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Archive of industry news from the global life insurance industry

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August 2016

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Digital group risk insurer Ellipse appoints Lee Lovett as new CEO
23 August 2016 UK-based digital group risk insurer, Ellipse, has appointed Lee Lovett as its new CEO. Lovett succeeds Ellipse’s current CEO John Ritchie, who will leave the business on September 14.

Fitch warns fallings yields hit UK life insurers’ S2 ratios
23 August 2016 Solvency II (S2) ratios declined in 1H16 across the UK life insurance sector, driven by a fall in interest rates, particularly after the leave outcome (Brexit) in the EU referendum, says Fitch Ratings.

India’s Exide Life Insurance ties up bancassurance partnership with SVC bank
22 August 2016 Bengaluru-headquartered Exide Life Insurance has agreed a bancassurance tie-up with Mumbai-headquartered SVC Co-operative Bank.

LIMRA and LOMA reveal social media ‘insurance stars’ of 2016
22 August 2016 The increasing sophistication in the use of social media by insurers and financial services companies has been highlighted by LIMRA and LOMA naming the 2016 Social Media Silver Bowl Award Winners.

CBLife opts for iPipeline’s iGo system to tap into millennials’ digital expectations
19 August 2016 Colorado Bankers Life Insurance Company (CBLife) has selected iPipeline’s iGO system to process its Timber Ridge Series term life product with a critical illness rider.

Timetric: Nascent InsurTech market yet to radically disrupt insurers
19 August 2016 The high cost of going alone means the majority of insurance start-ups are seeking to partner with larger companies- or at least build effective relationships - according to Timetric’s InsurTech Start-up Landscape report.

InsurTech VC investment hits $1bn in H1 2016
18 August 2016 InsurTech is “coming into its own” as an area of fintech for venture capital investment - hitting US$1bn across 47 deals in H12016 - according to the latest quarterly fintech venture capital report from KPMG and CB Insights.

Zurich revamps digital workplace proposition to offer protection insurance
18 August 2016 Zurich UK Life has enhanced its digital proposition for workplace retirement scheme customers, FutureYou, which was launched in May 2016.

Timetric IIC insight: UK insurers’ results ease Brexit fears
17 August 2016 Jay Patel, insurance analyst at Timetric’s Insurance Intelligence Center (IIC), explains why the recent robust results by some of the UK’s largest insurers act as a buffer against bearish Brexit fears.

UNA: Insurance ‘add-ons and extras’ can strongly influence consumers
16 August 2016 A broker survey has found pricing factors strongly for consumers in insurance-purchasing decisions, but many can also be influenced by ‘add-ons and extras’ – despite a recent Financial Conduct Authority (FCA) ruling.

Asset-liability mismatch leaves German life insurers exposed
15 August 2016 Significant asset-liability duration mismatches, combined with previous widespread use of investment guarantees to customers, mean German life insurers are the most exposed in Europe to the risk of interest rates remaining low for an extended period, Fitch Ratings says.

Guidelines from Ugandan insurance regulator to facilitate new products
15 August 2016 Uganda’s Insurance Regulatory Authority (IRA) is reportedly set to devise guidelines for the introduction of new insurance products as the Ugandan industry seeks to deepen insurance penetration.

Prudential protection poll reveals ‘life insurance disconnect’
12 August 2016 Prudential has found 70% of Singaporeans have not increased their life insurance cover over the last five years to keep pace with rising income levels.

Insurers are “just dipping their toe” in the digital camp, says UK expert
12 August 2016 Insurers have a foot in the analogue camp and “are just dipping their toe” in the digital camp, according to Guy Williams, sales and marketing director for LISS Systems, a UK-based provider of policy administration services for the life and pensions industry.

Commitment to changing UK tax law on life policies welcomed
11 August 2016 The UK’s Chartered Institute of Taxation (CIOT) and its Low Incomes Tax Reform Group (LITRG) have welcomed the UK government’s commitment to change the law to avoid people being taxed unfairly on their life insurance policies.

AIG Life launches simpler critical illness cover to engage consumers
10 August 2016 AIG Life has launched Key3 in what it describes as “a simpler form” of critical illness insurance. Key 3 pays a lump sum upon diagnosis of one of three key medical conditions - cancer, heart attack or stroke.

AIA Group becomes world’s #1 MDRT company for 2nd consecutive year
10 August 2016 AIA Group has announced it has become the only company in the world to have achieved the largest number of Million Dollar Round Table (MDRT) members for two consecutive years.

Nominations are open for Life Insurance International's Innovation Awards 2016!
10 August 2016 Nominations are now open for the Life Insurance International Innovation Awards 2016, which will take place on 17 November 2016 in London. The Deadline for entries is 5pm GMT on Friday 9th September

US InsurTech provider offers paperless life insurance application and approval process
09 August 2016 US InsurTech company eLife LLC has launched a life insurance offering called eTerm Express that is designed with an entirely paperless application and approval process.

Tech Trends 2016 for the insurance industry
09 August 2016 The IT-Trends 2016 radar for the insurance industry - first published by Munich Re - identifies relevant new technologies for ERGO, MunichRE and MEAG and evaluates them from a group perspective. It focuses on the innovation potential of individual trends and review their practical suitability for the reinsurance and primary insurance sector.

Charitable UK life insurance price comparison website launches
09 August 2016 A UK life insurance price comparison website – offering a commission sharing, no fee model -has launched, which also supports selected local charities by a donation for every policy purchased.