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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Californians received $17.3 million in lost life insurance benefits in 2017 alone

Life insurance benefits - US Money

Residents of the state are being advised to use an official tool to check if they are owed money. In 2017, residents of California received $17.3 million from lost life insurance benefits. This is a striking reminder to Californians to find out whether they might be beneficiaries of lost policies. Everyone who received the money the benefits last year did not realize they were a life insurance beneficiary. Not knowing that you are due life insurance benefits is quite common. This means that many people are due substantial sums of…

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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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Life insurance industry experienced worldwide growth last year

life insurance rules market statistics

A new Swiss Re report has shown that there was a global gain in this sector, despite only slight economic improvement. Swiss Re, the global reinsurance company, has recently released a report that has shown that the global life insurance industry had managed to gain momentum in 2014, even though the economic situation saw only the slightest growth. The total number of direct premiums that were written increased by 4.3 percent. This is particularly notable following the trend in 2013, in which the total number of direct premiums written had…

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Life insurance industry growth in Singapore flattens

life insurance rules market statistics

The results from the first quarter of this year have shown that the total weighted premiums stumbled by 1 percent. Life Insurance Association Singapore has released its data from the first quarter of 2015 and what it has shown is that the industry has experienced a flattened growth rate at the same time that its total weighted premiums fell by a small 1 percent when compared to the same quarter in 2014. When all was said and done, the total weighted life premiums in Q1 arrived at about US$488.68 million…

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Life insurance market in Kenya now includes Barclays

africa insurance market life industry growth

The formal entry into the country’s marketplace has now begun with a brand new launch. Barclays Africa Group Limited has now launched Barclays Life Assurance Kenya (in which it has a majority ownership of 66.6 percent), representing its formal entrance into that country’s life insurance market. This represents the fifth market in Africa into which Barclays has established its insurance business in that sector. The other African markets into which Barclays has taken its first steps include Zambia, Botswana, South Africa, and Mozambique. Among the other shareholders in this life…

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Life insurance controversy sparked in the United Kingdom

Life Insurance medical exam

Financial Conduct Authority criticized for breaking its own rules The Financial Conduct Authority, a financial regulatory body in the United Kingdom, may have mishandled its review of the life insurance industry last year, according to a report from a committee of members of the British Parliament. The report is the latest development in ongoing controversy regarding the Financial Conduct Authority’s plans to review the life insurance sector. This review has had a significant impact on the sector, with the regulatory body wiping some $4 billion off the value of insurance…

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