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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Grumpy Cat’s owner faces income loss risk without social media insurance

Social media insurance loss - Image of Grumpy Cat

In the absence of coverage for animal influencers, owners risk financial losses when their pets die. Following the death of Grumpy Cat, the lack of a niche social media insurance product for animal influencers has fallen into the spotlight. As a result, the popular meme cat’s owner is at risk of some major financial losses. Under the law, a pet – even a social media influencer – is comparable to any other possession. Grumpy Cat left a fun and beloved legacy behind, along with a business that had been highly…

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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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Japan’s insurance industry takes steps to stop genetic discrimination

Genetic discrimination - DNA

The Japanese industry is preparing guidelines to make sure insurers can’t collect customer DNA. The insurance industry in Japan is getting ready to create guidelines that would stop genetic discrimination by insurers in the country. They are seeking to ban health and life insurance companies from the collection or use of genetic information for purposes related to coverage eligibility or premiums calculations. Associations across the industry say they haven’t started using genetic info but the goal is to stop it. According to the Life Insurance Association of Japan, its members…

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Massachusetts seeks to reverse decisions for denied life insurance by naloxone carriers

Denied Life Insurance - Life Insurance Form

The state has issued guidelines following a nurse’s rejection because she is trying to be a good Samaritan. Massachusetts has issued new guidelines regarding naloxone carriers after a nurse was denied life insurance. The state is hoping that life insurance and disability insurance companies will stop denying coverage to good Samaritans who are carrying the overdose-reversing drug in order to help those in need of it. The guidelines were issued this month in response to the story of a nurse who couldn’t get a policy. The Boston nurse carries the…

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Life insurance premiums can be calculated using your social media posts

life insurance premiums - social media

Provided they are not discriminatory, life insurers can use customers’ posts to decide on pricing. The New York Department of Financial Services (N.Y.F.S.) has released new life insurance premiums calculation guidelines. These will allow insurers to use data collected from their customers’ social media posts to help calculate premiums. These regulations may soon move outside New York and into other states as well. The life insurance premiums guidelines indicate that insurers have the right to obtain and apply data gleaned from “non-traditional” sources as well. That said, if they do…

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Wells Fargo is leaving the California renters insurance market due to violations

California Renters Insurance - Wells Fargo Building

The financial services giant gave up its license in the state as a part of a wider settlement. Wells Fargo is no longer licensed to sell or broker California renters insurance for at least three years. The firm has given up its license for personal insurance in the state as a part of a settlement with California. The bank agreed to the settlement over allegations of signing unknowing customers up for policies. Aside from no longer being able to sell California renters insurance and life insurance coverage, the bank also…

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