All articles by LII editorial
LII editorial
Voice identification comes of age
For financial services companies, the essence of security is verification of customer identities a task that has become more onerous with increasing use of remote communications, such as call centres, in an era when identity theft is rife
Private equity investors up return requirements
Not only are private equity managers finding their fees under pressure according to consultancy Mercer (see Alternate assets managers feel pressure on fees), but they are also finding demands on their ability to produce superior returns increasing Based on interviews with more than 100 major investors in private equity funds, Preqin found that 63% of the investors expect to receive returns of more than four percentage points over public markets
Tough times ahead for French insurers
Frances life insurance industry recovered in 2009, recording a 12.8% increase in gross premium income compared with 2008 to 138.3bn ($179bn) But despite this, the outlook for Frances life industry is negative, believes rating agency Moodys Investor Services analyst and assistant vice-president Benjamin Serra Serra noted that while Frances economy coped relatively well during the financial crisis, it is entering the post-crisis era with weak momentum
Boom times continue for New York Life
Continuing its winning streak, New York Life (NYL) has reported a 47% increase in individual life insurance sales in the first three quarters of 2010 compared with the same period in 2009, which was a record first nine months for the US largest mutual insurer
War on crooked agents
Steve Poizner, Californias insurance commissioner, does not believe in playing around when it comes to imposing discipline on insurance agents in which the California Insurance Departments (CDI) Enforcement Branch plays a prominent role
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Service makes search for lost policies easier
A lost life insurance policy can have serious implications for beneficiaries a problem a new online service in the US, Find Your Policy, aims to rectify. Find Your Policy is the brainchild of two brothers Michael and Edmund Hartmann who were left to settle the affairs of their fathers estate after he died and were frustrated in their attempts to research his insurance policies
Unmarried US workers gamble with danger
Despite most US companies offering open enrolment to life and disability insurance plans, only 39% of single and never married employees have life insurance, according to a study conducted for Colonial Life & Accident Insurance Company
Aviva and UBI Banca extend alliance
The alliance dates back to January 2008 when the UK insurer acquired a 50% plus one share stake in UBI Bancas then wholly-owned life insurance unit UBI Assicurazioni Vita for 65m ($85m). Avivas partnership with UBI Banca involves the distribution of Aviva life insurance products through 1,151 branches of UBI Banca subsidiaries Banca Popolare Commercio and Industria, Banca Popolare di Bergamo, Banca Carime and Banca Popolare di Ancona.
Vienna Insurance gets go-ahead in Macedonia
Extending its reach further in Central and Eastern Europe (CEE), composite insurer Vienna Insurance Group (VIG) has been granted a licence to establish a life insurance unit in Macedonia The life licence also builds on VIGs presence in Macedonia where it has operated a general insurance unit since 2007.
UK government moves to simplify financial services products
Choice is great but when it becomes so extensive that it causes confusion it becomes a problem, believes the UK government For many, financial services are confusing and this is not surprising when there are, for example, over 2,000 savings products on the market,” said financial secretary to the treasury, Mark Hoban