A Quote
Tesla this week repowered its auto insurance website that promises savings to Tesla owners of up to 30%. If such a discount sounds attractive and you’re driving a Chevy, by California law Tesla still has to let you apply–but doing so isn’t easy.
Hurricane Dorian will cause insurance losses of at least $25 billion: analysis
Hurricane Dorian will cause insurance industry losses of at least $25 billion, according to analysts at Swiss investment bank UBS Group AG.
Brooke Shields Brings New Energy To Life Insurance Campaign
Life Happens was so pleased with racecar driver and personality Danica Patrick as the face of its annual 2017 life insurance campaign, they signed her up for a second year.
August 27th, 2019
Auto insurance’s demise is coming a lot slower
I spend a certain amount of time in Palo Alto. For a while now, a common sight has been Waymo vehicles (with a safety driver) tooling around town. Traffic in Palo Alto is mostly calm and orderly, stoplight and street signage are well maintained and quite visible, and pedestrians often wait for “Walk” signals to cross the street.
2Q Annuity Sales Bust More Records
Fixed indexed annuity (FIA) sales were $20 billion in the second quarter, 14% higher than prior year results, according to the LIMRA Secure Retirement Institute.
New bill aims to ban non-driving factors from insurance rate decisions
Representatives Bonnie Watson Coleman (D-NJ) and Rashida Tlaib (D-MI) have introduced a bill requiring that insurance companies use only driving records in determining car insurance rates and eligibility.
AARP to Offer Medico Short-Term Care Insurance
AARP will be offering short-term care insurance (STCI) to many of its 38 million members.
Electric toothbrush company launches dental care app
Electronic toothbrush company Quip has launched a mobile app to approximate dental insurance through a network of participating doctors.
August 20th, 2019
Nationwide Tops J.D. Power Small Commercial Insurance Satisfaction Study
J.D. Power has recognized Nationwide with the highest ranking for overall customer satisfaction in its 2019 U.S. Small Commercial Insurance Satisfaction Study.
Analysts: LTC Hybrid Policies Will Keep Driving Life Insurance Sales
It was one of the most stunning data sets discussed during the recent state insurance commissioners’ summer meeting in New York City: policies sold with a long-term care rider jumped from 228,000 in 2015 to 461,000 in 2018.
More than half of consumers willing to release more robust data for insurance benefits
Nearly six in ten consumers are open to sharing location data and lifestyle information in exchange for decreased pricing in financial products and services.
Insurance Companies Are Paying Cops To Investigate Their Own Customers
When police showed up at Harry Schmidt’s home on the outskirts of Pittsburgh, he thought they were there to help. He was still mourning the disappearance of the beloved forest green Ford F-150 pickup that he’d customized with a gun storage cabinet, and he hoped the cops had solved the crime.
Signs of trouble – and progress – as Obamacare 2019 open enrollment nears
The latest health insurance data gives new ammunition to the Trump administration as it touts the latest bad news on Obamacare, but supporters of the law say there are positive signs for the state and federal marketplaces as 2019 open enrollment nears.
Customer experience: The auto insurance X-factor
Customer experiences with auto insurance companies have changed more in the past decade than in the prior 80 years. The evolution of online quoting, the growing role of self-service tools, and increased overall access to information and company reviews have given customers more power and control in their decision-making processes than ever before.
August 13th, 2019
Health plans, big tech firms to test Blue Button implementation guide
About a dozen health plans will join Apple, Google and Microsoft to test a new private sector implementation guide for Blue Button 2.0.
More millennials, Gen Z-ers shopping for car insurance
A recent study from TransUnion shows the number of consumers shopping for personal auto insurance is on the rise, driven largely by the youngest generations.
Answering digitalization questions in life insurance
First is the question of technology and infrastructure, of making the investment required to ensure the company has the means to execute these quite unfamiliar, data-heavy digital strategies – whether that be through replacing or upgrading in-house systems, or through partnering with third party technology firms.
Insurance Giant Allianz Is Working on a Token-Based Blockchain Ecosystem
German financial services giant Allianz Global Corporate & Specialty SE (AGCS) is developing a blockchain-based ecosystem to facilitate cross-border insurance payments for its corporate customers.
Threats, opportunities presented by new technology in insurance
Netflix, Hulu and other streaming services have had a fundamental impact on the cable TV model. Companies such as Spotify have materially changed how the recording industry operates.
Health Insurance Innovations Bolsters Life Insurance Offerings
Health Insurance Innovations, Inc. (NASDAQ: HIIQ), a leading cloud-based technology platform and distributor of affordable health insurance, life insurance and supplemental plans, today announced the launch of www.agilelifeinsurance.com, a new on-line marketplace where consumers can easily compare and purchase an array of affordable life insurance products.
July 30th, 2019
A Company Offering ‘Alien Abduction Insurance’ Has Sold Nearly 6,000 Policies
While it’s still quite difficult to say whether or not aliens are real, UFO Abduction Insurance certainly is.
Baton Rouge life insurance company acquires Nebraska competitor
Guaranty Income Life Insurance Company, a Baton Rouge-based business owned by a private equity firm is slated to acquire a Nebraska insurance business, Lincoln Benefit Life Company.
CUNA Mutual venture division launches startup incubator
CMFG Ventures, venture capital unit within CUNA Mutual Group, has announced a new partnership with Filene Research Institute aimed at helping test new products and services from insurtech and fintech start-up companies.
Kuvare US Holdings To Acquire Lincoln Benefit Life Company
Kuvare US Holdings, Inc. announced today that its affiliate, Guaranty Income Life Insurance Company, has entered into a definitive agreement to acquire Lincoln Benefit Life Company and its affiliates, all subsidiaries of RL LP.
Insurance product bundling must come with customer experience improvements
“Bundle and save” is a tried and true sales tool. Buy two, get one free. Sign up for internet, save on your TV package. And, when it comes to the insurance industry, combine home and auto policies for big discounts.
July 23rd, 2019
Health insurers diving deeper on social, demographic data
In the midst of metropolitan Minneapolis-St. Paul, surrounded by the rich farmland of the Midwest, lurks a food desert, believed to be the fifth largest in the U.S. Metro residents lack access to adequate and inexpensive supplies of fresh fruit, vegetables and other “whole” foods.
Nationwide develops digital storefront with assist from insurtech Bold Penguin
Nationwide is partnering with the insurtech Bold Penguin to create and deliver a Digital Storefront for commercial customers and agents. The goals are to speed up underwriting, enabling small businesses to get commercial insurance quotes quickly and easily by phone or online. Businesses have the option to bring in an agent at any point in the process.
Humana Expands Reach of Value-Based Orthopedic Specialty Care to Benefit More Humana Medicare Advantage Members
Leading health and well-being company Humana Inc. (NYSE: HUM) announced that value-based orthopedic specialty care is available for more of its Medicare Advantage members than ever before, with the participation of additional providers in Humana’s bundled payment models for spinal fusion surgeries and hip or knee joint replacement procedures.
Allianz: Women, Gen-Xers Most Need Education About Permanent Life Insurance
A majority of Americans (82%) continue to have a strong understanding of the primary need for life insurance within their financial strategy – particularly the death benefit that provides monies to family/loved ones upon death of the insured – but women and Gen Xers are behind in awareness about additional benefits that permanent life insurance can offer.
State Actions to Improve the Affordability of Health Insurance in the Individual Market
The health insurance marketplaces established by the Affordable Care Act (ACA) provide coverage to about 11 million consumers. However, insurance premiums in these marketplaces have risen dramatically across most states in recent years. Even as premium increases moderated in 2019, the cost of coverage remained unaffordable for many.
July 16th, 2019
NAIC Steps Up Online Life Insurance Awareness Campaign
The National Association of Insurance Commissioners plans to give agents an engaging online resource to help educate clients on life insurance products.
Brightway Insurance hits $600 million in annualized written premium
Florida-based Brightway Insurance, one of the largest independent personal lines insurance agencies in the US, has reached $600 million in annualized written premium. Brightway began franchizing in 2008 and finished that year with $38 million in premium.
Health insurer Anthem has hired a bunch of Apple employees to help it modernize
Health insurance isn’t exactly known for its consumer-friendliness. But Anthem, one of the largest insurers, is looking to change that with a slew of recent hires from the company best known for its commitment to user-friendly design: Apple.
Life Insurance Applications Up Sharply In June, MIB Reports
U.S. life insurance application activity rose 3.3% in June year over year, nudging the MIB Life Index above par on a year-to-date basis for the first time since last February.
Medical bills are a growing concern for cancer patients
Cancer can take a significant toll on your health, your work, your family – and, increasingly, your wallet.
July 9th, 2019
Cannabis Edibles Could Cause Spike In Life Premiums for Canadians
As Canadians countdown to the start of cannabis edibles sales in December, some sobering information is filtering in to the effect that life insurance premiums could go up depending on one’s cannabis edibles consumption habits.
UnitedHealth Group invests $8.25M to aid data scientist education
UnitedHealth Group and the Atlanta University Center Consortium—the oldest and largest consortium of historically black colleges and universities—are partnering to help students become data analytics experts.
‘People Don’t Like Insurance Companies, They Like Their Doctors’: Poll Shows Majority of Voters Support Abolishing Private Insurers If They Can Keep Providers
Bolstering single-payer proponents’ argument that Americans like and want to keep their doctors and hospitals, not their private insurance companies, a survey released Tuesday found that the majority of voters support a Medicare for All plan that eliminates private insurers if they can hold on to their healthcare providers.
Why Manulife got into banking with AI
When Manulife, one of the largest insurance companies in Canada, launched a digital bank this month, it leaned on artificial intelligence to help it attract the millennial consumers it sought.
UnitedHealthcare launches hearing insurance
Benefit provider UnitedHealthcare expanded its voluntary offerings to include hearing care, the company announced Thursday.
July 2nd, 2019
InsuraGuest, Venture Insurance to Offer Accident, Property Coverage to Hotel Guests
InsuraGuest, Inc. has partnered with Venture Insurance Programs to provide U.S. hotels with specialized insurance coverage for guests who are staying in the hotel utilizing InsuraGuest’s insurtech software.
Data-Driven Insurance Future Clouded by Data Ownership Uncertainty
Insurers need to learn to share their data if they want to take full advantage of the mountain of information generated from connected devices, insurtech executives say. Along the way, somebody’s got to figure out who owns the data.
TIAA exits the life insurance business
TIAA, one of the largest U.S. life insurers, is exiting the life insurance business, ceasing the manufacture and distribution of its products by the end of the year.
Individual Insurance Market Performance in Early 2019
The early years of the Affordable Care Act (ACA) exchanges and broader ACA-compliant individual market were marked by volatility.
Discovering Insuretech: Blockchain Disruption of the Insurance Sector
The business of insurance is enormously complex: The process of evaluating and managing a variety of risks that individuals and organizations face every day inevitably involves coordination of the multiple parties’ efforts and reconciliation of extensive records.
June 25th, 2019
How digital underwriting is on the fast track at Prudential
It’s the year 2030 and Janice wants to buy life insurance. She searches online to purchase a policy in a nearly Amazon-like experience.
Donald Trump Takes A Big Step Toward Personal And Portable Health Insurance
In an ideal world, most people would own their own health insurance and take it with them as they travel from job to job and in and out of the labor market.
State Farm unveils updated UBI mobile app
State Farm has updated its Drive Safe & Save Mobile application with partner Cambridge Mobile Telematics. The new app is built on CMT’s DriveWell platform, used by several other insurers including State Auto and Plymouth Rock.
State of the Cyber Insurance Market— Top Trends, Insurers and Challenges: A.M. Best
The cyber insurance market continues to grow and underwriting performance in this line remains strong, according to a new industry report.
MetLife Plans To Disrupt $2.7 Trillion Life Insurance Industry Using Ethereum Blockchain
When a family loses a loved one, it faces a litany of immediate tasks such as planning the funeral and placing an obituary in the local newspaper.
June 18th, 2019
Insurance startup Lemonade expands into Europe
Lemonade, the insurance company that’s raised $480 million, is today expanding into Europe with the launch of Lemonade in Germany.
CSAA offers digital cameras to clients to boost claims experience
Walnut Creek, Calif.-based CSAA Insurance Group, a AAA Insurer, is partnering with Owlcam, a Palo Alto, Calif-based provider of car security webcams and services, to improve the P&C insurer’s customer claims experience.
Elon Musk says Tesla still plans to offer insurance, but is waiting for an acquisition to close
On Tuesday, during Tesla’s annual shareholder meeting, CEO Elon Musk said an insurance offering that he expected his car company to launch in May this year is actually still in the works.
The Former Insurance Industry Employee Who Is Shaking Up The Sector
So many traditional industries are being shaken up by entrepreneurs who previously worked in the sector, and insurance is no exception.
Why Safer Cars Don’t Lead To Cheaper Car Insurance … Yet
Many new cars sold today can take preemptive action to help prevent crashes — hitting the brakes before a collision, steering around obstacles or alerting drivers to hazards in their blind spots.
June 11th, 2019
MassMutual reorganizes tech under former chief digital officer
MassMutual has created a new organization for its digital initiatives.
LIMRA and The Institutes RiskStream Collaborative Announce Plans to Develop Blockchain Solution for Life Insurance Licensing and Appointments
LIMRA and The Institutes RiskStream Collaborative™ today announced plans to pursue a blockchain use case that will streamline the licensing validation and appointment process for agents.
How insurers can keep customers happy when moving online
For some time now, the movement of property & casualty insurance from an in-person, manual transaction to an online purchase has allowed carriers to expand their scopes nationwide, serving a wide variety of communities and customers.
Colonial Penn Launches Living Insurance With Early Payout Option
Colonial Penn Life Insurance Company, a national provider of easy-to-understand life insurance products to the middle-American market via direct-to-consumer strategies, announced today their new insurance product with an early payout option, Living Insurance.
Millennials More Likely to Buy Flood Insurance Than Baby Boomers
Millennials — those born between 1981 and 1996— are nearly three times more likely to have purchased flood insurance than their older Baby Boomer counterparts born between 1944 and 1964, a new survey finds.
June 4th, 2019
1Q Delivers Sluggish Growth For Life Insurance New Premium
U.S. Individual life insurance new annualized premium increased just 1% in first quarter 2019, compared to first quarter 2018, according to LIMRA’s U.S. Individual Life Insurance Sales Survey.
Here Are The Best Travel Insurance Apps For Your Next Trip
When Dary Merckens needed the name of a reliable doctor or the number for the U.S. embassy, he turned to an unlikely source: his smartphone’s travel insurance app.
State Farm, USAA to Pay Each Other Insurance Claims on Blockchain by 2020
U.S. insurance giants State Farm and USAA have entered advanced testing of a blockchain to automate the time-consuming and paper-heavy processing of automobile claims.
Early Cannabis Insurance Claims Experience Differs from Expectations
It’s still early, but claims experience thus far in the cannabis insurance market is encouraging, according to one leading writer.
Ohio health insurance costs top U.S. median
The burden of high health insurance premiums and high out-of-pocket costs is worse in Ohio than in many other states, and worse than the national average, according to a new study.
May 28th, 2019
Auto Insurance Drives Personal Lines Improvement
U.S. personal lines insurance saw strong premium growth of 8% in 2018 and the sector’s statutory combined ratio of 99% for 2018 represented the market’s best results since 2013, according to a new special report from Fitch.
Worried about bullies? How about anti-bully insurance?
It was bound to happen somewhere—”bully insurance.” A new article out of Japan informs us that an insurance company is now offering parents insurance against bullying for about US$24 per month.
Humana, United Healthcare plan to test blockchain
Three of the nation’s largest health insurers and two health information technology vendors have launched a collaborative pilot program to use blockchain technology in a cross-industry initiative designed to improve and validate the information in provider directories.
This Health Insurance Company Tracks Customers’ Exercise And Eating Habits Using Big Data And IoT
If you had the chance to lower your health insurance premiums or to receive incentives for behaving healthily, would you do it?
Insurers’ mobile experiences improve: J.D. Power
Years of development and iteration has led insurers to produce great user experiences on mobile. But there are still areas where carriers are falling short, according to J.D. Power’s 2019 Insurance Digital Experience study.
May 21st, 2019
Upstate N.Y. health insurer finds telehealth on the rise
Telemedicine is on the rise in upstate New York, nearly tripling in use over the past two years, according to Rochester, N.Y.-based Excellus BlueCross BlueShield.
New Report Explores Millennials And Modern Insurance
Cake & Arrow, a customer experience design and innovation agency that works across the insurance industry, announced the publication of a new report in partnership with Coverager exploring the modern landscape of insurance and offering a deep dive analysis of Millennials.
Brooke Shields to Promote Life Insurance Awareness
Life Happens has signed Brooke Shields to be the spokesperson for the 2019 Life Insurance Awareness Month campaigns.
This Is The Surprising Way Insurance Companies Are Speeding Up Their Claims
How long does it take for an insurance company to pay out a claim? For John Madden, it took a lot less time than he thought.
Judge rips insurance company for ‘immoral, barbaric’ cancer denials
A federal judge blasted UnitedHealthcare last month for its “immoral and barbaric” denials of treatment for cancer patients. He made the comments in recusing himself from hearing a class-action lawsuit because of his own cancer battle — and in so doing thrust himself into a heated debate in the oncology world.
May 14th, 2019
ACA Market Profitability Could Prompt $800M In Rebates To Consumers
A new report finds that improved profitability for insurers selling Affordable Care Act coverage to individuals last year means health plans could be issuing a record $800 million in rebates to consumers — a national finding that fits with the financial results in Minnesota.
New Report Explores Millennials And Modern Insurance
Cake & Arrow, a customer experience design and innovation agency that works across the insurance industry, announced the publication of a new report in partnership with Coverager exploring the modern landscape of insurance and offering a deep dive analysis of Millennials.
The Next Insurance Battleground: High-Value Customers
Competition is tightening across the P&C insurance market. With just 2 percent of new consumers entering the personal lines auto insurance market last year, and with retention rates hovering around 88 percent, most insurers face a zero-sum proposition in which the growth of their company requires taking share from competitors.
CDC: 1.1 million more Americans lost health insurance coverage in 2018
The number of Americans without health insurance increased again in 2018, the second consecutive year that figure has risen after several years of declines under Obamacare, a Centers for Disease Control and Prevention survey shows.
Brooke Shields To Share Life Insurance Story
Actress and model Brooke Shields is the new life insurance spokeswoman, selected by Life Happens for its annual campaigns.
May 7th, 2019
Insurers get more live data on in-car phone use
The distracted driving report by Zendrive, a traffic-data startup, makes it clearer and clearer each year that millions of Americans can’t stop themselves from talking, texting and livestreaming—yes, even using FaceTime—while driving. The results have been increasingly unsettling, showing that drivers in the U.S. are becoming more likely to use their smartphones more often.
Sun Life Helps Employers Auto-Enroll Employees In Disability Insurance
Sun Life U.S. is helping clients automatically enroll employees in disability coverage, increasing population coverage and income protection for workers.
First, Fire All The Brokers: How Lemonade, A Millennial-Loved Fintech Unicorn, Is Disrupting The Insurance Business
In the summer of 2017, a Los Angeles man in his mid-20s put on a necklace, blond wig and makeup and made a cellphone video describing how his camera and other electronics had been stolen.
Tesla: Insurance Pivot Likely To Fail
Recently, Tesla (TSLA) announced that they would be offering an insurance product that would be much more compelling than competitors. Despite bold promises by management, few questions have been answered, leading us to believe that this may be another failure.
New no-fault bill would allow complete opt-out of medical coverage
Senate Republicans on Tuesday unveiled a new no-fault insurance reform bill that would fundamentally change the 45-year-old system, allowing motorists with health insurance that covers auto accident injuries to opt out of personal injury protection altogether.
April 30th, 2019
Meet the insurtech: Avibra aims to be the Netflix of life insurance
A former New York Life managing director’s new insurtech is trying to solve life insurance’s sales doldrums by avoiding the product overall.
Home Insurance Rates Up As Much As 88% In Last Decade, QuoteWizard Finds
QuoteWizard®, a LendingTree company, and one of the nation’s leading online insurance marketplaces, today released its report that found natural disasters have dramatically increased home insurance rates in every state around the country.
Let’s Talk About Better E-Policy Delivery
Electronic policy delivery saves carriers and agents paper, time and money. It’s also more convenient for the customer because the policy arrives much faster. E-delivery can reduce the cycle time from weeks down to minutes.
8 insurance companies ranked among best workplaces in 2019
The folks at Great Place to Work have released their 2019 list of the best workplaces in financial services and insurance.
Humana announces virtual primary-care plan
Humana and telehealth company Doctor on Demand will launch a new health plan design allowing employers and employees to receive primary care predominantly through virtual visits.
64% Of Agents Report Increased Medicare Supplement Sales
Nearly two-thirds of insurance agents reported increased sales of Medicare supplement insurance in 2018 and a higher percentage expect continued growth in 2019, according to a survey conducted by the American Association for Medicare Supplement Insurance.
April 23rd, 2019
Insure.com Report Ranks Michigan Most Expensive For Car Insurance
Insure.com, a comprehensive resource for insurance information, today released its annual ranking of the most and least expensive states for car insurance. For the sixth year in a row, Michigan took the top spot as the most expensive state to insure a vehicle, with a policy average of $2,611, almost 80 percent higher than the national average of $1,457.
Enabling profitable insurance growth with AI
From the Internet of Things to blockchain to digitalized pricing and customer service, insurance carriers are often overwhelmed with trying to stay current, let alone trying to be forward-thinking. Against this backdrop, how can insurers maintain relevance in today’s evolving technology landscape?
Valmark Says Its Life Sales Tools Are Ready For New York Regulations
Valmark Financial Group, an innovator in the life insurance space, has updated its Life Assurance 360™ process to help insurance producers comply with the state of New York’s Regulation 187 and the updated standards by the CFP Board, both of which require a best interest standard for life insurance transactions.
Dig | In preview: A more proactive, data-driven insurance industry beckons
Digitalization is pushing the insurance industry into the direction of real-time information, rather than using historical data to make guesses. on risk.
In Travel Insurance, Machine Learning Is Turning Conventional Wisdom On Its Head
You know the conventional wisdom about shopping around before buying? Machine learning may be turning that truism on its head, at least in one industry.
April 16th, 2019
Google’s Gradient Ventures invests in AI insurance underwriting startup Flyreel
Artificial intelligence (AI) is infiltrating just about every industry, and insurance, it seems, is no different.
A.I. Is Changing Insurance
A smartphone app that measures when you brake and accelerate in your car. The algorithm that analyzes your social media accounts for risky behavior. The program that calculates your life expectancy using your Fitbit.
‘Alexa, Open John Hancock’ Is Now A Reality For Retirement Plan Participants
John Hancock Retirement Plan Services is enhancing its participant experience by providing its open architecture retirement plan participants access to personalized information including frequently-asked account queries through their Alexa-enabled devices.
Mastering the ‘post-digital’ era in insurance
Insurance is entering a “post-digital age” where technology capabilities are going to be seen as table stakes and partnerships will become a differentiator.
Insurance Startup Lemonade Gets Sweeter With $300M Infusion
Lemonade, which operates an AI-driven insurance platform, has raised $300 million in a Series D round led by SoftBank Group that reportedly values the company at more than $2 billion.
April 9th, 2019
Amazon’s Alexa can now handle protected health info
Amazon’s Alexa voice-activated virtual assistant technology is now HIPAA-eligible, enabling healthcare organizations to build applications with the technology.
A Record $2.5B Went to U.S. Insurance Startup Deals Last Year, And Big Insurers Are In All The Way
Insurance policies are confusing as hell, but the basic business proposition is pretty simple. For policyholders, it’s a way to get paid if something bad happens. And for insurers, it’s a way to make money charging people who averted disasters.
Democrats Propose ‘Medicare-X’ Health Insurance Plan
Tapping into Medicare’s network of doctors and hospitals could make coverage affordable for Americans now priced out of the market, Sen. Tim Kaine believes.
Car insurance rates are going up for women across the US — here’s where they pay more than men
It turns out many insurance companies care whether or not you drive like a girl.
Insurance on the road to more satisfied customers through digital
Insurance has been moving slowly, in the face of constant and battering disruption, toward a digital reinvention of its operating model. Automated in-house systems and agent interfaces have rendered repetitive, labor-intensive tasks more efficient and accurate albeit at the expense of jobs.
American Family Insurance to Acquire Ameriprise Auto & Home for $1 Billion
Ameriprise Financial is selling its Ameriprise Auto & Home (AAH) division to a subsidiary of Madison, Wisconsin-based American Family Insurance Mutual Holding Co. (American Family Insurance), the companies announced.
April 2nd, 2019
U.S. judge strikes down rule allowing ‘skimpy’ health insurance plans
A federal judge Thursday struck down a Trump administration rule aimed at enabling millions of Americans to buy skimpy health insurance plans that do not comply with key Affordable Care Act requirements — part of administration efforts to chip away at the health-care law.
The job benefit that can help lower your rising health insurance payroll deduction
Jamie Aslin is team leader of institutional employee well-being at the Los Alamos National Laboratory, a place where precise measurements matter. So when he saw an annual health-care premium trend that went from increasing more than 7 percent annually to suddenly being negative, he thought something had to be wrong.
Another Shock To The Long-Term Care Insurance Industry
Genworth, once the largest seller of long-term care insurance policies, has announced that it has stopped selling individual stand-alone coverage, as well as immediate annuities, through brokers and agents.
The Buck Is Back: The Hartford’s Iconic Symbol Returns In New Marketing Campaign
The Hartford launched a new small business advertising campaign that brings back a live depiction of the company’s historic icon, with the ads told from his perspective for the first time in the company’s advertising history. A live representation of the logo first appeared in The Hartford’s television advertising in the 1970s and last appeared in 2008.
Industry Groups Seek To ‘Speak With One Voice’
Six insurance industry professional associations and four life insurance carriers have joined forces to address issues that affect the industry and their respective members.
March 26th, 2019
Why insurance brokers still hold place as the “ultimate customer influencer”
When it comes to travel insurance, it’s never been easier to be a customer – you can simply click and buy insurance when purchasing your flight, your bank may have a travel insurance policy you can easily grab for annual cover, or you can use an online aggregator to compare policies.
Report: Life Insurance Distribution Needs Reinventing Globally
Life insurers globally face multiple challenges and among the most critical is the sustainability of their agency distribution models.
Humana turns to game theory for new Medicare pricing as insurers juggle Trump rebate uncertainty
Humana executives say they are modeling a number of scenarios to try to figure out how they’ll price their Medicare drug plans for 2020 as the health insurance industry awaits new pharmacy benefit rebate regulations expected this spring from the Trump administration.
Women pay more than men for auto insurance in 25 states – study
Though the practice of using gender to price car insurance is now prohibited in six states, this wasn’t necessarily the case in 2018, when women paid more than men for car insurance in 25 states, according to a new report from insurance comparison site The Zebra.
Climate Change Could Make Insurance Too Expensive for Most People
Insurers have warned that climate change could make cover for ordinary people unaffordable after the world’s largest reinsurance firm blamed global warming for $24 billion of losses in the Californian wildfires.
March 19th, 2019
New insurance business models enabled by blockchain
Blockchain is pushing the global insurance industry full throttle into the next stage of its digital transformation. With enhancing cost efficiency being a key objective in 2019, new technology combinations will become increasingly prominent as insurers digitize antiquated systems.
The Latest: ACA Repeal, Medicaid Cuts In Budget
President Donald Trump’s budget would re-open two health care battles he already lost in his first year in office: repealing “Obamacare” and limiting future federal spending on Medicaid for low-income people.
Why Insurance Technology Company Turtlemint Adopted the Advisory Model
Insurance is a vital financial services product for each of us. However, we Indians are yet to learn this lesson. For a matter of fact, a lot of us don’t even consider insurance as an investment but rather take it as an expense.
Insurance Giant AXA XL Launches Security Token and Crowdfunding Insurance Service
Insurance giant AXA XL and insurance technology startup Assurely have jointly launched a new insurance product covering equity crowdfunding and Security Token Offerings (STOs), according to a press release published on March 6.
Amazon Now Accepts FSA Or HSA Accounts For Medical Supplies
In a move that signifies Amazon’s continued foray into the healthcare field, the online giant will now accept flexible savings accounts or health savings accounts for the purchase of medical products.
March 12th, 2019
Berkshire Hathaway’s New ‘THREE’ Policy Seeks to Simplify Small Business Insurance
Berkshire Hathaway’s Insurance Group has launched a comprehensive insurance product for small businesses that combines multiple coverages, and the conglomerate’s legendary chairman has endorsed it.
A $24 Billion Insurance Deal Dies in Less Than 24 Hours
It’s not often that you hear about a $24 billion deal brewing in the financial services industry. It’s even rarer that it goes from confirmation to breakup in less than a day.
Synchrony Financial Acquires Pets Best For Pet Health Insurance
Synchrony Financial (NYSE:SYF) announced it has acquired Pets Best for an undisclosed amount.
Insurers ‘catching up’ on digital transformation
Insurers lag behind banks in going digital, but all financial services sectors are struggling with the transition, according to a report from the Capgemini Research Institute.
Amazon, Berkshire’s Haven aims to ‘simplify insurance’
The mysterious new health-care venture announced by Amazon.com Inc., Berkshire Hathaway Inc. and JPMorgan Chase & Co. will be called Haven, the firm announced Wednesday.
March 5th, 2019
‘Medicare-for-All’ bill unveiled, but unlikely
A leader of House Democrats’ progressive wing introduced “Medicare for all” legislation Wednesday that would replace almost all private health insurance, an idea that’s galvanizing the party’s liberal base and winning endorsements from many of its top presidential contenders.
Mobile Phone Insurance Market to Witness Huge Growth by 2025: AIG, Apple, AXA, Asurion, Assurant
A new business intelligence report released by HTF MI with title “Global Mobile Phone Insurance Market Status and Future Forecast 2015-2024” has abilities to raise as the most significant market worldwide as it has remained playing a remarkable role in establishing progressive impacts on the universal economy.
Nationwide to sell auto insurance by the mile
Drivers will soon be able to buy insurance coverage by the mile from Nationwide.
Envestnet Insurance Exchange Launches With Six Carriers
Envestnet Insurance Exchange, a new insurance network that integrates insurance solutions into the wealth management process on the Envestnet platform, now offers access to a robust line-up of six carriers.
UPMC says it’s eclipsed Highmark in Medicare Advantage insurance market, Aetna gains
UPMC boasted this week that the health system’s insurance arm has eclipsed Pittsburgh-based rival Highmark in attracting Medicare Advantage insurance members and now dominates that market in Western Pennsylvania.
What Is the Average Health Insurance Cost by Age and State in 2019?
Healthcare has been one of the biggest talking points in politics over the past several decades.
February 26th, 2019
Blockchain in Health Insurance: More Accuracy, More Transparency and More Efficiency
The evolving relationship between blockchain tech and the health sector has already been thoroughly documented, yet something that’s received less attention is the increasing role blockchains are set to have in the health insurance industry.
Life Insurance or Life Invasion?
Consumers like discounts — there’s no secret about that. And consumers shopping for insurance are no exception. Our recent survey revealed that nine out of 10 consumers (92 percent) would be motivated to maintain a specific weight level, and four out of five (81 percent) would be more likely to have an annual checkup, if offered a life insurance discount or incentive.
Daines talks with dentists about insurance reform
What some say is the single greatest issue facing the dentists, may get fixed by a bill in Congress that would make health and dental insurance work better for consumers.
Opinion How Allstate is helping consumers protect data
I have no idea how many internet sites I am registered with. I also have no idea how each can use my data. What did I actually agree to when I clicked “I Agree?” If I did know, I’m not sure what to do about the sites I want to leave.
ACA Marketplaces More Stable After Turbulent 2018
Consumers had more choices in the Affordable Care Act marketplaces as more insurers participated in the exchanges and premiums showed lower rates of increase – and even some decreases.
February 19th, 2019
Allscripts subsidiary partners with MIB for life insurance data exchange
Veradigm, which was launched this past November as a rebrand of Allscripts’ payer and life sciences division, announced a new partnership today at HIMSS19 to work with MIB, which provides data-driven risk management services for the life insurance industry.
MassMutual’s LifeScore Labs Debuts Consumer-Facing Risk Scoring Tool
Whatever can be said fairly against the insurance industry, one of the reasons its reputation suffers is that consumers simply don’t understand the product. Thus, while moving to customer-centricity is important from the standpoint of service, insurers shouldn’t underestimate how important transparency is to winning over customers.
Gen Re pilots selfie-based life insurance underwriting
Gen Re has launched a prototype allowing consumers to purchase insurance by using facial analytics.
Self-Driving Cars Might Kill Auto Insurance as We Know It
Dan Peate, a venture capitalist and entrepreneur in Southern California, was thinking of buying a Tesla Model X a few years ago—until he called his insurance company and found out how much his premiums would rise.
These New Ways Of Buying Insurance Might Save You Big Bucks
Finding an affordable car insurance policy seemed like an impossible task for Nicole Scheufler. She lives in a busy part of San Diego and has been rear-ended a few times. After her last car wreck, “the insurance rates were insane,” she says.
February 12th, 2019
Insurance industry recruiting new talent as tens of thousands near retirement
With record numbers of its employees aging out of the workforce, insurance companies are looking to recruit and hire their successors in all areas, from actuaries and analysts to information technology specialists and marketing experts.
Chatbots Using Artificial Intelligence are Selling Insurance in 2019
In fact, over $2B is estimated to be invested throughout 2019 in these InsureTech companies. Artificial Intelligence, Automation, and Blockchain are driving technology disruption in the insurance industry. They are making insurance shopping experience much better for consumers.
Fitbit’s latest tracker is only available through your work or insurance
Fitbit has quietly released a new activity tracker, but don’t expect to buy one yourself — if anything, it’ll be issued to you.
WHY THE FUTURE OF LIFE INSURANCE MAY DEPEND ON YOUR ONLINE PRESENCE
Don’t post photos of yourself smoking on social-media sites. Do post photos of yourself running.” These two suggestions appear in a recent Wall Street Journal article about New York state’s new rules for how life insurance companies can use public data to help set premiums.
What Is a Medical Credit Card?
If your health insurance doesn’t cover a medical procedure you need, you might find yourself with a medical bill that you’re unsure how to pay.
February 5th, 2019
Study Reveals 4 Key Considerations for Life Insurance Companies in 2019
True Blue Life Insurance, a leading online provider of policies with a no medical exam requirement, conducted original research to better understand current consumer preferences in researching and buying policies. With more than 40 percent of Americans not having any type of life insurance, the survey’s findings and insight present a significant opportunity.
Health Care Premiums May Continue to Skyrocket Under ACA
If you think your health insurance premium is too expensive, there’s bad news: insurance companies say the price may go up next year.
Customers Are Taking Control Of Financial Services
Gone are the days of carriers leading the entire purchasing cycle of insurance products and financial services. In today’s environment, it’s the customer who is in control.
This Health Insurance Giant Wants to Pay for Your Apple Watch
In a partnership with Apple, health insurance company Aetna announced Tuesday a new app and wellness program that will track and offer personalized health recommendations to its customers, and grant them the option to redeem points for gift cards or toward payments for an Apple Watch by meeting activity goals and other health-related challenges.
Coverage at Work: The Share of Nonelderly Americans with Employer-Based Insurance Rose Modestly in Recent Years, but Has Declined Markedly Over the Long Term
An improving economy and the Affordable Care Act’s individual mandate may be behind a modest increase in the share of Americans with job-based health insurance in recent years, but the long-term trend remains a downward one, according to a new KFF analysis.
Why Older Millennials Need To Start Taking Life Insurance Seriously
This fact might scare most millennials, but we’re all going to die someday. It’s one of the only certainties in life – along with taxes. However, a recent study by Budget Insurance found that 82% of millennials don’t know what life insurance is for – even as they are aging, starting families, and dealing with more complex financial situations.
January 29th, 2019
Why Life Settlements Will Continue To See Growth
Conning publishes a comprehensive annual research report on the state of the life settlement market, featuring a thorough examinations of trends, statistics and market drivers within the industry.
Dental care is health care. It should be covered by health insurance.
There is no doubt that our mouths are an integral part of our bodies. Yet, when it comes to insurance, we for some reason don’t include adult dental care in health insurance, whether it is provided by an employer or the government.
Progressive Takes Aim at Multi-Line Insurers
With much of the property/casualty insurance industry’s attention focused on external threats from insurtechs and digital native companies, perhaps the greatest disruption is coming from within.
ACA Marketplaces More Stable After Turbulent 2018
Consumers had more choices in the Affordable Care Act marketplaces as more insurers participated in the exchanges and premiums showed lower rates of increase – and even some decreases.
Aetna, Anthem, HCSC in blockchain collaboration to ramp up digital transformation
Three health insurers, along with PNC Bank and IBM, are collaborating to introduce blockchain technology into the healthcare ecosystem.
January 22nd, 2019
Insurtech Policygenius expands to add P&C coverage
Digital insurance agency Policygenius was one of the first insurtechs to gain a foothold, launching in 2014 with the goal to make buying life insurance more palatable for consumers. Since then, the company has grown from its roots in a Brooklyn shared-work space to having its own offices and, late last year, launching home and auto services as well.
How Your Insurance Quote Is Powered By Artificial Intelligence
In today’s fast-paced world we’re continually faced with speed bumps that slow us down and let’s face it – insurance is one of them. Still, the days of phoning around and repeating your details are long gone.
Shady Claims Drive Up Car Insurance Rates
Florida drivers pay through the nose for car insurance. A recent study by consumer website insure.com ranked Florida’s rates third-highest in the nation: A driver with a clean record and a new car pays more than $2,000 a year, the site found — more than 11 percent over 2017 rates.
Insurance companies using social media to catch fraudulent claims
We know we should be careful with what we post on social media. Who knows who might be looking?
Now There’s Insurance For Things You Forgot Or Dropped In Your Uber
It’s à la carte insurance for tech lovers, creatives, and athletic vacationers. You can swipe it up for a particular destination just like an Uber. And it might – just maybe – be a step up from the misery of a tech mishap made worse by your Best Buy Geek Squad so-called protection or your Apple so-called Care not actually doing much for you.
January 15th, 2019
How Big Tech Flirted with Insurance in 2018
The almost weekly headlines about insurers and venture capitalists investing in insurtechs and tech-savvy insurance startups sometimes blocked the view of what established big technology firms were doing in insurance.
Insurance Interrupted: How Blockchain Innovation is Transforming the Insurance Industry
Blockchain innovation is taking hold in the insurance industry. And, it just might be the rocket fuel for transformative change in the insurance sector.
CES: More connections mean more insurance opportunities?
Las Vegas’s Consumer Electronics Show sets the mass-market digital agenda every year in early January. Once confined to computers and smartphones, digital connectivity is now being brought to all segments of the economy. Insurers are taking greater notice of the Internet of Things, and each new announcement provides some opening to carriers for new ideas.
Any Chance For A Health Insurance Fix? Where The Debate Goes From Here
In the wake of Republicans failing to repeal and replace Obamacare and the Democratic takeover of the House, where will the health care debate go from here?
January 8th, 2019
Consumer group applauds new California insurance rules
A consumer advocacy group has applauded California’s new rule banning gender discrimination in auto insurance pricing.
Health insurance on demand? Some are betting on it
People with health insurance often pay for coverage they never use. A startup wants to shake that up.
61% of Americans Are Worried About Rising Health Care Premiums
Rising health insurance premiums is a concern among a majority of Americans.
Western & Southern Completes $1.55 Billion Purchase Of Gerber Life
Western & Southern Financial Group announced the completion of its purchase of Gerber Life Insurance Company, a wholly owned indirect subsidiary of Nestle S.A., on Dec. 31, 2018.
POLL: OLDER AMERICANS ARE REALLY WORRIED ABOUT HEALTH INSURANCE
A new national poll suggests that many people in their 50s and early 60s harbor serious worries about their health insurance status, now and in the future.