Posts in Life Insurance
Is your pricing strategy leaving money on the table?

At a recent event hosted by Shifting Gears, a key topic illustrated by the speakers Richard Beauchamp, Charles Hett and Klaas Stijnen was the importance of pricing not just in product development, but as an essential business strategy. In this increasingly challenged industry, pricing is a key tool insurers have to make a difference to their revenue and bottom line, and according to Richard, “most companies leave significant amounts of money on the table."

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Slow pricing will stall some of the biggest benefits of PBR for US insurers

Since its beginnings in 2009, the life insurance industry has been struggling to come to terms with what Principle-Based Reserving (PBR) means in practice. In June, the The National Association of Insurance Commissioners (NAIC) officially accepted a recommendation that puts PBR in force from January 1st, 2017, giving insurers a 3 year window (until 1/1/2020) to adopt the policy. This move came as a surprise to few, serving to validate the mounting pressure on life insurers, who already knew they were facing a difficult deadline.

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End the Income Protection product arms race

Income protection (IP) has been a huge marketing success in Australia over the last decade. It looks good and sales are high. In 2014, Aus$480 million in new business (157,000 policies) was sold in Australia, equivalent to approximately 63% of life cover only sales and over 1.75 times trauma sales, with a small increase evident in 2015 numbers to September 2015 [Plan For Life 2015]. Other countries even look to Australia as a case study on how to sell IP covers.

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7 sites changing the way consumers buy life insurance

Buying life insurance can be one of the most important purchases that consumers make for themselves and their families, but it can be a long and technical process at the best of times. This is where insurance comparison sites come in. These companies are radically changing the way people buy insurance, they make finding insurance easier, cheaper and and all over more efficient for the consumer.

Here are 7 sites that are altering the way consumers buy life insurance:

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Life insurance that cares - products done well

Last month we discussed the need for the life insurance industry to take an innovative approach to marketing its products and brands. Forward-thinking insurers are tackling this challenge, coming up with impressive strategies to engage consumers in new ways. In this blog post, we wanted to share some of our favourite approaches from global insurers.

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