- Insurance Executives Believe Companies’ Digital Transformation Efforts Will Continue As Pandemic Fades
Almost overnight, an industry based on face-to-face interactions and relationships had to shift to a virtual environment
New research by LIMRA and McKinsey & Co. finds 8 in 10 insurance executives believe their companies’ efforts to adopt digital solutions accelerated due to the COVID-19 pandemic. Most (9 in 10) agree that consumer expectations will demand these efforts continue post-pandemic.
read more - Hedge Funds Remain An Option For Some Insurers
Attractive for risk diversification and low correlation to other asset classes
In 2020, the life/annuity and property/casualty insurance segments increased their exposures to hedge funds, leading to an overall 6% increase in insurance industry investments, according to the latest AM Best report.
read more - U.S. Single-Premium Pension Buy-Out Sales Drop, While Buy-In Sales Break All-Time Quarterly Record
U.S. single premium buy-out sales totaled $1 billion in the first quarter, down 77% from first quarter 2020
Following strong fourth quarter 2020 sales results, U.S. single premium buy-out sales totaled $1 billion in the first quarter, down 77% from first quarter 2020, according to the Secure Retirement Institute® (SRI®) U.S. Group Annuity Risk Transfer Sales Survey.
read more - Investors Seeking Protection Turn To Annuities In The First Quarter
RILAs, FRDs drive market growth
Registered index-linked annuities (RILA) and fixed-rate deferred (FRD) annuities — products providing principal protection and investment growth — drove total annuity sales in the first quarter.
read more - Disruption To Life-Annuity Consumers Provides Large Opportunity For U.S. Life Insurers
Considering impacts, risks and opportunities
The pandemic disrupted the world in 2020 and into 2021, with broad impacts on the U.S. life-annuity consumer market. Consumers became aware of mortality, morbidity, and economic risks in a novel way, providing opportunities for life-annuity insurers.
read more - First Quarter U.S. Life Insurance Policy Sales Highest Since 1983
Back then, it was UL replacement; Now, it’s increased consumer awareness
Total individual life insurance policy sales increased 11% in the first quarter, compared with first quarter 2020. This is the highest growth in the number of policies sold in a quarter since 1983. New annualized premium also experienced significant growth, up 15% from prior year, according to LIMRA’s First Quarter U.S. Individual Life Insurance Sales…
read more - Covid’s Impact On Paid Death Benefits
Q1 data show signs of pandemic-era peak in US life industry
According to a new insurance analysis from S&P Global Market Intelligence, death benefits paid by U.S. life insurers surged to a new high on an absolute basis in the first quarter as a resurgence of COVID-19 contributed to adverse mortality for several leading carriers.
read more - First Study On Millennial Estate Planning Finds Surge In Wills Due To The Pandemic
Trending: Appoint a pet guardian, donate organs, and have a celebration of life ceremony
Trust & Will, the leading online estate planning platform, today released the findings of "Millennials and Estate Planning in an Unprecedented Year," the first study that examines millennials' preferences for estate planning.
read more - Gen Re Releases 2020 U.S. Group Term Life Market Survey Results
Mixed results: sales premium declined and in-force premium increased
Gen Re has released results of the 2020 U.S. Group Term Life Market Survey. This annual industry benchmark survey covers Group Term Life and Accidental Death & Dismemberment (AD&D) in-force and new sales results for the U.S. market, representing combined employer-paid and employee-paid business.
read more - The Drive For Digital
Digital engagement is making the world spin faster. Are you keeping up?
by Denise Garth
Last week, German shoppers at supermarket Rewe, in Cologne, began filling their carts and walking out of the store without checking out. Rewe is testing a process pioneered by Trigo, a tech provider that has consolidated cameras, scanners and AI technology, in order to virtually watch shoppers shop and leave. It then charges them for…
read more - MDRT Brings Timely Strategy To Life With The 2021 Annual Meeting Virtual Event
Members of the Premier Association of Financial Professionals worldwide can conveniently access the immersive event to connect, learn and grow
MDRT will host its members-only 2021 Annual Meeting Virtual Event June 7-9, offering leading financial services professionals worldwide an unforgettable, immersive experience.
read more - Interest In Life Combination Products Shifts
6 in 10 consumers said it is at least somewhat likely they would consider a life combination product if shopping for life insurance
As the pandemic spread, images of nursing homes and assisted care facilities flooded the media. The sick and elderly were particularly vulnerable to this deadly virus and so many families were cut off from their parents and grandparents in the hopes of protecting them from exposure to COVID-19.
read more - Ruling Against Regulation 187 Seen As Relief For Life Insurers
Ruling also could lead to more life insurance sales
AM Best believes life insurance companies’ regulatory burdens and costs could be eased by a recent court ruling overturning regulations geared toward increased consumer awareness in New York life insurance and annuity sales.
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