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Sunshine State Health Insurance Anecdata

H G STERN | June 19, 2019 | 79 views

So recently, had a client move to Orlando, and asked for a referral to a local health insurance agent (since Im not licensed for Florida). I reached out to some folks who might be of help, including a couple relatives. One very helpful kin had this to say about the state of individual medical plans there We dont have an agent. About 2 yrs ago Florida Blue, the only insurance provider in our area, drastically cut commissions so independent agents are almost non existent. Do you know where he is moving? Basically the way I approach it is to find the insurance company with the best network (in Florida there are only two main cancer centers - Shands and Moffett). If you get in a narrow network you could end up in trouble if you have an unusual health problem since the local expertise may not be that good.

Spotlight

Dunsby Associates Insurance Brokers Ltd

We are Commercial Insurance Brokers dealing with a wide range of business sectors affording real attention to detail, we excel where a requirement exists for strong technical support and advice. The team offer a holistic approach, providing Risk Management advice and support relevant to the insurance covers and the risks that each business is exposed to, protection is then specifically designed to mirror their requirements.

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INSURANCE TECHNOLOGY

Reinsurance Market Maintaining Its Firming Trend

Article | July 13, 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.

Read More
LIFE INSURANCE

8 POS Software Trends for 2022: New Forecasts and What's Next

Article | July 12, 2022

Online shopping is quickly becoming the new norm in the wake of the COVID-19 pandemic. Most retailers had to migrate their businesses to the cloud in order to meet the current demands of highly tech-savvy consumers, and the use of POS software has become more important than ever. A cloud-hosted POS solution is no longer an option for small and large businesses, but rather a requirement. POS systems have provided retailers with a more efficient way to track inventory and manage sales, replacing the old cash register and traditional methods of selling. As ecommerce grows, POS solutions play an important role in increasing convenience for online customers and providing a customer-centric experience. To keep up with the latest POS system developments, there is a list of the most important POS software trends to watch for. By understanding current POS software adoption reports and key insights, you can maximize the potential of your existing POS solution or, better yet, have better ideas on financing trends by POS that can bring value to your retail business. Consumers had to reorient their purchasing toward needs like food, medicine, and other home items as the viral pandemic threatened everyone's health and safety. The US Census Bureau recently released a report that found that throughout the pandemic, retail stores providing food and beverages saw the biggest monthly growth in retail sales. To better understand how POS systems are assisting retailers in overcoming the challenges posed by the rapidly changing retail landscape, here’s a list of the most recent and important POS software trends: Cashless Transactions via Mobile POS Systems Adoption of Cloud-Hosted POS Systems Multichannel Commerce Customer Layout Programs Personalized Shopping Experience AI Integration in POS Systems Use of POS Data Analytics Simple POS Hardware Investing in modern POS systems and maximizing their rich feature sets can help your retail business go a long way, from attracting new customers to retaining a loyal customer base that can drive sales and support your long-term growth.

Read More
INSURANCE TECHNOLOGY

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

Article | July 14, 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.

Read More
INSURANCE TECHNOLOGY

Insurers Are Preparing to Accelerate Growth in 2022

Article | July 7, 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.

Read More
INSURANCE TECHNOLOGY

How Are Insurance Firms Using Artificial Intelligence (AI)?

Article | July 13, 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.

Read More
LIFE INSURANCE

Boosting the Economy: A Top Policy Priority

Article | July 12, 2022

Online shopping is quickly becoming the new norm in the wake of the COVID-19 pandemic. Most retailers had to migrate their businesses to the cloud in order to meet the current demands of highly tech-savvy consumers, and the use of POS software has become more important than ever. A cloud-hosted POS solution is no longer an option for small and large businesses, but rather a requirement. POS systems have provided retailers with a more efficient way to track inventory and manage sales, replacing the old cash register and traditional methods of selling. As ecommerce grows, POS solutions play an important role in increasing convenience for online customers and providing a customer-centric experience. To keep up with the latest POS system developments, there is a list of the most important POS software trends to watch for. By understanding current POS software adoption reports and key insights, you can maximize the potential of your existing POS solution or, better yet, have better ideas on financing trends by POS that can bring value to your retail business. Consumers had to reorient their purchasing toward needs like food, medicine, and other home items as the viral pandemic threatened everyone's health and safety. The US Census Bureau recently released a report that found that throughout the pandemic, retail stores providing food and beverages saw the biggest monthly growth in retail sales. To better understand how POS systems are assisting retailers in overcoming the challenges posed by the rapidly changing retail landscape, here’s a list of the most recent and important POS software trends: Cashless Transactions via Mobile POS Systems Adoption of Cloud-Hosted POS Systems Multichannel Commerce Customer Layout Programs Personalized Shopping Experience AI Integration in POS Systems Use of POS Data Analytics Simple POS Hardware Investing in modern POS systems and maximizing their rich feature sets can help your retail business go a long way, from attracting new customers to retaining a loyal customer base that can drive sales and support your long-term growth.

Read More
INSURANCE TECHNOLOGY

Insurance Technology Trends That Will Shape the Industry in 2022

Article | July 14, 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.

Read More
INSURANCE TECHNOLOGY

Insurers Are Preparing to Accelerate Growth in 2022

Article | July 7, 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.

Read More
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Spotlight

Dunsby Associates Insurance Brokers Ltd

We are Commercial Insurance Brokers dealing with a wide range of business sectors affording real attention to detail, we excel where a requirement exists for strong technical support and advice. The team offer a holistic approach, providing Risk Management advice and support relevant to the insurance covers and the risks that each business is exposed to, protection is then specifically designed to mirror their requirements.

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CORE INSURANCE

Foresters Financial Members Walk to the Moon and Back - Twice - with Foresters Go

Foresters Financial | September 30, 2022

Foresters Financial™ (Foresters), the fraternal life insurer that's boldly redefining the life insurance industry through innovation, purpose and wellness, is celebrating the 1-year anniversary of the launch of Foresters Go, an innovative wellness platform that integrates wearable app-enabled technology and behavior sciences to inspire and reward healthy lifestyles. Over the past year, Foresters members have taken over 1,757,592,202 steps, enough to make it to the moon and back twice, or around the globe more than 20 times. "We are delighted by the robust adoption and utilization of Foresters Go and are proud to celebrate our members' accomplishments over the past year, Some might say I'm over the moon with our results. Rewarding members for living well and giving back underscores the core values of Foresters and our commitment to enriching the well-being of our members and their communities. On behalf of the organization, I'd like to thank and congratulate all participating members on their achievements, and I look forward to reaching new milestones in the years ahead." -Louis Gagnon, Foresters Financial President and Chief Executive Officer Foresters Go was launched in September 2021 in partnership with dacadoo AG – an award-winning Insurtech specializing in digital health engagement and health risk quantification. The wearable app helps Foresters' members track their wellness and participate in challenges with other members to improve their health and wellbeing and earn rewards points. It is a complimentary benefit to all Foresters' members across Canada, the United States, and the United Kingdom. Along with earning points for making healthy decisions, members also earn Rewards Points for volunteering in their community. Foresters Go provides a fun and interactive experience for members to earn exciting rewards and leverage our broader suite of unique member benefits, While we're encouraged to see so many members embrace and benefit from an active lifestyle, Foresters Go offers much more than fitness initiatives, including guidance on several areas of wellness such as nutrition, volunteerism, sleep, mental wellbeing, mindfulness and more,said Nicole Gourley, Global Chief Membership and Marketing Officer at Foresters. To celebrate the 1-year anniversary of Foresters Go, all registered users will be awarded $5 in Foresters Go points, while the first 1,000 new non-registered users will receive $15 in Foresters Go points (local currency) if they sign up prior to December 31, 2022. Life Insurance with a Larger Purpose Foresters Go is part of the Foresters goal to develop innovative member benefits, products, and service offerings that promote a lifetime of well-being, and align with Foresters fraternal purpose to enrich the lives of families and their communities. That's life insurance with a larger purpose. Bringing a better, new normal to everyday families, Foresters offers a suite of unique member benefits and is redefining the conventional life insurance model. Member benefits include opportunities for scholarships, orphan benefits, community volunteer grants, document preparation services for creating wills and other legal documents, Lifelong Learning, MemberDeals, and more. About Foresters Financial Foresters Financial is redefining the life insurance and individual savings industry across the U.S., Canada and UK by enriching the lives, communities, and overall well-being of its members. Agents and members alike appreciate the turnkey-decisioned product offerings and end-to-end digitized sales processes that make it easy to get life insurance without traditional medical exams. State-of-the-art mobile tools help agents deliver tailored insurance protection to members. Dedicated to its members' well-being, Foresters offers a suite of member benefits and is redefining the conventional life insurance model, bringing improved financial security and overall wellness to everyday North American families. Foresters joined forces with Canada Protection Plan in 2020 to add being a leading life insurance distributor to its Canadian business. Foresters Financial is the trade name for The Independent Order of Foresters, the oldest non-denominational fraternal benefit society. For 22 straight years, The Independent Order of Foresters has received an "A" (Excellent) rating from A.M. Best.

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CORE INSURANCE

Securian Financial collaborates with “BenefitBump” to enhance education among expectant parents

SECURIAN FINANCIAL | September 30, 2022

To provide greater assistance to employees growing their families, Securian Financial in a first among insurance carriers is adding “BenefitBump” as a value-added service. The BenefitBump service can be used with Securian Financial’s group hospital indemnity insurance issued by Securian Life Insurance Company. BenefitBump improves outcomes for both employers and employees by helping growing families navigate their employers’ benefits and time off programs to build plans for balancing work and life. The program was designed for all paths to parenthood, including childbirth, adoption and families seeking fertility support. Participants are provided with education tools and live support from licensed emotional health clinicians. “Employees expecting a new child are often overwhelmed with information and unaware of all the benefits available to them through their employers, BenefitBump’s trained care navigators are experts in workplace benefit programs for expecting parents. They guide parents through the journey of growing their families from pre-birth planning to post-birth childcare while ensuring that they are maximizing their available benefits. For employers, this can be a powerful tool for retention, especially of working mothers.” -Darin Reeser, regional director of supplemental health benefit sales for Securian Financial According to ongoing BenefitBump participant survey responses, 66% of participants say the service reduces stress and anxiety and 83% say it increases benefit awareness and utilization. In addition, a 2021 study of program participants found that 98% successfully returned to work. Group hospital indemnity insurance is a workplace supplemental health policy that pays a pre-determined benefit to insured employees who experience a hospital stay covered by the policy. Employees can use the benefit to pay for out-of-pocket expenses not covered by their major medical insurance, or however they wish. With Securian Financial, insured employees do not have to experience a hospital stay to use BenefitBump. In fact, according to BenefitBump, since the service’s inception, nearly one-fifth of participants have engaged the service while family planning. Workplace supplemental health benefits on the rise According to a study conducted by benefits broker WTW, more employers are turning to supplemental health benefits to help protect employees from big medical bills and loss of income. The study, conducted between February 23 and March 12, 2021, found that among 238 organizations employing 3.7 million people, 42% offered group hospital indemnity insurance and 57% offered group critical illness insurance. By 2022, 65% of the organizations said they would offer hospital indemnity insurance to their employees, and 76% said they would offer critical illness insurance. Additionally, LIMRA, a life insurance researcher and trade organization, reported recently that workplace supplemental health benefit premium rose 6% in 2021, to nearly $2.6 billion. A group insurance leader Securian Financial offers group life, accidental death and dismemberment (AD&D) and supplemental health insurance products to employers nationwide. The company specializes in large public and private employer plans with 1,000 or more participants. Since issuing its first group life insurance policy in 1917, Securian Financial through its subsidiaries, Minnesota Life Insurance Company and Securian Life Insurance Company has grown to become the third-largest direct writer of group life insurance in the United States. The company is the top provider of group life insurance to state governments, 16, and has an extensive list of Fortune 500 employer clients, including 18 of the Fortune 100. ABOUT SECURIAN FINANCIAL At Securian Financial, we’re here for family. And we’re here because of it. We’re guided by our purpose: helping customers build secure tomorrows. Since 1880, we’ve been building a uniquely diversified company that has outlasted economic ups and downs while staying true to our customers. We’re committed to the markets we serve, providing insurance, investment and retirement solutions that give families the confidence to focus on what’s truly valuable: banking memories with those who matter most.

Read More

INSURANCE TECHNOLOGY

Cover Whale Enhances Communications with Agents and Policyholders with Two New Tech Platforms

Cover Whale | September 29, 2022

Cover Whale Insurance Solutions, Inc., a leading commercial trucking insurer and fast-growing insurtech, today announced the availability of two new technology platforms, an application programming interface (API) for agents and interactive mobile app for its insured truck drivers. The API allows agents to seamlessly integrate their systems with Cover Whale's industry-leading commercial trucking insurance platform, streamlining the policy quoting and binding process even further for their independent owner-operator and small truck fleet clients. The API can deliver bindable quotes or indications with minimal information required. Cover Whale is the only commercial trucking-focused insurtech with a broad geographic reach to offer this capability to insurance agents. The company also released its new, distinctive mobile app that effectively and conveniently informs commercial truck driver policyholders about their policies. With the Cover Whale Insurance app, everything a truck driver could need is right at their fingertips, instantly from instant, free, unlimited certificates of insurance, to claims filing, to troubleshooting their dashboard camera. In the world of trucking, time is money. The Cover Whale Insurance app helps drivers do what they do best, deliver. "Our goal is to apply technology to offer truck drivers the best and most cost-effective insurance coverage. Our latest innovations really raise the bar in how we deliver for agents and policyholders, The API doubles down on one of our core strengths, which is enabling agents to sell more insurance, faster, while our mobile app ensures truck drivers get the support they need, when and where they need it. We're proud to lead this industry through innovation to create a faster, frictionless system that creates better outcomes for everyone within our network." -Dan Abrahamsen, CEO of Cover Whale About Cover Whale Cover Whale, an insurtech founded by experienced insurance and technology veterans, focuses on technology, underwriting, and data to launch innovative insurance programs. Cover Whale delivers the industry's most agent-friendly online quoting experience to more than 5,000 agents so they can deliver fast, easy coverage for their clients. Maintaining excellent agent relationships has driven more than $150 million in active premium through the Cover Whale platform.

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Foresters Financial Members Walk to the Moon and Back - Twice - with Foresters Go

Foresters Financial | September 30, 2022

Foresters Financial™ (Foresters), the fraternal life insurer that's boldly redefining the life insurance industry through innovation, purpose and wellness, is celebrating the 1-year anniversary of the launch of Foresters Go, an innovative wellness platform that integrates wearable app-enabled technology and behavior sciences to inspire and reward healthy lifestyles. Over the past year, Foresters members have taken over 1,757,592,202 steps, enough to make it to the moon and back twice, or around the globe more than 20 times. "We are delighted by the robust adoption and utilization of Foresters Go and are proud to celebrate our members' accomplishments over the past year, Some might say I'm over the moon with our results. Rewarding members for living well and giving back underscores the core values of Foresters and our commitment to enriching the well-being of our members and their communities. On behalf of the organization, I'd like to thank and congratulate all participating members on their achievements, and I look forward to reaching new milestones in the years ahead." -Louis Gagnon, Foresters Financial President and Chief Executive Officer Foresters Go was launched in September 2021 in partnership with dacadoo AG – an award-winning Insurtech specializing in digital health engagement and health risk quantification. The wearable app helps Foresters' members track their wellness and participate in challenges with other members to improve their health and wellbeing and earn rewards points. It is a complimentary benefit to all Foresters' members across Canada, the United States, and the United Kingdom. Along with earning points for making healthy decisions, members also earn Rewards Points for volunteering in their community. Foresters Go provides a fun and interactive experience for members to earn exciting rewards and leverage our broader suite of unique member benefits, While we're encouraged to see so many members embrace and benefit from an active lifestyle, Foresters Go offers much more than fitness initiatives, including guidance on several areas of wellness such as nutrition, volunteerism, sleep, mental wellbeing, mindfulness and more,said Nicole Gourley, Global Chief Membership and Marketing Officer at Foresters. To celebrate the 1-year anniversary of Foresters Go, all registered users will be awarded $5 in Foresters Go points, while the first 1,000 new non-registered users will receive $15 in Foresters Go points (local currency) if they sign up prior to December 31, 2022. Life Insurance with a Larger Purpose Foresters Go is part of the Foresters goal to develop innovative member benefits, products, and service offerings that promote a lifetime of well-being, and align with Foresters fraternal purpose to enrich the lives of families and their communities. That's life insurance with a larger purpose. Bringing a better, new normal to everyday families, Foresters offers a suite of unique member benefits and is redefining the conventional life insurance model. Member benefits include opportunities for scholarships, orphan benefits, community volunteer grants, document preparation services for creating wills and other legal documents, Lifelong Learning, MemberDeals, and more. About Foresters Financial Foresters Financial is redefining the life insurance and individual savings industry across the U.S., Canada and UK by enriching the lives, communities, and overall well-being of its members. Agents and members alike appreciate the turnkey-decisioned product offerings and end-to-end digitized sales processes that make it easy to get life insurance without traditional medical exams. State-of-the-art mobile tools help agents deliver tailored insurance protection to members. Dedicated to its members' well-being, Foresters offers a suite of member benefits and is redefining the conventional life insurance model, bringing improved financial security and overall wellness to everyday North American families. Foresters joined forces with Canada Protection Plan in 2020 to add being a leading life insurance distributor to its Canadian business. Foresters Financial is the trade name for The Independent Order of Foresters, the oldest non-denominational fraternal benefit society. For 22 straight years, The Independent Order of Foresters has received an "A" (Excellent) rating from A.M. Best.

Read More

CORE INSURANCE

Securian Financial collaborates with “BenefitBump” to enhance education among expectant parents

SECURIAN FINANCIAL | September 30, 2022

To provide greater assistance to employees growing their families, Securian Financial in a first among insurance carriers is adding “BenefitBump” as a value-added service. The BenefitBump service can be used with Securian Financial’s group hospital indemnity insurance issued by Securian Life Insurance Company. BenefitBump improves outcomes for both employers and employees by helping growing families navigate their employers’ benefits and time off programs to build plans for balancing work and life. The program was designed for all paths to parenthood, including childbirth, adoption and families seeking fertility support. Participants are provided with education tools and live support from licensed emotional health clinicians. “Employees expecting a new child are often overwhelmed with information and unaware of all the benefits available to them through their employers, BenefitBump’s trained care navigators are experts in workplace benefit programs for expecting parents. They guide parents through the journey of growing their families from pre-birth planning to post-birth childcare while ensuring that they are maximizing their available benefits. For employers, this can be a powerful tool for retention, especially of working mothers.” -Darin Reeser, regional director of supplemental health benefit sales for Securian Financial According to ongoing BenefitBump participant survey responses, 66% of participants say the service reduces stress and anxiety and 83% say it increases benefit awareness and utilization. In addition, a 2021 study of program participants found that 98% successfully returned to work. Group hospital indemnity insurance is a workplace supplemental health policy that pays a pre-determined benefit to insured employees who experience a hospital stay covered by the policy. Employees can use the benefit to pay for out-of-pocket expenses not covered by their major medical insurance, or however they wish. With Securian Financial, insured employees do not have to experience a hospital stay to use BenefitBump. In fact, according to BenefitBump, since the service’s inception, nearly one-fifth of participants have engaged the service while family planning. Workplace supplemental health benefits on the rise According to a study conducted by benefits broker WTW, more employers are turning to supplemental health benefits to help protect employees from big medical bills and loss of income. The study, conducted between February 23 and March 12, 2021, found that among 238 organizations employing 3.7 million people, 42% offered group hospital indemnity insurance and 57% offered group critical illness insurance. By 2022, 65% of the organizations said they would offer hospital indemnity insurance to their employees, and 76% said they would offer critical illness insurance. Additionally, LIMRA, a life insurance researcher and trade organization, reported recently that workplace supplemental health benefit premium rose 6% in 2021, to nearly $2.6 billion. A group insurance leader Securian Financial offers group life, accidental death and dismemberment (AD&D) and supplemental health insurance products to employers nationwide. The company specializes in large public and private employer plans with 1,000 or more participants. Since issuing its first group life insurance policy in 1917, Securian Financial through its subsidiaries, Minnesota Life Insurance Company and Securian Life Insurance Company has grown to become the third-largest direct writer of group life insurance in the United States. The company is the top provider of group life insurance to state governments, 16, and has an extensive list of Fortune 500 employer clients, including 18 of the Fortune 100. ABOUT SECURIAN FINANCIAL At Securian Financial, we’re here for family. And we’re here because of it. We’re guided by our purpose: helping customers build secure tomorrows. Since 1880, we’ve been building a uniquely diversified company that has outlasted economic ups and downs while staying true to our customers. We’re committed to the markets we serve, providing insurance, investment and retirement solutions that give families the confidence to focus on what’s truly valuable: banking memories with those who matter most.

Read More

INSURANCE TECHNOLOGY

Cover Whale Enhances Communications with Agents and Policyholders with Two New Tech Platforms

Cover Whale | September 29, 2022

Cover Whale Insurance Solutions, Inc., a leading commercial trucking insurer and fast-growing insurtech, today announced the availability of two new technology platforms, an application programming interface (API) for agents and interactive mobile app for its insured truck drivers. The API allows agents to seamlessly integrate their systems with Cover Whale's industry-leading commercial trucking insurance platform, streamlining the policy quoting and binding process even further for their independent owner-operator and small truck fleet clients. The API can deliver bindable quotes or indications with minimal information required. Cover Whale is the only commercial trucking-focused insurtech with a broad geographic reach to offer this capability to insurance agents. The company also released its new, distinctive mobile app that effectively and conveniently informs commercial truck driver policyholders about their policies. With the Cover Whale Insurance app, everything a truck driver could need is right at their fingertips, instantly from instant, free, unlimited certificates of insurance, to claims filing, to troubleshooting their dashboard camera. In the world of trucking, time is money. The Cover Whale Insurance app helps drivers do what they do best, deliver. "Our goal is to apply technology to offer truck drivers the best and most cost-effective insurance coverage. Our latest innovations really raise the bar in how we deliver for agents and policyholders, The API doubles down on one of our core strengths, which is enabling agents to sell more insurance, faster, while our mobile app ensures truck drivers get the support they need, when and where they need it. We're proud to lead this industry through innovation to create a faster, frictionless system that creates better outcomes for everyone within our network." -Dan Abrahamsen, CEO of Cover Whale About Cover Whale Cover Whale, an insurtech founded by experienced insurance and technology veterans, focuses on technology, underwriting, and data to launch innovative insurance programs. Cover Whale delivers the industry's most agent-friendly online quoting experience to more than 5,000 agents so they can deliver fast, easy coverage for their clients. Maintaining excellent agent relationships has driven more than $150 million in active premium through the Cover Whale platform.

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