MetLife to shake up life insurance industry with Ethereum blockchain adoption

Life insurance industry - Ethereum Blockchain

The insurer is using the live tech to enhance efficiency and transparency throughout the claims process. MetLife is adopting the use of Ethereum blockchain in a move that will disrupt the $2.7 trillion life insurance industry. Among the goals is to help beneficiaries to know they are entitled to a payout when their family member or friend has died. At the moment, the industry is essentially opaque to both policyholders and beneficiaries. This situation is advantageous to neither the life insurance industry nor its customers. MetLife is hoping to change…

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Philip Morris launches Reviti life insurance company with discounts for smokers who quit

Reviti Life Insurance - Smoking - cigaretes, Ash tray

The tobacco giant has started its own insurer with special discounts for smokers working on cessation. Philip Morris International, the tobacco giant behind Marlboro cigarettes, has just opened its own insurer called Reviti life insurance. Reviti is a wholly owned subsidiary of Philip Morris that will begin selling life insurance in the UK. Though Reviti life insurance will start in the United Kingdom, the intention is to expand its sales into markets overseas as well. That said, what is interesting about this life insurance company owned by the tobacco giant…

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DNA testing kit results may lead to future insurance customer risks

DNA Testing - DNA Resarch

While these tests are becoming highly popular, consumers should understand how the data is used. Purchasing a DNA testing kit to find out more about what genes say about an individual is becoming very popular. However, concerns are growing with regards to how the data will be treated and used, particularly by certain parts of the insurance industry. There are a number of different companies selling these kits, from large to small ones. Some of the DNA testing kit packages simply tell a person about where their ancestors lived in…

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Canadian life insurance companies no longer equate marijuana use to “smoking”

life insurance companies - Marijuana

Changes to the country’s laws and social attitudes have brought about change in industry policy. Life insurance companies in Canada have traditionally labeled cannabis users as being “smokers.” However, a recent change in the country’s industry has changed this situation among many insurers. Smokers are typically penalized by life insurance companies and, until recently, that included pot users. The Canadian Life and Health Insurance Association director of health and disability policy, Joan Weir, explained in a CBC report that many life insurance companies have stopped equating light marijuana use with…

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Life insurance scam when husband sends hitman’s instructions to ex-boss

life insurance scam

A man allegedly texted “kill my wife” in a text to the wrong person when he wanted the woman murdered. A Washington man attempted to run a life insurance scam by hiring a hitman to kill his wife but ended up texting the information to the wrong person. The 42 year old father allegedly attempted to text the killer, but sent the message to his former boss, instead. Upon receiving the more-than-concerning text, the ex-boss proceeded to call the police to investigate. The man, Jeff Lytle, was arrested on two…

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Life insurance requirements are greatly underestimated by consumers

Life Insurance Over Age 50

According to recent research, the average policyholder should have $46,000 more coverage than they have. The majority of people who should be covered by a life insurance policy don’t even have one, but among those who do, the results of a recent study have suggested that they have typically underestimated the amount that they actually need. This means that if the worst should actually occur, the insurance payout may not be enough to cover beneficiary needs. SunLife recently conducted a study that has shown that the average payout from a…

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Insurance claims from Malaysia Airlines Flight 370 expected to be small

insurance claims

A new analysis by Standard & Poor’s has shown that insurers and reinsurers will find losses manageable. Standard & Poor’s Corp. has now issued the results of an analysis regarding the insurance claims that are expected to arise from the loss of flight 370 of Malaysia Airlines, and they have stated that they will more than likely be manageable for both insurers and reinsurers. They have predicted that the disappearance of the plane will generate insured losses of $250 million to $450 million. The final total regarding these insurance claims…

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