Life Insurance Roundup, April 12, 2016

Pros and Cons of Whole Life Insurance

When beginning the process of financial planning, people almost instinctively focus on their investment portfolios first. Stocks, in particular, draw attention, as they seem to be the most glamorous and prominent element of one’s financial life.

Meanwhile, other key elements of a good financial plan, such as life insurance, often remain afterthoughts. Advisors say insurance should be among list of considerations when people evaluate the total picture.

“Like any other financial planning tool, life insurance, whether term or whole life, can be used to fulfill various planning goals,” says Frank Pare, president of PF Wealth Management Group in Oakland, California. 

New regs for Tuesday: Cyber security, life insurance, Zika Virus | TheHill

Tuesday’s edition of the Federal Register contains new cyber security requirements for nuclear facilities, life insurance rules for military families, and donor screening guidelines for the Zika Virus.

Here’s what is happening: 

UAE residents failing to take responsibility for life insurance – HSBC report | Gulf Business

People in the United Arab Emirates are the least likely in the world to ensure they and their families are financially protected with life insurance, according to a new survey.

HSBC’s Power of Protection 2016 report revealed 32 per cent of people in the country – the highest globally – have not taken out life insurance because they expect somebody else to arrange it. Similarly, some 65 per cent of people believe it is someone else’s responsibility to provide financial stability to their families if something were to happen to them and they were no longer able to earn. 

​CMO interview: Reconnecting customers to life insurance – CMO Australia

The life insurance sector has traditionally had low engagement with customers. But for MetLife’s chief product and marketing officer, Tim Tez, technology and data can be successfully used to reconnect with customers and make those touch points more memorable and relevant.

“The skill sets of marketing teams and the expectations of CMOs have certainly transformed, particularly compared to 15 years ago, when technology was latent. Now it is ubiquitous,” he tellsCMO. “As an industry, we need to connect and engage with customers on a more personal level than what we have been doing.”

According to Tez, the insurance sector has traditionally struggled to engage with its customers, firstly because they don’t have the opportunity to connect on a daily basis. 

Life-insurance industry wants assisted dying treated differently than suicide | Vancouver Observer

Life-insurance providers have told the federal government its members are willing to lift the standard two-year exemption for suicides and pay out policies on people who end their lives through physician-assisted death, says the head of the industry’s professional association.

Frank Zinatelli of the Canadian Life and Health Insurance Association said if someone follows the legislated process, which is expected to be announced as early as next week, then providers would pay out on policies that are less than two years old.

“The industry has determined that this is obviously something that the Canadian population wants and we’re not going to stand in the way of that,” Zinatelli said in an interview. 

Life insurance industry to grow 12-15% in FY17: ICRA

The Indian life insurance industry is likely to report 12-15% growth in the financial year 2016-17, according to an ICRA paper.

ICRA has analyzed the performance of nine life insurance companies in India, one in the public sector and eight in the private sector.

The companies analysed are: LIC, ICICI Prudential Life Insurance, Bajaj Allianz Life Insurance, SBI Life Insurance, Birla Sunlife Insurance, Max Life Insurance, Reliance Life Insurance, Kotak Mahindra Old Mutual Life Insurance and HDFC Standard Life Insurance. 

S. Korea’s insurance industry record the worst-ever return on invested capitals – Pulse by Maeil Business News Korea

South Korean insurance companies suffer a double whammy as their earnings from investment activities from insurance premiums plunge on top of deteriorating revenue from primary insurance policies.

According to Korea Life Insurance Association on Sunday, the investment income ratio – or rate of return on investment activities other than insurance operations – of 25 local life insurance firms recorded 4 percent on average. It is the lowest record since 1991 when the statistics on investment income ratio became first public.

7 Easy Ways To Get Your Financial Life in Order | TIME

For lots of people, it’s hard to think of anything less enjoyable than taking stock of their finances. From monthly bills to saving for retirement, spending brain power on these obligations can be about as attractive as a day at the dentist.

But like regular dentist visits, it’s important to do a personal economic checkup every few months. Otherwise, you might face nasty — and expensive — consequences down the road. The good news? There are simple ways to keep track of how you’re doing. 

New York Life uses storage analytics for upgrades, product evals

With more than 12 PB of data under management spanning across SAN, NAS, object and hyper-converged systems from several vendors, testing and evaluating storage are major tasks at New York Life Insurance Co.

David Burman, corporate vice president of enterprise technology at New York Life, last year bought Load DynamiX — now part of Virtual Instruments — storage analytics, validation and testing equipment to help lighten his load.Load DynamiX storage analytics helps Burman manage the systems he has and test systems he is considering buying.

New York Life is a mutual life insurance company, with more than $500 billion in assets under management. The firm has corporate data centers in New Jersey and Georgia, with smaller data centers in Florida and Texas. Along with 12 PB of storage, the insurance company has more than 6,000 applications and 3,000 database instances. 


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