Live Insurance News

Life insurance is not proving its importance to the Millennial generation

September 24, 2014September 22, 2014 Julie Campbell

September is the month that recognizes this type of coverage, but young people are not convinced. This month is Life Insurance month and while there are some demographics that have a tendency to recognize the benefit of carrying this type of coverage, for others, such as the Millennial generation, the importance of this protection is not as clear. September is seen as an important time to review the policy and ensure that it is still appropriate to current needs. Every September, the life insurance sector reminds consumers to consider their…

Insurance industry continues to see a growth in premiums

September 22, 2014September 20, 2014 S.Vagus

Insurance premiums are on the rise throughout the world Premiums in the global reinsurance and insurance industries grew last year, according to a report from Aon Benfield. The report notes that insurance premiums reached an all-time high by the end of 2013. The Property and casualty, life, and health insurance sectors were the driving forces behind the growth in premiums. Overall, global premiums grew by 0.9% last year, reaching $4.9 trillion. Insurance premiums are likely to continue growing throughout the remainder of 2014. Property casualty, life, and health insurance sectors…

Software is making the insurance industry more efficient

September 2, 2014August 31, 2014 Marc

Insurance news technology internet of things

Technology is becoming a powerful tool for insurance companies IBISWorld, a global business intelligent organization, has released a new report concerning the effect that new technology is having on claims processing in the U.S. Claims are nothing new for the industry, but how insurers deal with the claims they receive has been evolving rapidly over the years. As new technology becomes available, insurance companies are finding better ways to manage claims and process these claims at a more rapid pace. Insurers are also become more adept at weeding out fraudulent…

Life insurance sales to begin in Massachusetts by Mapfre USA

August 28, 2014August 25, 2014 H. Cutner

The largest auto insurer in the state has now announced that it is branching into this coverage sector. The Commerce Insurance parent company, Mapfre USA, has now announced that it will be branching out into the life insurance market in Massachusetts, expanding its offerings to consumers in the state. This is occurring as the company faces increasing competition in the auto insurance market. Large national companies such as Progressive and GEICO have been putting the pressure in the traditional business of Mapfre USA, so that insurer is now reaching out…

Life insurance product from Barclays classed as “simple”

August 22, 2014August 20, 2014 Nordstrom

Life insurance policy is the first of its kind to be designated as a “simple” product A new life insurance policy being sold by Barclays and underwritten by Aviva has become the first product of its kind to be classified as “simple” by the British Standards Institution. Last year, the Bank of England issued a report regarding the need for simplistic products within the financial services sector. Typically, many insurance products are difficult to understand because of their complex nature. This can make it difficult for people to find the…