Consumers have been drifting away from this costly coverage in recent years but are looking into it again. Long term care insurance is a type of coverage that many people have been abandoning in recent years due to the skyrocketing cost associated with keeping it up. That said, this year, consumers are starting to inquire about it once more, which many people hadn’t expected in the current economy. There are many reasons that consumers are wondering if this type of policy has value after all. Within the current economy, many…
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Insurance and Technology: The Rise of Insurtech
The insurance industry, traditionally viewed as conservative and slow to adapt to change, is undergoing a dramatic transformation thanks to technology. This fusion of insurance with technology, known as ‘Insurtech’, is reshaping the landscape of insurance offerings, customer service, and business models. The Evolution of Insurtech Insurtech began as a response to the digital revolution that has swept across other sectors. Today, it represents a broad range of applications: from artificial intelligence and machine learning for underwriting and fraud detection, to blockchain for secure and transparent transactions, and the Internet…
Read MoreCigna insurance company ends its Humana acquisition intentions
The insurer is now developing a $10 billion share buyback plan after a failure to agree on a price. Health insurance company Cigna has ceased its pursuit of a negotiation for acquisition of its rival insurer Humana. The company left its efforts when the two insurers were unable to agree on price. Cigna announced that it is working on plans for buying back $10 billion worth of shares. The health insurance company resulting from an acquisition of Humana by Cigna would have resulted in an insurer with an estimated value…
Read MoreMillions of people abandon the Chinese health insurance system
The state program has already lost tens of millions of plan members, and the trend is continuing. The state health insurance system in China is bleeding plan members as tens of millions of them have left the coverage, citing higher costs as a primary reason. The expense associated with the coverage is increasingly viewed as unaffordable for many people in China. While the Chinese health insurance system was already too expensive for many people in China who continue to struggle within the economic downturn that has followed the pandemic, increasing…
Read MoreIt took 2 days to reach the Colorado health insurance cap for undocumented residents
According to experts, the program is now seeing greater demand than ever before. The Colorado health insurance program OmniSalud has opened coverage to low-income undocumented residents of the state as well as DACA recipients. The program offers coverage at affordable rates while providing additional financial assistance. That said, the Colorado health insurance program has a cap. This year, it took only two days for the 11,000 available plans to be filled. “What we know is that the vast majority of folks are living here without documentation are really struggling to…
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