Insurance package to cover three generations in one policy

straitstimes | May 23, 2019

SINGAPORE - A new insurance policy that aims to break new ground by covering three generations of a family is being launched on Thursday (May 23).The product will provide cover to the policy holder as well as his children and parents. The initiative aims to tackle the growing financial burdens of what is known as the sandwich generation - those with kids and ageing parents to care for while juggling housing loans, rising childcare costs and tuition fees. Insurer Great Eastern is behind the new policy, called the Great Family Care package. A policy-holder can be insured against death, total permanent disability, terminal illnesses and critical illnesses for a sum assured between $50,000 and $3 million. In addition, every child of the policy-holder - including those born in the future - is automatically given free coverage until 18 against various critical illnesses and juvenile conditions.The lump sum payout - which is 25 per cent of the sum assured - is capped at $50,000 per child.

Spotlight

The Compact of Free Association (COFA) Premium Assistance Program provides free health insurance for people who moved to Oregon from the Republic of the Marshall Islands, the Federated State of Micronesia and the Republic of Palau under the compact.

Spotlight

The Compact of Free Association (COFA) Premium Assistance Program provides free health insurance for people who moved to Oregon from the Republic of the Marshall Islands, the Federated State of Micronesia and the Republic of Palau under the compact.

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HEALTH INSURANCE

Alegeus and HealthSherpa Experience Significant Momentum for ICHRA

Alegeus, HealthSherpa | July 19, 2022

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Organizations administering consumer-directed health benefit programs can set up an ICHRA with Alegeus, and then HealthSherpa helps ICHRA-eligible employees search for and enroll in the best on-exchange and off-exchange individual health plans. This integration bolsters the health reimbursement arrangement (HRA) experience from Alegeus and gives third-party administrators (TPAs) and health plans a strategy for increasing employer and employee participation in health benefit accounts. “We’re excited about the growing demand our partners have seen for ICHRA since announcing our integration partnership with HealthSherpa,” said Mark Waterstraat, chief customer officer, Alegeus. “Our joint solution is helping employers to deliver quality and cost-effective benefits quickly and efficiently to their employees. While ICHRAs can offer these through employer-defined contribution and better-fit individual coverage plans, they are still new and require a considerable amount of education and awareness. Through this partnership, our efforts are resonating, as evidenced by growing market demand.” “ICHRAs are a great option for a large and growing number of employers and their employees, and we’ve seen many of our client organizations begin reaping their benefits,” said Ross Honig, president, OCA. “Working with Alegeus and HealthSherpa has allowed OCA to market our ICHRA solution as a “one-stop” product that is seamless and easy to use for brokers, employers, and their employees.” “Millions of consumers have enrolled in health insurance through HealthSherpa and experienced the increasing appeal of individual coverage. With our new off-exchange options, employers and brokers alike have more options for employees looking to make the transition away from group-sponsored health insurance,” said George Kalogeropolous, CEO, HealthSherpa. “Millions of consumers have enrolled in health insurance through HealthSherpa and experienced the increasing appeal of individual coverage. With our new off-exchange options, employers and brokers alike have more options for employees looking to make the transition away from group-sponsored health insurance,” said George Kalogeropolous, CEO, HealthSherpa. “ICHRA is changing the dynamic of the relationship between employers and employees on the critical question of health insurance, and we’re thrilled to partner with Alegeus to help employers understand the benefits and communicate them with their employees.” Alegeus and HealthSherpa recently presented a webinar, “The (Present and) Future of ICHRAs,” showcasing how to simplify the administration of ICHRA benefits and make it easier for consumers to find the care and coverage that meets their needs. To learn more about ICHRAs and view the webinar presentation, please click here or visit https://www.alegeus.com/webinars/. About HealthSherpa HealthSherpa builds technology that increases access to health care. We provide end-to-end solutions for consumers, insurance carriers, and agents, delivering a superior ACA marketplace experience to fulfill our mission of connecting people to health coverage under the Affordable Care Act. The HealthSherpa Marketplace, our flagship health insurance enrollment platform, services more than 45,000 agents, 38 carriers, and 9 million consumers. About Alegeus With more than 25 years of growth and innovation, Alegeus is the market leader in SaaS-based benefit funding and payment solutions. Our highly flexible, white-label platform powers account-based benefit programs such as HSAs, FSAs, HRAs, COBRA, wellness incentives, lifestyle benefits and beyond. We deliver exceptional user experiences and differentiated capabilities that help our partners strengthen their product offerings, operate more efficiently, and unlock their full growth potential. Our partnerships with the industry’s leading health plans, third-party administrators, financial services and benefit solution providers give Alegeus unparalleled reach in the market, with access to more than 100 million commercially insured Americans. And our unique partnership model empowers our clients to achieve outsized results – growing their programs at a rate that is 3-4X the market, and with the highest NPS scores in the industry. We never compete with our clients in the market – we win when they win. Alegeus is headquartered in Waltham, Mass., with operations centers in Orlando and Bangalore, and a large remote workforce.

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INSURANCE TECHNOLOGY

Vertafore Acquires MGA Systems, Expanding and Improving MGA Solutions

Vertafore | June 30, 2022

The latest acquisition by the InsurTech industry leader, Vertafore, brings top-tier industry talent and two market-leading MGA solutions into the fold. Vertafore, the industry standard in cutting-edge insurance technology, announced that it had acquired MGA Systems, the industry's preeminent developer of MGA-specific software. MGAs need solutions that can keep up with their fast-paced business needs as they seek to diversify into new niche markets and keep their current client. Vertafore's suite will be expanded to include policy administration and rating solutions thanks to MGA Systems' acquisition. This enhances Vertafore's existing MGA offering and gives these critical players in the independent insurance channel a leg up in entering the new markets and rapidly deploying products for their customers. MGA Systems offers two industry-leading solutions. IMS is a management system with policy administration and back-office functionality, and NetRate is an ISO-based rating platform. These solutions have helped MGA Systems customers accelerate product time to market by integrating industry and technology knowledge. Vertafore is committed to expanding MGA Systems' customization and open architecture, which are key to customer success. As the MGA market continues to grow, it is more important than ever for MGAs to have integrated technology solutions that strengthen their ability to make informed risk and pricing decisions, MGA Systems has been at the forefront of the industry's work in this area, I am very pleased to welcome the MGA Systems team into the Vertafore family, along with the wealth of talent, passion, and expertise they bring." Vertafore's CEO Amy Zupon. Together, MGA Systems and Vertafore's already-extensive MGA management system (AIM™) form the industry's most robust and feature-rich software suite. After acquiring AgencyZoom™, Vertafore has taken the next step toward its goal of simplifying and automating its products and services across the entire insurance distribution channel by acquiring MGA Systems.

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INSURANCE TECHNOLOGY

JAB’s Pet Insurance Business to Acquire Global Pet Insurance Operations of Fairfax Financial

JAB Holding | June 22, 2022

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