5 Features to Consider before Finalizing a Health Insurance Plan

March 15, 2019 | 78 views

A health insurance policy should be bought after thorough research and detailed study. It should not be purchased in a hurry; else you will miss some of the important features in the policy that would actually be the important ones. You must look at all the factors carefully before buying the health insurance policy. To make a good deal, here’re the following features you need to consider before zeroing on a particular health insurance policy – Credibility of the insurer: This is one of the most important features you need to consider before purchasing a health insurance policy. You must check for the claim settlement ratio of the health insurance company. In addition to this, the number of years a company has worked in the business is also very important to consider. AYUSH treatment: AYUSH, which stands for Ayurveda, Yoga, Unani, Siddha, and Homeopathy is a treatment that is growing popular not just in India, but also in abroad. Thus, check if your health insurance policy covers the same and also, do not miss to check the applicable sub limits. Pre and post hospitalization: Keeping in mind the increasing medical costs, it is good to buy a health insurance policy. Medical costs incurred before or after hospitalization are called as pre and post hospitalization expenses. Thus, you must consider this factor before finalising a health insurance policy.

Spotlight

Church Mutual Insurance Company

Church Mutual understands the unique challenges and needs of the customers we serve. We not only provide financial protection but also connect policyholders to a network of strategic partners not found with other carriers. Church Mutual began in 1897 and has enjoyed steady, stable growth for more than a century by providing worship centers of all denominations, schools, camps and senior living facilities with much more than an insurance policy.

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INSURANCE TECHNOLOGY

Reinsurance Market Maintaining Its Firming Trend

Article | August 9, 2022

Despite economic pressures on reinsurers and cedants, nearly all buyers were able to secure coverage during the reinsurance renewal period. However, attachment levels and the cost of ceding risk were higher than most buyers desired, and supply constraints in some lines and territories caused stress not seen in years. As a result, according to Gallagher Re's latest 1st View renewals report, the reinsurance market has maintained its firming trend. Despite mostly positive H1 2022 results, the combination of inflation and rising interest rates has caused reinsurers to adjust their balance sheets and reserves while also taking into account how a recessionary environment may increase claims frequency. These economic factors, combined with sustained loss levels, allowed reinsurers to maintain upward pricing pressure as they sought to reduce their appetite for volatility. Key Contributions to Understanding: Natural disaster capacity decreased overall as reinsurers continued to shift away from low-level layers, which differed by country and region. Reinsurers were seen assessing cedants' inflation-related actions and applying carefully calculated loadings to relevant treaties. The Russian invasion of Ukraine increased interest in cyber and war contract provisions. Long-tail casualty placements remained popular among reinsurers, but there was more debate about ceding commissions than in recent renewals. Higher ILS risk transfer prices have attracted net new capital, but this has not resulted in market softening. The inflation discussions have been detailed and technical, with reinsurers eager to challenge cedants' model outputs. Most reinsurers are assessing reserve adequacy as interest rates rise, in addition to their concerns about primary rate adequacy in the new inflationary environment. They are experiencing effects simultaneously on the asset and liability sides, which has strengthened their resolve to maintain the pricing momentum of the previous two years.

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INSURANCE TECHNOLOGY

Security Think Up: It’s Time to Give a Thought About Cyber Insurance

Article | July 19, 2022

The rise in remote work during and after the pandemic has increased cyber vulnerabilities significantly. Cyber insurance protects your company from the financial consequences of cyber threats or data breaches involving computer systems and data. Credit card numbers, social security numbers, account numbers, health records, and driver's license numbers are examples of sensitive customer information. According to a recent SBA survey, 88% of small business owners believe they are vulnerable to a cyberattack. If your company is a victim of cybercrime, the cost of recovery can be prohibitively expensive, including specialized repairs and legal fees. One of the most difficult challenges is quantifying cyber risk. Although approaches and frameworks like NIST CSF, CIS 20, NCSC Cyber Essentials, and ISO 270001 aid in the development of cyber security capabilities, they do not provide the tools to quantify risk. As a result, leaders frequently overestimate their cyber maturity while underestimating cyber insurance premiums. Potential Cyberattack Types are: Breach of data: A breach occurs when critical information, such as personal financial information, is stolen. Cyber-attacks on computers:Your computer system is hacked and compromised in this type of cyberattack. Extortion via the internet:During an extortion threat to your company's computer system, thieves may demand ransom payments. To address these issues, a variety of approaches can be used, ranging from zero-trust models to multi-factor authentication (MFA) and end-point detection and response (EDR) (EDR and XDR). Protective monitoring, encryption applied to the most critical aspects of your network, and patch management processes can also provide insurers with the assurance they require. There are options for both small and large amounts of cyber liability coverage. A small cyber liability insurance policy could be added to the policy of a business owner. A larger cyber liability policy with higher limits would necessitate its own policy. Furthermore, they provide a real-time view of compliance through a risk-based approach that is consolidated, consistent, and aggregated across the entire organization. Workflow automation can help the IRM system become more efficient. By consolidating your risk management processes, you can ensure that controls continue to deliver on their objectives and demonstrate compliance with policies, standards, and regulations while having a lower impact on your day-to-day operational demands. All of this will make it easier to meet cyber insurers' requirements and give organizations confidence that their policy will protect them when they need it.

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CORE INSURANCE,RISK MANAGEMENT

Insurers Are Preparing to Accelerate Growth in 2022

Article | September 22, 2022

Despite ongoing concerns about COVID-19 variants, most insurers anticipate a faster economic recovery and increased investments in digital technology in 2022. One-third of those polled expect revenues to be "significantly higher" next year. The global demand for insurance is expected to rise further. Insurers face a variety of challenges, including economic hurdles such as the possibility of sustained inflation; sustainability concerns such as climate risk, diversity, and financial inclusion; and rapidly changing consumer product and purchase preferences. Attracting (and Retaining) Talent Will Be Critical in a Hybrid Work Environment Future of work considerations have also grown in importance as carriers strive to develop flexible return-to-office strategies while also struggling to retain and recruit high-level talent in a highly competitive job market, particularly for those with advanced technology and data analytics skills. Insurers Must Find a Way to Balance Technological Adoption with the Preservation of the Human Touch Insurers are becoming more reliant on emerging technologies and data sources to increase efficiency, improve cybersecurity, and expand capabilities across the organization. Most, however, should focus on improving the customer experience by streamlining processes with automation and providing customized service where needed and preferred. Opportunities to Increase Stakeholder Trust Have Arisen as a Result of the Pandemic On a more fundamental level, many carriers should consider taking steps to increase stakeholder trust in order to increase retention and profitability. This could be accomplished in part by increasing transparency in how insurers collect and use personal data. They can also become more proactive in seeking comprehensive solutions to large-scale societal issues, such as reducing the financial impact of future pandemics and closing coverage gaps for natural disasters.

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INSURANCE TECHNOLOGY

Digital Transformation in Insurance Industry

Article | June 30, 2022

Insurers of the future will play more of a risk avoidance role and less of a risk mitigation one. The seemingly effective yet simple ideas of Netflix, Uber, Ola, Amazon, and many other ideas have forever transformed their industry segments. Digital transformation in the insurance industry is embraced in various ways to address the complex challenges posed by consumers, regulatory, and digital landscapes. To keep up with insureds' demands, insurers have had to digitize various aspects of their operations. Any company that wants to stay competitive in today's market must meet customers where and when they need it. Insurance's digital transformation, powered by artificial intelligence, machine learning, predictive analytics, mobile services, live chat, and other technologies, enables insurers to do just that and will continue to change the industry for years. Insurance Companies to Look at Value Chain through a Digital Lens: Gain First-Mover Advantage: Product introduction to gain a potentially sustainable competitive advantage. To achieve the first-mover advantage, the insurer should have two crucial capabilities: the ability to pinpoint unmet customer needs to guide product development and quickly adapt existing products to market forces. Reduce IT costs to fund innovation: When insurance companies refactor monolithic applications into modular micro services, application maintenance costs are reduced. Grow revenue by differentiating the customer journey: Electronic document capture and processing, robotic process automation (RPA), and robo-advisors improve serviceability and help businesses gain a competitive advantage. Despite market participants' claims that the insurance industry was not an early adopter of digital transformation, new players, business models, and demanding customers are forcing the industry to embrace digital technologies. As a result, the global insurance market is expected to grow by 45% between 2022 and 2025. Modern digital engineering does not occur in a vacuum; new products must be compatible with existing technologies and processes. Ascertain that the development team understands legacy insurance applications and the data required to integrate them with new, digitally engineered products.

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Spotlight

Church Mutual Insurance Company

Church Mutual understands the unique challenges and needs of the customers we serve. We not only provide financial protection but also connect policyholders to a network of strategic partners not found with other carriers. Church Mutual began in 1897 and has enjoyed steady, stable growth for more than a century by providing worship centers of all denominations, schools, camps and senior living facilities with much more than an insurance policy.

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LIFE INSURANCE

Major Financial Institution Selects Sapiens to Disrupt How Life Insurance is Sold in the Americas

Sapiens | September 28, 2022

Sapiens International Corporation, a leading global provider of software solutions for the insurance industry, announced today that a major financial services entity has selected Sapiens to deliver its life insurance service in the Americas. Sapiens' award-winning CoreSuite for Life & Annuities and DigitalSuite SaaS solution will provide them with next-generation customer sales and service experience. The companies solidified the partnership at the Insurtech Conference (ITC) on September 20. Sapiens CoreSuite for Life & Annuities is an end-to-end, cloud-native solution complete with enhanced digital capabilities to support whole life, universal life, wealth accumulation products and annuities. This will power this financial services entity with an advanced, simplified 360°degree view of customers within the policy administration system, across all distribution channels and communication streams. Sapiens DigitalSuite offers a dynamic, digital engagement and enablement platform for insurers to provide a unified, omni-channel experience. "We are very excited to partner with this financial services entity on their next-generation life insurance operations, Sapiens Core administration solution and the pre-integrated digital enablement platform will enable them to offer life insurance services that are customer-centered, in an innovative way, based on our cloud-native solutions." -Jamie Yoder, Sapiens North America President & General Manager Sapiens is attending the ITC Conference (Booth #2239) between September 20-22, at the Mandalay Bay in Las Vegas, and available to meet and discuss offerings and solutions. About Sapiens Sapiens International Corporation empowers the financial sector, with a focus on insurance, to transform and become digital, innovative, and agile. Backed by more than 40 years of industry expertise, Sapiens offers a complete insurance platform, with pre-integrated, low-code solutions and a cloud-first approach that accelerates customers' digital transformation. Serving over 600 customers in 30 countries, Sapiens offers insurers across property and casualty, workers' compensation and life markets the most comprehensive set of solutions, from core to complementary, including Reinsurance, Financial & Compliance, Data & Analytics, Digital, and Decision Management.

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CORE INSURANCE,LIFE INSURANCE

CL Life and Annuity Insurance Company Launches New MYGA Product to Market in Eight Weeks with FireLight®

CL Life & Annuity Insurance Company and Insurance Technologies | September 26, 2022

Insurance Technologies, LLC., a provider of sales and regulatory automation solutions for the life and annuities insurance industries, announces that CL Life and Annuity Insurance Company (“CL Life”), a provider of insurance products that offer policyholders stable growth, tax deferral and income planning, has launched FireLight® e-Application. CL Life implemented FireLight to get new products to market quickly and efficiently while providing a superior digital agent and customer experience. “We wanted a digital solution that enabled quick speed to market and supported our digital strategies to make submitting annuity business with CL Life an easy and friendly process for agents, FireLight is the industry leader in the annuity and life market and provides us with the features and integration capabilities to efficiently create modernized and accelerated sales processes.” -Gary Sorensen, Director of Marketing & Sales, CL Life CL Life now provides agents with an easy way to sell CL Life annuity products through FireLight’s dynamic wizard e-application experience. The streamlined experience CL Life created includes e-Signature built-in into the sales workflow. So, agents can collect required signatures quickly and submit complete in-good-order application packages direct to CL Life. At Insurance Technologies, we know the importance of having the resources and tools to get products to market quickly and efficiently, We are happy to be able to supply CL Life the innovation and team support to create new digital sales processes and experiences and introduce new products to the industry quickly,said Clint Moore, Chief Operating Officer, Insurance Technologies. CL Life implemented FireLight with its new MYGA product released this month. Insurance Technologies has been a great partner in meeting our business, integration, and workflow requirements, The team at Insurance Technologies was easy to work with and provided the consultative support we needed to meet our implementation goals. We were able to go from concept to implementation in just eight weeks, said Sorensen. By using the standardized templates and rules within FireLight, we were able to provide a quick and efficient implementation experience, meeting CL Life’s timeline of two months, We are proud of the partnership with CL Life and look forward to working with them as they offer new products and expand their digital journey,said Moore. About CL Life & Annuity Insurance Company Headquartered in Fort Worth, Texas, CL Life and Annuity Insurance Company seeks to provide insurance products specially designed for retirement assets that offer stable growth, tax deferral, and income planning. Its mission is to provide competitive products that meet the financial goals of policy holders, investing in assets for the purpose of growing policy holder premiums aimed at generating strong returns with the flexibility to secure their future. CL Life is an affiliate of Crestline Investors, Inc., an institutional investment management firm with approximately $15.4 billion in assets under management. About Insurance Technologies Insurance Technologies provides innovative sales and regulatory automation solutions to the insurance industry. Offering a suite of integrated sales solutions, from pre-sale functions to quoting and illustrations through e-application and e-delivery to post-sale services, Insurance Technologies provides carriers and distributors the sales capabilities and tools to create automated and cohesive sales experiences for their advisors and clients across the life and annuities insurance industries. The unique architecture and flexibility of its solutions deliver front and back-office configurability and usability to support multiple business strategies, encourage cross-channel growth and evolve with regulatory changes.

Read More

CORE INSURANCE,LIFE INSURANCE

Citi Selects Covr to Simplify Life Insurance Process for U.S. Consumer Wealth Management Business

Covr Financial Technologies | September 23, 2022

Covr Financial Technologies (Covr) is collaborating with Citi to help its U.S. financial advisors and clients more effectively integrate life insurance and long-term care coverage into their financial plans. By utilizing Covr's platform, Citi's advisors and clients can access top insurance carriers on a simplified basis. "We couldn't be more thrilled to team up with a large, global financial institution like Citi, Our insurance platform is easily accessible for Citi's team of advisors to use when offering protection products to their clients, and our team of insurance experts provides support throughout the process. Our goal at Covr is to ensure that everyone has easy access to the insurance solutions they need, and this a huge step in working toward that goal." -Michael Kalen, Covr CEO Covr was able to work with Citi to integrate its complex requirements into one easy-to-use digital insurance platform, Making the complicated simple is what we do every day, and the ability to collaborate with a leading firm like Citi allowed us to take our technology to an even broader audience. This further positions Covr as a leading provider of digital insurance technology and services to financial institutions,said Ron Alexander, Covr President and Head of Innovation. Looking ahead, Citi is exploring ways to expand the offering to additional channels in the future. About Covr Financial Technologies Covr partners with financial brands to provide life insurance solutions to their customers in an efficient, easy way that streamlines the process of selling and buying policies. Covr offers a choice of trusted life insurance products from leading insurance carriers, an easy way to compare rates, and the ability to purchase policies within minutes. Through its digital insurance solutions, Covr helps financial institutions deliver a great experience under the brand their customers already trust. Covr currently serves over 30,000 financial advisors and over 40 million customers across over 30 financial institutions.

Read More

LIFE INSURANCE

Major Financial Institution Selects Sapiens to Disrupt How Life Insurance is Sold in the Americas

Sapiens | September 28, 2022

Sapiens International Corporation, a leading global provider of software solutions for the insurance industry, announced today that a major financial services entity has selected Sapiens to deliver its life insurance service in the Americas. Sapiens' award-winning CoreSuite for Life & Annuities and DigitalSuite SaaS solution will provide them with next-generation customer sales and service experience. The companies solidified the partnership at the Insurtech Conference (ITC) on September 20. Sapiens CoreSuite for Life & Annuities is an end-to-end, cloud-native solution complete with enhanced digital capabilities to support whole life, universal life, wealth accumulation products and annuities. This will power this financial services entity with an advanced, simplified 360°degree view of customers within the policy administration system, across all distribution channels and communication streams. Sapiens DigitalSuite offers a dynamic, digital engagement and enablement platform for insurers to provide a unified, omni-channel experience. "We are very excited to partner with this financial services entity on their next-generation life insurance operations, Sapiens Core administration solution and the pre-integrated digital enablement platform will enable them to offer life insurance services that are customer-centered, in an innovative way, based on our cloud-native solutions." -Jamie Yoder, Sapiens North America President & General Manager Sapiens is attending the ITC Conference (Booth #2239) between September 20-22, at the Mandalay Bay in Las Vegas, and available to meet and discuss offerings and solutions. About Sapiens Sapiens International Corporation empowers the financial sector, with a focus on insurance, to transform and become digital, innovative, and agile. Backed by more than 40 years of industry expertise, Sapiens offers a complete insurance platform, with pre-integrated, low-code solutions and a cloud-first approach that accelerates customers' digital transformation. Serving over 600 customers in 30 countries, Sapiens offers insurers across property and casualty, workers' compensation and life markets the most comprehensive set of solutions, from core to complementary, including Reinsurance, Financial & Compliance, Data & Analytics, Digital, and Decision Management.

Read More

CORE INSURANCE,LIFE INSURANCE

CL Life and Annuity Insurance Company Launches New MYGA Product to Market in Eight Weeks with FireLight®

CL Life & Annuity Insurance Company and Insurance Technologies | September 26, 2022

Insurance Technologies, LLC., a provider of sales and regulatory automation solutions for the life and annuities insurance industries, announces that CL Life and Annuity Insurance Company (“CL Life”), a provider of insurance products that offer policyholders stable growth, tax deferral and income planning, has launched FireLight® e-Application. CL Life implemented FireLight to get new products to market quickly and efficiently while providing a superior digital agent and customer experience. “We wanted a digital solution that enabled quick speed to market and supported our digital strategies to make submitting annuity business with CL Life an easy and friendly process for agents, FireLight is the industry leader in the annuity and life market and provides us with the features and integration capabilities to efficiently create modernized and accelerated sales processes.” -Gary Sorensen, Director of Marketing & Sales, CL Life CL Life now provides agents with an easy way to sell CL Life annuity products through FireLight’s dynamic wizard e-application experience. The streamlined experience CL Life created includes e-Signature built-in into the sales workflow. So, agents can collect required signatures quickly and submit complete in-good-order application packages direct to CL Life. At Insurance Technologies, we know the importance of having the resources and tools to get products to market quickly and efficiently, We are happy to be able to supply CL Life the innovation and team support to create new digital sales processes and experiences and introduce new products to the industry quickly,said Clint Moore, Chief Operating Officer, Insurance Technologies. CL Life implemented FireLight with its new MYGA product released this month. Insurance Technologies has been a great partner in meeting our business, integration, and workflow requirements, The team at Insurance Technologies was easy to work with and provided the consultative support we needed to meet our implementation goals. We were able to go from concept to implementation in just eight weeks, said Sorensen. By using the standardized templates and rules within FireLight, we were able to provide a quick and efficient implementation experience, meeting CL Life’s timeline of two months, We are proud of the partnership with CL Life and look forward to working with them as they offer new products and expand their digital journey,said Moore. About CL Life & Annuity Insurance Company Headquartered in Fort Worth, Texas, CL Life and Annuity Insurance Company seeks to provide insurance products specially designed for retirement assets that offer stable growth, tax deferral, and income planning. Its mission is to provide competitive products that meet the financial goals of policy holders, investing in assets for the purpose of growing policy holder premiums aimed at generating strong returns with the flexibility to secure their future. CL Life is an affiliate of Crestline Investors, Inc., an institutional investment management firm with approximately $15.4 billion in assets under management. About Insurance Technologies Insurance Technologies provides innovative sales and regulatory automation solutions to the insurance industry. Offering a suite of integrated sales solutions, from pre-sale functions to quoting and illustrations through e-application and e-delivery to post-sale services, Insurance Technologies provides carriers and distributors the sales capabilities and tools to create automated and cohesive sales experiences for their advisors and clients across the life and annuities insurance industries. The unique architecture and flexibility of its solutions deliver front and back-office configurability and usability to support multiple business strategies, encourage cross-channel growth and evolve with regulatory changes.

Read More

CORE INSURANCE,LIFE INSURANCE

Citi Selects Covr to Simplify Life Insurance Process for U.S. Consumer Wealth Management Business

Covr Financial Technologies | September 23, 2022

Covr Financial Technologies (Covr) is collaborating with Citi to help its U.S. financial advisors and clients more effectively integrate life insurance and long-term care coverage into their financial plans. By utilizing Covr's platform, Citi's advisors and clients can access top insurance carriers on a simplified basis. "We couldn't be more thrilled to team up with a large, global financial institution like Citi, Our insurance platform is easily accessible for Citi's team of advisors to use when offering protection products to their clients, and our team of insurance experts provides support throughout the process. Our goal at Covr is to ensure that everyone has easy access to the insurance solutions they need, and this a huge step in working toward that goal." -Michael Kalen, Covr CEO Covr was able to work with Citi to integrate its complex requirements into one easy-to-use digital insurance platform, Making the complicated simple is what we do every day, and the ability to collaborate with a leading firm like Citi allowed us to take our technology to an even broader audience. This further positions Covr as a leading provider of digital insurance technology and services to financial institutions,said Ron Alexander, Covr President and Head of Innovation. Looking ahead, Citi is exploring ways to expand the offering to additional channels in the future. About Covr Financial Technologies Covr partners with financial brands to provide life insurance solutions to their customers in an efficient, easy way that streamlines the process of selling and buying policies. Covr offers a choice of trusted life insurance products from leading insurance carriers, an easy way to compare rates, and the ability to purchase policies within minutes. Through its digital insurance solutions, Covr helps financial institutions deliver a great experience under the brand their customers already trust. Covr currently serves over 30,000 financial advisors and over 40 million customers across over 30 financial institutions.

Read More

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