UnitedHealth's earnings projection falls short of analysts' estimates

UnitedHealth | December 03, 2019

Major health insurer UnitedHealth Group has revealed its adjusted earnings forecast for 2020 – but the midpoint estimate fell short of analysts’ projections. The company revealed that it expects 2020 earnings between $16.25 and $16.55 per share. By comparison, analysts pegged UnitedHealth’s earnings around $16.46 per share, according to data from Refinitiv. UnitedHealth remains positive that its expected revenue next year will run from $260 billion to $262 billion, above Wall Street’s expectations of $260.81 billion, Reuters reported.

Spotlight

A third-party contractor, a young man in the prime of his life with a wife and several minor children, is injured while unloading a piece of heavy equipment from the insured’s trailer. Initially, the injury appeared to be a straightforward back injury until the individual suffered a stroke while in the hospital. Now the claim is much more than a back injury. The fact that the contractor was in a restricted area and was not following procedure will not reduce the overall settlement value of the claim. The injured worker’s age and extent of his disability impact the settlement evaluation. What was thought to be a loss with a settlement value less than $1 million could potentially be valued in excess of $5 million.

Spotlight

A third-party contractor, a young man in the prime of his life with a wife and several minor children, is injured while unloading a piece of heavy equipment from the insured’s trailer. Initially, the injury appeared to be a straightforward back injury until the individual suffered a stroke while in the hospital. Now the claim is much more than a back injury. The fact that the contractor was in a restricted area and was not following procedure will not reduce the overall settlement value of the claim. The injured worker’s age and extent of his disability impact the settlement evaluation. What was thought to be a loss with a settlement value less than $1 million could potentially be valued in excess of $5 million.

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RISK MANAGEMENT

Selective Insurance Introduces New Privacy Solution to Reduce the Risk of a Data Breach Following a Total Vehicle Loss

Selective Insurance | October 03, 2022

In recognition of October's designation as Cybersecurity Awareness Month, Selective Insurance today announced that it will remove personally identifiable information from eligible private passenger vehicles and light duty trucks after they're declared a total loss. This new solution deletes sensitive electronic data, such as GPS addresses, phone contacts, telematics, garage and gate opening capabilities, and other personally identifiable information. Personal and business vehicles that are model year 2012 or newer are eligible for this service. "Technologically-advanced vehicles store a significant amount of personal data, especially in the infotainment and navigation systems, Deleting personally identifiable information after a total vehicle loss prevents it from ending up in the wrong hands. It protects our customers so they can focus on restoring their lives. This service is another way our customers can Be Uniquely Insured® with Selective." -Jim McKeown, Vice President, Mobility and Customer Experience, Selective Insurance About Selective Insurance Selective Insurance Group, Inc. is a holding company for 10 property and casualty insurance companies rated "A+" (Superior) by AM Best. Through independent agents, the insurance companies offer standard and specialty insurance for commercial and personal risks and flood insurance through the National Flood Insurance Program's Write Your Own Program. Selective's unique position as both a leading insurance group and an employer of choice is recognized in a wide variety of awards and honors, including the Fortune 1000 and being certified as a Great Place to Work® in 2022 for the third consecutive year.

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CORE INSURANCE

Risk Strategies Acquires Beattie & Associates

Risk Strategies | September 16, 2022

Risk Strategies, a leading national specialty insurance brokerage and risk management firm, today announced it has acquired Beattie & Associates, a retail agency in Missouri specializing in employee benefits for both individuals and employers. Terms of the deal were not announced. Headquartered in the St. Louis suburb of Chesterfield, Missouri, Beattie & Associates is led by its principal, Tom Beattie. For more than 30 years, the agency has focused on helping both individuals and businesses across a range of industries, create effective and affordable employee benefits coverages that meet their specific needs. “We’re thrilled to welcome Tom and his team at Beattie & Associates to the Risk Strategies family, Their approach to both team and client work is a great fit with our culture and we’re excited to have them aboard as we expand our capabilities regionally.” -John Greenbaum, national employee benefits practice leader at Risk Strategies Beattie offers business clients a full range of employee benefit coverages, including group health, disability, life, dental, and vision, as well as associated support services. Beattie’s client base is highly loyal and largely concentrated in the Midwest Region. Wanting to preserve our specialty focus and expand our capabilities without losing our high-touch approach to client services made becoming part of Risk Strategies the absolute right choice, I’m excited by the possibilities to further extend our relationships and offerings, including property and casualty, to new and existing clients,said Beattie. In addition to its base in the St. Louis region, Beattie has presence across Big Sky and Bozeman, Montana, as well as Chicago. The Montana presence represents an expansion for Risk Strategies. Beattie’s Chicago presence will complement existing, long-standing Risk Strategies operations. About Risk Strategies Risk Strategies is a specialty national insurance brokerage and risk management firm offering comprehensive risk management advice and insurance and reinsurance placement for property & casualty, employee benefits, and private client services risks. With more than 30 specialty practices, Risk Strategies serves commercial companies, nonprofits, public entities, and individuals, and has access to all major insurance markets. Ranked among the top brokers in the country, Risk Strategies has over 100 offices including Boston, New York City, Chicago, Toronto, Montreal, Grand Cayman, Miami, Atlanta, Dallas, Nashville, Washington DC, Los Angeles, and San Francisco.

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INSURANCE TECHNOLOGY

Breeze Disability Insurance Platform Now Available to Appalachian Underwriters Network

Breeze and Appalachian Underwriters | September 05, 2022

Breeze, the insurtech simplifying how disability insurance is bought and sold, announced today a new partnership with leading insurance wholesaler Appalachian Underwriters, Inc. (AUI). Health-licensed agents and brokers partnered with AUI can now use Breeze's turnkey disability insurance platform to rapidly scale income protection sales. Breeze's proprietary technology makes it possible to quote disability insurance in seconds and submit client applications in minutes – entirely online. Breeze also handles case management, making this new partnership a low-strain, high-growth opportunity for AUI's partner agents. "Whether you're focused on home, auto, health or life insurance sales, income protection is a natural next conversation for agents and advisors. We're thrilled that Appalachian Underwriters has selected Breeze to power their disability income insurance offerings, and we look forward to supporting their agents," - Colin Nabity, CEO & co-founder of Breeze AUI has an impressive network of around 30,000 insurance agencies comprising roughly 70,000 agents. It was recently ranked the fifth largest MGA in the country by Business Insurance. We're extremely excited to partner with Breeze to continue our mission to support our agents and agency partners with diverse new product solutions and tools that increase efficiency, After seeing strong success with our recent entrance into the life insurance space, the partnership with Breeze is perfect to represent AUI's first voyage into the health market,said William Chambers, Director of Digital Partnerships at Appalachian Underwriters. With AUI already having strong commercial P&C and workers' compensation lines, disability insurance through Breeze should fit nicely into the wholesaler's newly-launched health business. Small business owners and employees could find financial peace of mind in disability insurance that protects their income against injuries and illnesses that happen on and off the job. Breeze currently offers two long-term disability insurance products, short-term disability insurance, and critical illness insurance. AUI's health-licensed agents and brokers can seamlessly and near-effortlessly offer any of these products to their clients via Breeze's simple online platform that uses predictive analytics to expedite underwriting. Despite the average employee being 3.5 times more likely to need disability insurance instead of life insurance during their career, just 14% of consumers own disability insurance due to an overly-complex application process that has kept both buyers and sellers away. Breeze has simplified disability insurance and is now uniquely-positioned to be the leader in an untapped market. The partnership with Appalachian Underwriters is a major step towards making disability insurance accessible for a range of workers. About Breeze Breeze is an online insurance broker simplifying how disability and critical illness insurance are bought and sold. Leveraging industry expertise and innovative technology, our team is building a better way to distribute income protection insurance for life's most financially vulnerable moments like cancer, depression, and bad accidents. Policies offered through Breeze replace a portion of a policyholder's regular income and can be used to help with large medical bills, mortgage payments, groceries, and more. Breeze currently offers long-term disability insurance, short-term disability insurance, and critical illness insurance. About Appalachian Underwriters Appalachian Underwriters, Inc. (AUI) is a full-service MGA and wholesale insurance brokerage, providing independent agents a national outlet to multiple specialized markets for workers' compensation, commercial, life, and personal lines of insurance. Appalachian Underwriters is wholly owned by Acrisure, LLC.

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