Life insurance industry news

Here are some recent news and trends in the life insurance industry:

Industry Trends:

  1. Digitalization: The life insurance industry is undergoing a significant digital transformation, with many companies investing in online platforms, mobile apps, and artificial intelligence to improve customer engagement and streamline operations.
  2. Increased focus on wellness: Life insurers are shifting their focus from just providing coverage to promoting wellness and healthy living among their policyholders.
  3. Growing demand for term life insurance: Term life insurance is becoming increasingly popular, driven by the need for affordable coverage and the rise of online platforms that make it easier to purchase.
  4. Mergers and acquisitions: The life insurance industry has seen a wave of mergers and acquisitions in recent years, as companies seek to expand their reach and improve their competitiveness.
  5. Regulatory changes: The life insurance industry is subject to various regulations, including the Department of Labor's fiduciary rule and the European Union's General Data Protection Regulation (GDPR).

Recent News:

  1. Prudential Financial acquires Assurance IQ: Prudential Financial has acquired Assurance IQ, a digital insurance agency that specializes in term life insurance and other personal lines products.
  2. MassMutual launches digital life insurance platform: MassMutual has launched a digital life insurance platform that allows customers to purchase coverage online and manage their policies through a mobile app.
  3. New York Life acquires a majority stake in Brighthouse Financial: New York Life has acquired a majority stake in Brighthouse Financial, a life insurance company that specializes in annuities and other retirement products.
  4. Life insurance premiums rise in the US: According to a report by the National Association of Insurance Commissioners, life insurance premiums in the US rose by 3.5% in 2020, driven by increased demand and higher costs.
  5. Ladder Life Insurance raises $100 million in funding: Ladder Life Insurance, a digital life insurance company, has raised $100 million in funding from investors, which it plans to use to expand its operations and improve its technology.
  6. Guardian Life Insurance launches digital platform for small businesses: Guardian Life Insurance has launched a digital platform that allows small businesses to purchase group life insurance coverage online and manage their policies through a mobile app.
  7. AXA acquires a majority stake in XL Catlin: AXA has acquired a majority stake in XL Catlin, a global insurance company that specializes in property and casualty insurance.
  8. Life insurance industry faces challenges from COVID-19: The life insurance industry is facing challenges from the COVID-19 pandemic, including increased mortality rates and reduced demand for coverage.
  9. Transamerica launches digital life insurance platform: Transamerica has launched a digital life insurance platform that allows customers to purchase coverage online and manage their policies through a mobile app.
  10. Lincoln National acquires a majority stake in Liberty Life Assurance: Lincoln National has acquired a majority stake in Liberty Life Assurance, a life insurance company that specializes in group life insurance and other employee benefits.

These are just a few examples of the latest news and trends in the life insurance industry. If you're interested in staying up-to-date on the latest developments, I recommend following industry publications and news sources, such as Life Insurance News, Insurance Business America, and The Insurance Journal.