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Report on the next generation of automated underwriting

Munich Re Automation Solutions, the world leading provider of digital new business, underwriting and analytics solutions to the life insurance industry, has today launched a report laying out the next generation of automated underwriting.
Posted on Wednesday Jan 27

What most are looking forward to after lockdown

SunLife’s Covid-19 Study asked more than 1,000 people in their 50s, 60s, 70s and 80s what is the ONE thing you are most looking forward to getting back after lockdown, and holidays/travelling came out on top; the research follows reports that holiday and tour operators have seen a doubling in demand from over 50s expecting to haven received their Covid-19 vaccines by the summer
Posted on Tuesday Jan 26

ECPA publishes covenant longevity paper

The Employer Covenant Practitioners Association (“ECPA”) has today published a paper entitled “Time horizons and the employer covenant: the importance of evaluating sponsor longevity as part of a dynamic analysis”.
Posted on Monday Jan 11

Improved results from predictive analytics for Life Insurers

Demand for predictive analytics continues to rise, as life insurers seek new solutions to sharpen business performance and boost customer relations in a highly competitive market with tight margins, slow growth and high operating costs, reveals new research from Willis Towers Watson.
Posted on Wednesday Nov 25

Over 3bn pounds annual maternity leave earnings gap

Women taking maternity leave collectively lose out on £3.2bn worth on earnings, a fall of nearly half their average annual salary, reveals new research from Direct Line Life Insurance.
Posted on Tuesday Nov 24

The link between location and life insurance costs

Taking out life insurance might not have been high on your priority list, but a global virus could be the thing to change that. In the UK’s Spring peak of the Coronavirus pandemic, a total of £90 million was paid out in life insurance claims related to Covid-19. This equates to £980k per day.
Posted on Monday Nov 23

Millions delay seeing a doctor so as not to waste their time

More than 35.5 million Brits (67 per cent) have put off booking a face-to-face doctor’s appointment when they have needed to, reveals new research from Direct Line Life Insurance.
Posted on Thursday Nov 19

IFoA Longevity Bulletin considers pharmacological progress

Pharmacology has been one of the greatest contributors to the longevity improvements of the 20th century. The latest Longevity Bulletin from the Institute and Faculty of Actuaries, ‘The pharmacology issue’, asserts that the pharmacological revolution of the last 100 years has brought untold benefit, improving quality of life as well as extending it.
Posted on Friday Oct 2

Covid19 has changed attitudes to Life and Health Insurance

ReMark’s 7th annual Global Consumer Study (GCS), the benchmark survey of people’s attitude to life and health insurance, has shown that Covid-19 is accelerating trends within the industry. Consumers are not only risk-averse about their lives – but also their health – with concerns over protection and the level of demand for insurance varying depending on age and location.
Posted on Friday Sep 25

Bomad Bailout as parents extract cash from childrens savings

New research from Direct Line Life Insurance reveals the extent to which families have needed to rely on their children’s savings to get them through the tough financial situation caused by coronavirus. Since the beginning of lockdown on 23rd March, parents have had to raid their children’s savings to the total sum of £2.75 billion to support the family financially.
Posted on Friday Sep 18

1 in 3 want Covid19 vaccine before returning to workplace

With lockdown measures easing and office spaces starting to open again, new research released by Canada Life reveals that 35% of those who have been working from home during lockdown want a vaccine or an antibody test before returning to the physical workplace.
Posted on Monday Jul 27

Aegon shines spotlight on declined protection claims

To support the publication of its protection claims stats Aegon UK has produced a set of guides that put declined claims under the spotlight. Aegon highlights that the financial safety net protection offers families and businesses is only as good as the application information they receive.
Posted on Tuesday Jul 14

Who is Zoomin who

For many businesses, the online element has been seen as an adjunct rather than a primary channel and the life and pensions sector has been no different. One result of the Covid-19 crisis has been a massive uplift in the use of the Internet in doing business; customer interactions via web channels have dramatically increased and, due to the lockdown, companies have had to sell and service their products via a distributed model with their staff working from their own homes.
Posted on Monday Jun 15

New study reveals large gaps in life insurance coverage

Frontline healthcare workers are now covered by a government life assurance scheme during the coronavirus pandemic. This will give bereaved families a £60,000 lump sum pay-out.
Posted on Tuesday May 26

Life insurers and where will COVID19 response go in 2020

In the immediate response to the COVID-19 pandemic, we have seen a whole flurry of activity across the UK life insurance sector. From initiating business continuity plans, reviewing underwriting processes, offering premium holidays, through to recalculating solvency positions (some daily, some weekly) and amending hedging strategies, plus much more. It has certainly been a busy few weeks for insurers.
Posted on Tuesday May 12

SunLife launch free guide on What to do when someone dies

This week is Dying Matters Awareness Week (11-17 May) which focusses on a range of issues around death, dying and bereavement. Death is still something we Brits are uncomfortable talking about, and often, if someone close to us dies, we don’t know what to do, and trying to work it out while grieving can be hugely overwhelming.
Posted on Monday May 11

Covid19 assessing Life Insurers financial strength ratings

DBRS Morningstar published a commentary titled “Assessing the Impact on Life Insurers' Financial Strength Ratings as the Coronavirus Crisis Unfolds,” which discusses some of the challenges in assessing life insurers’ ratings during the Coronavirus Disease (COVID-19) pandemic, and the potential rating implications.
Posted on Wednesday Apr 15

Life insurance protection gap is auto enrolment the answer

When addressing how to close the life insurance protection gap, could people simply need a nudge in the right direction? A quick look at similar efforts to address take up of organ donation, which also faces challenges, could hold the beginnings of a solution. Studies show that humans in many cases are conditioned to choose the path of least resistance, and are inclined to follow the norm. Governments have sought to increase organ donation through making it the “new normal”. This concept could prove relevant to the life protection insurance industry.
Posted on Friday Mar 13

The impact of Coronavirus on Life Insurers

DBRS Morningstar have released a commentary entitled “Coronavirus Disease (COVID-19) Impact on Life Insurers More Likely to Result from Adverse Market Movements than Increased Claims” that discusses the major ways DBRS Morningstar expects coronavirus to affect the life insurance industry.
Posted on Thursday Mar 5

How long will you live try the SunLife Death Clock

After increasing by three months a year for the last four years, new research published this week* reveals that improvements in life expectancy have stalled for the first time in 120 years.
Posted on Wednesday Mar 4

Value of a Will as new rules come into force

The Government has increased the amount that the surviving spouse can automatically inherit if their partner has children and dies without leaving a will. This is going up by £20,000 to £270,000 in England and Wales.
Posted on Thursday Feb 6

Non life insurance overtakes life cover in terms of deals

The non-life insurance sector is leading the way in terms of deals, having 26 recorded by May 2019, due to instant digital quotations and flexible policies, says GlobalData.
Posted on Monday Sep 2

We will save to pay for care in old age

New research from AIG Life shows nearly half of adults would be willing to save into a special fund to pay for any care they might need in later life as the debate over how to afford the UK’s social care system intensifies.
Posted on Thursday Jul 11

Life Insurance Snapshot

Commenting on the Life Insurance Snapshot, Kamran Altaf, Head of Life Insurance, Comparethemarket.com said:
Posted on Friday Jul 5

Five million people playing inheritance roulette

Over 5 million UK adults aged under 55 have changed their financial plans as a result of what they expect to inherit, according to research by Canada Life. It warns that people are playing a type of inheritance roulette, with many saving less and others delaying house moves as they bank on a legacy windfall.
Posted on Monday Jun 17