Hispanic representation is particularly low in insurance industry diversity: study

Insurance industry diversity - man and woman

New Marsh and LAAIA research showed that this demographic is underrepresented and under supported. Insurance industry diversity and inclusion are among the leading themes for companies and organizations in 2020, and as such, many are seeking to understand those who have been underrepresented and under-supported. Companies are seeking to evaluate methods of addressing issues of discrimination and representation. The results of a new Marsh and Latin American Association of Insurance Agencies (LAAIA) study has revealed that Hispanic professionals are among those least represented in insurance industry diversity and inclusion efforts.…

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US life insurance has become a “panic buy” due to pandemic

US life insurance - person wearing mask using computer

Experts say that people are buying this coverage out of a fear of death and increased awareness of financial risk. US life insurance is experiencing a considerable rise in popularity due to the coronavirus pandemic. Consumers, young adults in particular, have been purchasing coverage at elevated levels. Since the spring, US life insurance companies have been recording notably higher sales levels than they were at the same time in 2019. The trend has taken off as young adults have seen that thousands of Americans were dying from COVID-19 related illness.…

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Allstate points to Better Arguments project to avoid toxic conversations

Better Arguments Project - woman, man facing away from one another

The insurer issued a news release stating that toxicity in communications are “threatening our future.” Allstate Insurance recently issued a news release praising the strategies of The Better Arguments Project. This strategy is meant to help Americans to better navigate the current environment which consists of the “deepest political and cultural divides in our nation’s history.” The insurer acknowledged that the divisions are only worsened by the COVID-19 pandemic crisis. According to Allstate, “our collective future depends on Americans’ ability to come together.” However, at the same time, it didn’t…

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Pandemic forces Lloyd’s of London insurance contracts into review

Insurance contracts - Lloyd's of London building reflected in glass

The massive marketplace is re-examining the way coverage products are designed due to COVID-19. Lloyd’s of London has launched a new review of its insurance contracts, taking a new look at the way products are created and sold. The purpose is to develop simpler products in response to the COVID-19 pandemic. Insurers have suffered considerable reputational damage due to the complexity of their products. This complexity in insurance contracts has made it difficult for businesses to understand. The result has been a wave of court cases meant to decide whether…

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Progressive life insurance may be a future move, says CEO

Progressive life insurance - Doors - Future

The insurer is looking into moving into a new market as the CEO says there is “more to come.” It may not be too long before Progressive life insurance becomes a product available to consumers in the United States. Though the move is far from confirmed, the insurer’s CEO has indicated that it is being considered. “We actually are considering that,” said Tricia Griffith, chief executive officer, when asked about the potential for Progressive life insurance in the future. “We have a life-insurance company filed in Ohio. More to come…

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Progressive Insurance company ads demonstrates shift from pandemic

Insurance company ads - Mask - Question mark

Companies across many industries have seen their advertising transformed due to the crisis. Advertisers are keeping a close watch on the mood of the country and Progressive insurance company ads are a direct reflection of the shift caused by the pandemic crisis. The insurer, like the other biggest brands across the nation, is seeking the right tone. A number of weeks ago, Progressive Corp’s advertising team got together to develop insurance company ads showing the company’s pitchwoman, Flo, running from a bowling alley to assist someone whose car was damaged…

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Stage actors face lost health insurance while already dealing with unemployment

Lost health insurance - stage actors

The fund covering thousands of performers requires a minimum number of weeks worked. Following the theater industry lockdown, stage actors who are already struggling with unemployment are now facing lost health insurance. The fund that provides them with medical coverage requires them to work a minimum number of weeks in order to qualify. Professional actors and stage managers must work 11 weeks to qualify for six months of coverage. Since the theater industry is shutdown, stage actors and managers cannot work in that industry at all, making it very difficult…

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