Japan Post Insurance slammed for double-charging premiums

Insurance Business Magazine | July 10, 2019

Japan Post Insurance is under fire for charging thousands of its policyholders double their life insurance premiums, in a scandal that could undermine trust in the formerly government-owned firm. A report by Nikkei said that around 22,000 customers were charged premiums for two policies, due to employees failing to cancel old policies after the customers signed up for new ones. The incidents, which came to light on Monday, July 08, have been happening for at least six months now. This raised suspicion that some employees purposely arranged the double-charging to gain more signing bonuses. In recent years, Japan Post Insurance has also come in for criticism from the public after some customers said the insurer was denying its requests to switch policies. The company defended itself, saying that it was not carrying out any improper acts.

Spotlight

Fifteen years ago, clients asked, “What is W&I insurance?” Now they ask, “Are there any claims under W&I insurance policies?” Or, more simply, “Do W&I insurance policies actually work?” The answer is “yes”. Marsh JLT Specialty’s first edition of Transactional Risk Insurance Claims Study, EMEA shows that not only have far more notifications been made in recent years, but so have the number of notifications made as a proportion of overall policies placed. Notifications are also being made much sooner, and claims are being paid more quickly.* This is evidence that W&I insurance is no longer just a deal facilitation tool but a proven risk transfer mechanism.

Spotlight

Fifteen years ago, clients asked, “What is W&I insurance?” Now they ask, “Are there any claims under W&I insurance policies?” Or, more simply, “Do W&I insurance policies actually work?” The answer is “yes”. Marsh JLT Specialty’s first edition of Transactional Risk Insurance Claims Study, EMEA shows that not only have far more notifications been made in recent years, but so have the number of notifications made as a proportion of overall policies placed. Notifications are also being made much sooner, and claims are being paid more quickly.* This is evidence that W&I insurance is no longer just a deal facilitation tool but a proven risk transfer mechanism.

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Aspida Chooses FireLight® to Help Power Annuity Sales

Aspida and Insurance Technologies | October 11, 2022

Insurance Technologies, LLC, a provider of sales and regulatory automation solutions for the life and annuity industry, announced that Aspida Life Insurance Company (“Aspida”), a life insurance and annuity company, plans to use Insurance Technologies’ digital sales platform, FireLight, to help distribute its WealthLock℠ suite of annuity products to the broker-dealer channel. Carriers and distributors use the multi-carrier platform FireLight to create and enable a seamless sales experience for their advisors and consumers. FireLight powers easy, digital data collection; improves in-good-order sales; increases efficiency; and meets regulatory requirements. “We’re excited to partner with Aspida and help power their growth in the broker-dealer channel, Aspida’s dedication to technology helps them deliver their products with a simple, easy, and quick process. FireLight checks all those boxes and will help support them as they continue to grow in the broker-dealer channel.” -Insurance Technologies’ Chief Operating Officer, Clint Moore Aspida’s goal of being a tech-leading, agile insurance company that provides retirement solutions with speed, simplicity and security aligns well with the features – and flexibility – the FireLight platform offers. When we decided to enter the broker-dealer channel with our WealthLock℠ suite of annuities, we wanted to make sure we chose a platform that would complement our strategy and enhance our capabilities, With a number of broker-dealers already using FireLight for their annuity e-Applications for the flexibility it provides, FireLight was an excellent choice for us as we continue to grow and help our clients achieve and protect dreams,said Sol Osterkatz, chief technology officer at Aspida. About Aspida Aspida Holdings Ltd., through its subsidiaries (collectively “Aspida”), is focused on providing retirement and reinsurance solutions, having operations in the U.S. and Bermuda with total assets of $4.4 billion as of June 30, 2022. Aspida, through its U.S. platform, Aspida Life Insurance Company, is focused on leveraging technology and acting with agility to help clients achieve – and protect – their dreams. Its Bermuda-based reinsurance platform, Aspida Life Re, is focused on providing efficient and secure life and annuity reinsurance solutions. Aspida seeks to be a trusted partner in its clients’ financial security while driving its growth by doing good for the communities it serves. Aspida is an indirect subsidiary of Ares Management Corporation. 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.

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Riskonnect Named in Business Insurance’s Best Places to Work in Insurance Program for Second Consecutive Year

Riskonnect | September 17, 2022

Riskonnect, the leader in integrated risk management (IRM) solutions, today announced it has been named in Business Insurance’s annual Best Places to Work in Insurance program, which recognizes employers for their outstanding performance in establishing workplaces where employees can thrive, enjoy their work, and help their companies grow. “It’s a huge honor to be recognized once again as one of the Best Places to Work in Insurance. The accolade is a testament to our team’s dedication to creating an incredible and empowering work environment at Riskonnect, Every day we aim to foster a positive culture where our team is inspired, encouraged, and poised to deliver the best service to customers and help them manage risk under one roof.” -Kevin Crow, chief human resources officer at Riskonnect Best Places to Work in Insurance is an annual program that highlights the agents, brokers, insurance companies, and other providers with the highest levels of employee engagement and satisfaction. The leading employers in the insurance industry are identified through a two-part assessment of each company. The first part is a questionnaire completed by the employer about company policies, practices, and demographics. The second part is a confidential employee survey on engagement and satisfaction. This achievement follows several others for Riskonnect, including being named one of the UK’s Best Workplaces™ for Women and certified as a Great Place to Work® in the United Kingdom by Great Place to Work®. The Company was also named a Best and Brightest Company to Work For® by the U.S. National Association for Business Resources in Atlanta and Chicago for the fourth consecutive year. About Riskonnect Riskonnect is the leading integrated risk management software solution provider. Our technology empowers organizations with the ability to anticipate, manage, and respond in real-time to strategic and operational risks across the extended enterprise. More than 2,000 customers across six continents use our unique risk-correlation technology to gain previously unattainable insights that deliver better business outcomes. Riskonnect has more than 800 risk management experts in the Americas, Europe, and Asia.

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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.

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