Key Issues in Simplified Issue Products (Slides)
Slides from the presentation by Robert Stout, Laboratory Director at Clinical Reference Laboratory delivered at the 2017 Spring Meeting of the Actuaries’ Club of the Southwest.
Faster, Better, Cheaper
As we all know, the cost of most life insurance products is based on the risk of dying: policies for males, older individuals and those having health impairments are priced higher than for younger, healthier individuals.
Transforming Life Insurance with Design Thinking
Better addressing the evolving needs of consumers can help incumbents win their loyalty—and protect against new competitors.
Agile Methodology: The Future of Insurance Product Development?
“Agile” development is all the buzz in the IT world. You may have heard your IT teams talk about “scrums,” “sprints,” and “the war room” and wondered if they were playing a strange new sport. Or perhaps you are already applying agile techniques in your product development. This article will discuss what agile methodology is, the pros and cons, and how you might apply it to insurance product development.
(click on February 2016, article appears on page 20)
New Life Insurance Product Provides Incentive for Cigarette Smokers to Quit
Sentry Life Insurance Company and the National Association of Insurance Marketers (NAIM) announced today a joint marketing agreement to offer Commit to Quit, a new term life insurance product designed specifically for cigarette smokers who want to live smoke-free.
Insurance Models That Appeal to Millennials
Millennials have shown a clear shift in interests and priorities from other generations. They are willing to pay more for a product so long as they perceive its added value.
Individual Life Sales Trends: Will IUL & Whole Life Continue to Drive the Growth?
Common wisdom in the industry argues that in times of financial uncertainty consumers will gravitate to the security offered by permanent coverage and an illustrated cash value. LIMRA published sales trends for the past 40 years. In looking back through the heart of the financial crisis, does the common assumption ring true?
Innovation and the Protection Gap
The life insurance protection gap remains an issue in the United States. Swiss Re research estimates the gap between the life coverage families should have for income protection, versus what they actually have, at $20 trillion in aggregate in 2010. This is up from $18 trillion in 2001 after adjusting for inflation. The average family has a gap of $378,000, up from $347,000.
MetLife Experiments With Faster Application Procedures
MetLife has introduced a program that shortens application and underwriting procedures for its Whole Life Select 10 life insurance product. This is a move designed to appeal to applicants as well as advisors looking to sell more policies.
A New Response (Best's Review)
Hybrid life insurance/long-term care product sales are rising, but the industry must pay attention to pricing and risk mitigation techniques.