Education key to jumpstarting Malaysia’s life insurance industry - expert

insurancebusinessmag | June 25, 2019

The new chief executive officer of the Life Insurance Association of Malaysia (LIAM) believes that channel diversification and consumer education are two ways to increase the stagnant penetration rate of life insurance in Malaysia.In an interview with New Straits Times, LIAM CEO Mark ODell said that growing Malaysias life insurance industry is one of the associations key priorities. The former head of Manulife in Malaysia is keen on using his new role to work closely with stakeholders and regulators to promote the countrys life insurance industry.

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Defined as medical care that includes health system components, or care delivery platforms, used to treat sudden, often unexpected, urgent or emergent episodes of injury and illness that can lead to death or disability without rapid intervention. It encompasses a range of clinical health-care functions, including emergency medicine, trauma care, pre-hospital emergency care, acute care surgery, critical care, urgent care and short-term inpatient stabilization. It is a care that is provided to respond to immediate life-threatening conditions and requires resource redistributions to minimize impending death or disability.


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INSURANCE TECHNOLOGY

Paychex Wins Two Brandon Hall Group Excellence in Technology Awards

Brandon Hall Group, Inc. | December 23, 2021

Paychex, Inc., a leading provider of human resources, payroll, benefits, and insurance solutions, has won two Brandon Hall Group Excellence in Technology Awards. The company's Employee Retention Tax Credit (ERTC) Service was recognized by Brandon Hall Group with a gold award for Excellence in Technology in the "Best Advance in HR or Workforce Management Technology for Small and Medium-Sized Businesses" category, and Paychex Pre-Check received a silver award for "Best Advance in Business Strategy and Technology Innovation." This is the ninth consecutive year that the research and analyst firm has recognized Paychex technology solutions. "HCM solution providers must be experts and visionaries in technology, but they also must have the ability to anticipate the diverse needs of employers as they work to adapt to ongoing change, This requires a blend of curiosity, empathy and agility that is difficult to achieve. We have seen an extraordinary level of insight and creativity from our Excellence in Technology winners that has been exciting to see." -Brandon Hall Group CEO Mike Cooke As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Employee Retention Tax Credit (ERTC) helps businesses claim tax credits on qualified wages paid to employees and health plan expenses in 2020 and 2021. Paychex introduced a new offering – the Paychex ERTC Service – to help businesses retroactively identify tax credits and file amended returns to claim the credit based on wages already paid. The Paychex ERTC Service leverages the Paychex Flex® technology to streamline and automate the amendment process, providing support for customers to identify and access government stimulus funds that could keep their business open. To date, the company has helped its customers apply for $6 billion in total tax credits in addition to $65 billion in Paycheck Protection Program (PPP) stimulus funds. "It is an honor for Paychex to be recognized by Brandon Hall Group for our ERTC service, which is a perfect blend of our compliance expertise, leading technology, and powerful customer support, Our team's speed and agility in implementing this solution has resulted in billions of dollars in stimulus for Paychex customers at a time when they need it the most to offset wage increases and address supply chain challenges." -Martin Mucci, Paychex CEO. Also recognized for advancements in technology innovation is Paychex Pre-Check. The Pre-Check technology provides employees the opportunity to preview their paycheck with a self-review of the gross-to-net paystub on a device of their choice to confirm its accuracy before payday. Payroll is the foundation of the employer-employee relationship. When errors occur, employers may increase the risk of losing trust and compromising retention. This critical solution was designed to increase payroll processing accuracy, reduce errors and expenses associated with payroll corrections, and offer a streamlined feedback loop between employers and employees through Paychex Flex. "Finding ways to simplify the business challenges that were amplified by the pandemic has been a driving force behind each innovation released within our cloud-based Paychex Flex software over the past year, Coupled with the human element of what we do as a service provider has led to an incredible opportunity for Paychex to make a difference for small and medium-sized businesses. We're proud of the work done to meet the needs of our customers and thankful for this validation by Brandon Hall Group." -Tom Hammond, Paychex vice president of corporate strategy and product management. A panel of veteran, independent senior industry experts, and Brandon Hall Group senior analysts and executives, evaluated the entries based upon the following criteria: Product: What was the product's breakthrough innovation? Unique differentiators: What makes the product unique, and how does it differ from any competing products? Value proposition: What problem does the product solve and/or what need does this product address? Measurable results: What are the benefits customers can expect to experience as a result of using this product? The complete list of Technology Excellence Award winners can be found on the Brandon Hall Group awards page. About Paychex Paychex, Inc. (Nasdaq: PAYX) is a leading provider of integrated human capital management software solutions for human resources, payroll, benefits, and insurance services. By combining its innovative software-as-a-service technology and mobility platform with dedicated, personal service, Paychex empowers small- and medium-sized business owners to focus on the growth and management of their business. Backed by 50 years of industry expertise, Paychex served more than 710,000 payroll clients as of May 31, 2021 across more than 100 locations in the U.S. and Europe, and pays one out of every 12 American private sector employees. About Brandon Hall Group, Inc. With more than 10,000 clients globally and 20 years of delivering world class research and advisory services, Brandon Hall Group is the most well-known and established research organization in the performance improvement industry. We conduct research that drives performance, and provides strategic insights for executives and practitioners responsible for growth and business results. Brandon Hall Group has an extensive repository of thought leadership, research and expertise in Learning and Development, Talent Management, Leadership Development, Talent Acquisition and Human Resources. At the core of our offerings is a Membership Program that Empowers Excellence Through Content, Collaboration and Community. Our members have access to research that helps them make the right decisions about people, processes, and systems, combined with research-powered advisory services customized to their needs.

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INSURANCE TECHNOLOGY

IMG Launches iTravelInsured Essential, an Economical Travel Insurance Product

IMG | May 27, 2022

International Medical Group® (IMG®), an award-winning global insurance benefits and assistance services company, is excited to introduce iTravelInsured Essential, a new cost-effective travel insurance offering ideal for price-conscious travelers seeking only the most vital trip protection benefits. IMG's lowest-priced travel protection program, iTravelInsured Essential allows travelers, such as U.S. residents traveling within the U.S., to protect their prepaid, non-refundable trip costs with the most fundamental travel insurance benefits. We are thrilled to introduce our new iTravelInsured Essential plan to travelers that have been long awaiting an economical travel insurance option in the market, Customers who purchase iTravelInsured Essential are able to attain essential coverage at a reasonable price and can still have the same Global Peace of Mind® that comes with the other travel and health safety solutions we offer." Grant Hayes, IMG Director of International Sales – Travel. The iTravelInsured Essential plan provides limited travel protection with coverage for trip cancellation and interruption, travel delay, and accidental death and dismemberment. The plan also includes access to IMG's 24/7 emergency non-insurance travel assistance service. With this service, travelers are just a call away from IMG's world-class customer service team that can help with lost luggage, emergency translations, emergency cash transfers, and much more. The iTravelInsured Essential plan is a fantastic addition to IMG's market-leading travel insurance product suite, We know that some travelers want coverage for a select few scenarios, and the iTravelInsured Essential plan provides exactly that." Amanda Winkle, IMG Chief Commercial Officer. About International Medical Group® (IMG®) International Medical Group® (IMG®), a SiriusPoint company, is an award-winning global insurance benefits and assistance services company that has served millions of members worldwide since its founding in 1990. The preeminent provider of travel and health safety solutions, IMG offers a wide range of insurance programs, including international private medical insurance, travel medical insurance, and travel insurance, as well as enterprise services, including insurance administrative services and 24/7 emergency medical, security, and travel assistance. IMG's world-class services, combined with an extensive product portfolio, provide Global Peace of Mind® for travelers, students, missionaries, marine crews, and any other individuals or groups traveling, working, or living away from home.

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CORE INSURANCE

InsureMyTrip Reports Travel Insurance Claims Increase, Delays Possible

InsureMyTrip | February 23, 2022

Travel insurance companies have reported a significant increase in travel insurance claims in recent weeks, according to licensed travel insurance agents at InsureMyTrip. With an upsurge in recent claims submissions, travelers should anticipate possible delays. "Many trips were affected by the Omicron surge and other factors, especially during December and January. Those travelers, who have coverage, are likely in the process of submitting claims to their insurance company. This high volume may lead to subsequent delays," - InsureMyTrip Travel Insurance Expert Meghan Walch. When filing a travel insurance claim, InsureMyTrip says travelers can help prevent additional lag time by understanding requirements in advance and supplying the proper paperwork to the travel insurance company: Specific forms may be required for each benefit within a policy. If documents are missing, this may cause a claim to be delayed. Use your travel insurance company's online portal to submit a claim or check the status of an existing claim. Obtain and save all receipts and documents related to an incident to help verify a claim. Once you return home from a trip, it can be more difficult to obtain documentation from travel suppliers or medical facilities. For travelers seeking additional help, InsureMyTrip travel insurance customers have access to Anytime Advocates, a claims assistance service. About InsureMyTrip It's simple. InsureMyTrip finds you the right travel insurance plan, every time. InsureMyTrip is the authority on travel insurance. We are committed to empowering travelers to make the best possible insurance decisions by leveraging our technology, data intelligence, and expertise. InsureMyTrip is rated A+ by the Better Business Bureau.

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INSURANCE TECHNOLOGY

Lyon Fry Cadden Insurance and Higginbotham Combine

Higginbotham | April 20, 2022

Lyon Fry Cadden Insurance, an independent broker of commercial and personal property and casualty insurance and surety products located in Mobile, AL, has joined Higginbotham, an insurance, financial and HR services firm ranked as the 20th largest independent broker in the U.S. The deal brings Higginbotham into a new state by joining forces with an agency that is one of the largest and oldest locally-owned property and casualty insurance brokers in Alabama. Higginbotham is strategically growing to expand its footprint and increase its service capability by selectively partnering with other independent agencies that have strong reputations in their local markets, a desire to keep growing by tapping into Higginbotham's single source solution and a strong cultural match. We have offices in all of the states bordering Alabama. So it was a natural progression to move into that market by finding a partner that wants to grow with our team, and such a reputable partner at that." Higginbotham Chairman and CEO Rusty Reid. Lyon Fry Cadden primarily serves middle market businesses across a diverse industry universe, underscored by strong ties to the local community through its executives who are multi-generation Mobile natives. The agency gains the ability to now offer employee benefits, HR services and additional specialty services capabilities by drawing on Higginbotham's broad competencies, enhancing its ability to provide the best customer support in the area. Lyon Fry Cadden was drawn to Higginbotham for several reasons, and one of the main reasons was we all felt like it was a good cultural fit. When we met with the Higginbotham leadership, we realized that they are all insurance producers as well, and therefore have similar values, goals and aspirations. The overall size of Higginbotham also brings us more expertise and additional tools benefiting our current and future clients. When you couple those things with the opportunity for our employees to have some ownership in the larger, overall agency – the decision was clear. We all recognize the opportunities this partnership provides, and we are excited to help expand the Higginbotham footprint further into the southeast and into Alabama." President of Lyon Fry Cadden Gaylord Lyon Jr. About Lyon Fry Cadden Insurance Lyon Fry Cadden has roots dating back to 1905, serving the insurance needs of businesses and families in Mobile, AL. The agency as it's known today was formed in 1986 when Gaylord Lyon Insurance Agency and Fry Zelnicker Agency merged. Through a commitment to industry knowledge and personal attention to clients, it has grown into one of south Alabama's largest privately owned insurance agencies offering commercial insurance, personal insurance and surety bonds. About Higginbotham Employee owned and customer inspired, Higginbotham is a single source solution for insurance, financial and HR services. The firm was established in 1948 and ranks by revenue as the nation's 20th largest independent insurance firm. Serving thousands of businesses and individuals through locations across 11 states, Higginbotham's approach to finding insurance, employee benefit and risk management solutions is more individual and less institutional. By understanding customer priorities, eliminating inefficiencies and committing to transparency, Higginbotham is a place that leads with values so value leads.

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Spotlight

Defined as medical care that includes health system components, or care delivery platforms, used to treat sudden, often unexpected, urgent or emergent episodes of injury and illness that can lead to death or disability without rapid intervention. It encompasses a range of clinical health-care functions, including emergency medicine, trauma care, pre-hospital emergency care, acute care surgery, critical care, urgent care and short-term inpatient stabilization. It is a care that is provided to respond to immediate life-threatening conditions and requires resource redistributions to minimize impending death or disability.

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