Melita Teo’s Post

This report provides a view on the evolution of the installed base of these systems for the period of 2019–2023 (covering the 2021 and 2023 editions of our LATAM life PAS vendor reports). It attempts to answer several questions, including: Which trends influenced growth in the Latin America policy administration market for life insurance? Which vendors were successful in this market from 2019 to 2023? Which countries and which sizes of insurers showed more activity in terms of replacing PAS? Keep it tuned! "e will have more info about this report!

Some good insight about the complexities of Indexed Universal Life (“IUL”) insurance, from the carriers’ perspectives: https://lnkd.in/e8ABRR7G #IUL #Insurance

The insurance industry has been thinking about fairness in the context of life insurance products, motivated in large part by the transformative effect of AI on insurance practices. I've had the pleasure of participating in many of these discussions, including through a recent research project at the Society of Actuaries. As part of this project, the Society recently released its report on the challenges and opportunities involved with developing fairness definitions, which can be found here:  https://lnkd.in/gPn2icgJ #fairness #lifeinsurance #artificialintelligence

New Celent Report: Latin America Deal Trends for Life Policy Administration Systems PAS vendors have gained traction and are being active in the policy administration system space in Latin America, and understanding the main deal trends can be important not only for vendors but also for insurers and their advisors. Celent estimates that a Latin American life insurer looking for a new PAS can choose from over 30 vendors, including both local LATAM vendors and vendors originally from other regions that either have offices in LATAM or are currently promoting the solution through partnerships with system integrators in the region. This report provides a view on the evolution of the installed base of life PAS systems in LATAM for the period of 2019–2023. It attempts to answer several questions, including: - Which trends influenced growth in the Latin America policy administration market for life insurance? - Which vendors were successful in this market from 2019 to 2023? - Which countries and which sizes of insurers showed more activity in terms of replacing PAS? #PolicyAdministrationSystems, #LifeInsurance, #LATAM, #LegacyTransformation https://lnkd.in/eyDTduiB

🔍 Ensuring transparency in your life insurance application is key to securing your loved ones' future. 🟨Omitting critical details might lead to disputes or denied claims later on. Insurance companies heavily rely on accurate information. 🟨Be forthcoming about pre-existing conditions or risky behaviors to avoid complications in the claims process. 🟨Honesty is the cornerstone of a secure future for your beneficiaries. #InsuranceTransparency #SecureYourLegacy #HonestyMatters Absolutely, non-disclosure or withholding crucial information while applying for a life insurance policy can indeed lead to disputes and denial of claims later on. Insurance companies rely heavily on the accuracy and completeness of the information provided by the policyholder during the application process. Failure to disclose important facts, such as pre-existing medical conditions or risky behaviors, might result in the insurer rejecting the claim or reducing the payout if the non-disclosure is discovered after the insured person's demise. It's crucial to be transparent and truthful when providing information to the insurance company to avoid complications during the claim process.

Deceased Life Assured (DLA) if fails to disclose material facts in the Policy Proposal, therefore violating the principle of ubberima fidei (utmost good faith) the Life Insurance Company commits no illegality in repudiateding the claim. “a contract of insurance is a contact of ubberima fidei (utmost good faith)” and an assured is under a solemn obligation to make a true and full disclosure of the information on the subject which is within his knowledge. The insurer is well within its rights to repudiate the claim in case of failure on part of the insured to disclose the material facts. [Shalini Srivastava v. Avivia Life Insurance Co. Ltd., 2024 SCC OnLine NCDRC 74, decided on 23-04-2024]

Life insurance firms likely to see strong growth in non-linked policies Life insurance companies are likely to see strong growth in the sale of non-linked policies in the near term, driven by regulatory changes and expectation of a pivot in the interest rate cycle.In June, the insurance regulator introduced norms to ensure better payouts for customers who exit their policies prematurely. The insurance industry has to implement the new norms by September 30, 2024. https://lnkd.in/g5mspE-H

Growth is likely ahead for life insurance providers in APAC markets. According to the S&P Global Ratings report, "Asia-Pacific Insurance Sector Trends — Returning To Fundamentals As Undercurrents Unfold," several key drivers are fueling this growth: 📈 Increased insurance awareness post-COVID 💰Managing savings amid fluctuating interest rates 🛡️Addressing the wide protection gap 👥An ageing demographic These factors are setting the stage for significant opportunities and advancements in the industry. Dive into the full report for more insights: https://ow.ly/BkkO50RS7sw

A comprehensive overview of the various insurance solutions for those interested in understanding how insurance can assist UHNW clients and their family in their long-term planning. "Life insurance itself has applications to all customer segments in the wealth management industry.... nevertheless the requirements of High Net Worth individuals (HNWIs) and families are further enhanced by their more demanding family, business and asset class needs." The various derivatives of Universal Life enjoy ongoing popularity in Asia, however we should not forget the simplicity of term life policies for liquidity planning (not least to address inheritance taxes) as well as PPLI, which remains the proven "go to" for European clients. Ref pages 54 & 55 for a useful summary table. #uhnw #lifeinsurance #wealthplanning #successionplanning #ppli

Dennis Tan, LIA President, maps out strategies for 2024 amid evolving challenges in Singapore's life insurance sector. Stay ahead with insights from industry leaders. https://hubs.la/Q02d7Jgy0 #LifeInsurance #InsuranceTrends #SingaporeInsurance #IndustryInsights #LeadershipInInsurance