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Insurtech’s Place in a COVID-19 World
Who will benefit as insurers accelerate innovation efforts?
COVID-19 has impacted every sector of the economy, and insurance is no exception. The pandemic has highlighted inefficiencies and created new friction points for carriers and customers alike -- but the experience has also validated carriers' efforts to innovate and invest in a digital future. Insurtech is likely to play a vital, ongoing role in…
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Average IRA Balance Grew More Than 22 Percent From 2013 Through 2017
But data raise concerns around extreme allocations
According to new research from EBRI, the average individual retirement account (IRA) balance increased from $93,441 in 2013 to $114,383 in 2017, an increase of 22.4 percent. The average contribution to a Traditional or Roth IRA slightly increased from $3,880 in 2013 to $3,913 in 2017. The Issue Brief, “EBRI IRA Database: IRA Balances, Contributions,…
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What’s Considered Rich?
One-third of Americans say money can’t buy wealth
by Amanda Pell
If someone asked you what “rich” means to you, what’s the first thing that would come to mind? Some would say a career that pays well, while others find joy in the simple things. From monetary possessions like a big house or flashy car to the less tangible benefits, achieving wealth means something different to…
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Americans Left Guessing for Their Golden Years
Four out of five older Americans fail retirement literacy survey
According to the 2020 Retirement Income Literacy Survey, four in five older Americans fail to understand the basics on how to successfully plan for a financially secure retirement, a concerning finding from one of the most comprehensive surveys on retirement income literacy. Retirees and pre-retirees (ages 50-75) displayed a lack of knowledge around awareness of…
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Impact of Covid-19 On Life Insurance Claims Management
The integration of analytics is a necessity
COVID-19 outbreak has had a devastating impact on people’s lives across the world and has caused the global economy to stall, the impact of which will be felt for a long time. As of September 15, 2020 globally there have been 29 million cases reported resulting in 933,000 deaths. The US has been one of…
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The New Uncertainty
Five ways CFOs are looking at the world
We are now five months into the COVID-19 pandemic and, while some economies are taking steps to reopen, uncertainty still prevails. The chief financial officers (CFOs) and Finance teams we work with have gotten through the initial crisis stages, but they are still trying to make sense of new economic realities.
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Americans Largely Financially Unprepared for Disaster
How much is enough to see you through?
If a disaster suddenly struck – a hurricane, pandemic, or economic crisis, for example – how well would you be prepared to meet the situation? The National Financial Educators Council (NFEC) asked of 976 individuals across the US, "How much emergency money do you have saved that you could tap into in the case of…
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84% of U.S. Adults Say COVID-19 Will Impact Their Ability to Achieve Long-Term Financial Security
... Yet confidence in a robust recovery is high as financial discipline prevails
New findings from Northwestern Mutual's 2020 Planning & Progress Study reveal that 84% of U.S. adults aged 18+ expect the COVID-19 pandemic and subsequent economic downturn will have an impact on their ability to achieve long term financial security. Six in 10 (59%) say that impact will be moderate or high.
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Virtual Enrollment, Real Benefits: Five Tips to Help Employers Navigate the New Reality
45% of adults unsure if short-term disability covers COVID-19
Virtual graduation, Zoom weddings, sports without spectators — this year everything looks different and open enrollment will be no exception. The days of in-person presentations and paper pamphlets are over — open enrollment is going virtual. Lincoln Financial Group (NYSE:LNC) understands that this new reality and the ongoing pandemic create a greater need for education…
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Life Insurance Supplements Social Security by $1.5 Trillion Over Nine Years
Industry has more than $8.6 trillion invested in the economy
Between 2010 and 2018, the U.S. life insurance industry distributed nearly $1.5 trillion in claims and benefits to policyholders, an amount equal to 19 percent of all Social Security payments made over that same period, according to a study released today.
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