Tag: insurance industry news

National Western Life and Prosperity Life insurance companies to merge

H. Cutner
Issuance Companies - business- merger

The insurers issued a joint statement that they had just inked a $1.9 billion cash merger agreement. National Western Life Group, Inc. and Prosperity Life Group, have announced that a definitive Merger Agreement has been signed between them. This will involve the acquisition of National Western by an affiliate of Prosperity Life Group. Oe of Prosperity Life Group’s affiliates, the S. USA Life Insurance Company, Inc., will be acquiring National Western. The deal between the insurance companies will be entirely in cash in a transaction valued at about $1.9 billion.…

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Long term care insurance is expensive, but more affordable than the costs it covers

G. Turner
Long term care insurance Piggy Bank Costs

Recent predictions show that over half of older Americans will need these costly services. According to the American Association for Long Term Care Insurance executive director Jesse Slome, around one in every six Americans is now older than 65 years, and the more the population ages, the shakier their financial position will be. While living longer lives is typically desirable, the cost of those years could lead to hardships. “Living a long life is something that many of us want and could get,” said Slome. “But when we live a…

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Zurich Insurance company pricing strategy keeps it ahead of climate change impact

Live Insurance News
Insurance company - Climate Change - Business Strategy

The insurer’s price hikes helped it to bring in operating profits that were better than expected by mid-year. The Zurich Insurance company recently reported that it has achieved a half-year operating profit that was better than expected, bolstered by its life business and the price increases it implemented to mitigate increased claims from severe storms. Zurich is the fifth-largest insurer in Europe and posted a $3.72 business operating profit. Though there wasn’t much of a difference over last year’s first half, analysts were polled by the company and their average…

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How Claims Management Software Empowers Insurance Professionals

Live Insurance News
insurance claims software technology

In the fast-paced world of insurance, effective claims management is crucial for insurers to streamline processes, minimize risks, and provide exceptional customer service. As technology continues to advance, insurance professionals are turning to claims management software to gain a competitive edge.  This powerful tool empowers insurance professionals to take control of their operations, resulting in improved efficiency, accuracy, and customer satisfaction. A recent study conducted by Allied Market Research revealed that the worldwide market for claims processing software reached a value of $33.9 billion in 2020. The report further predicts…

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Erie Insurance company files suit against Maryland Insurance Administration

Nordstrom
Insurance company - Lawsuit Form

The insurer is suing over the administration’s race discrimination finding against the carrier. The Erie Insurance company has filed a federal court lawsuit against the Maryland Insurance Administration’s recent decision that the insurer had been pushing its agents to reject customers from parts of Baltimore where most of the population is Black. The lawsuit accuses the agency of having conducted an incomplete investigation into the insurer’s practices. According to the insurance company’s lawsuit, the Maryland Insurance Administration (MIA) did not conduct a complete investigation into the insurer’s practices. Moreover, it…

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Insurance industry climate needs spur new NOAA and NSF research center

Marc
Insurance industry Needs and Climate Change -

A new agreement between the NOAA and NSF will support the creation of the new facility. The National Oceanic and Atmospheric Administration (NOAA) and National Science Foundation (NSF) have reached an agreement to establish a research center in order to help meet the changing needs of the insurance industry due to climate change. Insurers and reinsurers are among those experiencing the earliest repercussions of climate change. Moreover, the reinsurance and insurance industry are also among those who must develop a specific response to climate change. It must adapt to rapidly…

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The insurance industry is broadly investing in chatbots

Logan B.
Insurance Industry - Chatbot

Insurers are looking for new ways to improve their customer experience amidst a hiring shortage. The insurance industry worldwide is investing in AI-powered insurance chatbots to help boost the customer experience they can provide, even as they face their largest ever hiring shortage. Inflation, rising interest rates and greater global economic pressures have increased the drive insurers have to look at alternative opportunities to keep their customers this year. Many consumers find that it is preferable to interact with chatbots for completing many tasks. According to 2019 data (the most…

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