Life insurance companies news

Appointing the new Vice President as Alex S. Rizo, Pan American Insurance wishes to grow new insurance offerings in its kitty.

Armed with new capabilities that will ensure that Life Insurance service providers are able to reduce costs, the new Accenture Life Insurance platform Software suite also comes with a number of additional features and enhancements that were absent in the previous version.

Learning insurance from the Olympics? Well, that may sound queer. But the 2014 Sochi Winter Olympics does hold a lesson on the importance of consumers being embraced by insurance advisors.

Genworth Financial Inc., recently announced, James Boyle as the new CEO to lead its life insurance unit in the U.S. This development is a result of former CEO Tom McInerney’s aspiration for improving GNW’s performance as the largest provider of long-term care coverage in the U.S.

According to the latest views of financial advisers, annuity and life carriers are now all for developing simpler products targeted towards the consumers. Besides, they are also going to bring new products to the market for wooing Gen X, one of the most underutilized markets until date. According to a recently published report, through this strategy, the insurance industry wants to induce an overall market growth tapping new frontiers and opening up different channels for making profits. This is in a move to infuse new black into the life carriers market showing dampened growth presently owing to low rates of interest.

Financial Industry Regulatory Authority (FINRA) has sent its annual investor letters that outlines the 2014 examination and regulatory priorities of this agency. Rising rates of interest coupled with increasing alternative investment vehicle popularity has forced the agency to look into the feasibility of bonds related to long duration available from advisers and retail brokers. Given increase in complex product, recommendations related to investors in retail industry the focus should be on disclosure of material risks for investors as well as the procedures and policies surrounding the disclosures.

After quitting the annuities and life business sometime back, Allstate recently jumped back on the retirement product bandwagon with a strategic alliance in tow. The company will collaborate with ING US come January to offer the latter’s fixed annuity suite. This includes ING’s Lifetime Income, Immediate Single Premium Annuity, and Secure Index. By the end of this year, Allstate wants to cease its sales of income and growth protector, RightFit, and IncomeReady annuities.

Financial services department in the U.S. has recently dug up unpaid life insurance amounts close to $1.5 billion. This is a staggering amount of money denied to consumers nationwide. State officials from New York have compiled their findings in a report after conducting an exhaustive probe into the payment practices of insurance companies.

Stocks of U.S. life insurance companies successfully witnessed a big week in the market, with a last week rally following the U.S job reports that was much “better than expected.” Further, it also affirmed the investors’ belief of the American economy making a steady comeback.

An arbitration panel at Financial Industry Regulatory Authority (FINRA) today announced that it has ordered Deutsche Bank Securities and one of its former advisors to pay $934K to two investors and their trusts. As reported by the regulatory agency, Karl Hahn, former advisor of Deutsche Bank, has cheated two investors in a multimillion dollar life insurance plan earlier last year.