The growing number of under-insured and uninsured, as well as the increased acceptance of crowdfunding initiatives, introduces new business possibilities to insurers willing to accept upfront risk in exchange for potential long-term rewards.
Community Development Financial Institutions Fund's Bond Guarantee Program Fu...Patton Boggs LLP
The Community Development Financial Institutions Fund's Bond Guarantee Program was authorized to guarantee up to $500 million in bonds for 2013 to promote investment in underserved communities. The program allows certified CDFIs to issue bonds guaranteed 100% by the fund to lend proceeds to other CDFIs. To qualify for the program, entities must be certified as CDFIs by meeting requirements including having community development as their primary mission. The fund also offers other programs including financial assistance awards, technical assistance awards, and tax credits to encourage investment in low-income communities.
The document discusses challenges and opportunities for banking remittance recipients. It notes that while remittances are mainly used for basic needs, they can create capacity for savings if viewed as additional income. Segmenting recipients by immigration stage and relationship to sender impacts financial needs and opportunities. While few recipients are microentrepreneurs, opportunities exist for savings, loans, insurance tailored to recipients' needs. Marketing strategies aim to promote financial inclusion but overcoming barriers like convenience requires education.
This document provides an overview of social impact bonds (SIBs), including background information on what they are, who initiates them, their purpose, examples of SIBs that have been implemented, and their potential applicability for non-profits. SIBs are performance-based investment bonds that provide funding for social services, with investors being repaid based on outcomes achieved. The first SIB aimed to reduce recidivism in Peterborough, UK, showing promising early results. Other countries like the US are now experimenting with SIBs focused on issues like recidivism, health care, and education.
The document discusses various sources of public finance including taxes, loans, grants, and aid. It provides details on the following:
1) Grants are financial aid awarded by the government for a specific purpose and do not need to be repaid, while loans are provided by banks and financial institutions and must be repaid with interest.
2) Getting a government grant is a competitive process that requires a complex application describing how funds will benefit the community, and often requires hiring professional help to write proposals.
3) The main difference between grants and loans is that grants do not require repayment, making them a gift, while loans must be repaid and involve taking on debt. Grants have no risk of
People Capital connects lenders directly to student borrowers through an online lending platform, using a proprietary credit scoring model called the Human Capital Score to more accurately assess student borrowers' credit risk. The platform allows lenders to customize their investment strategies to target specific types of student loans based on risk and return preferences. People Capital aims to fill the over $113 billion gap in private student loan funding by improving credit risk analysis and streamlining the origination and servicing of student loans.
This document provides definitions for over 100 commonly used personal finance terms organized alphabetically from A-Z. Some of the key terms defined include 401(k), adjustable rate mortgage, annual percentage rate (APR), assets, bankruptcy, bonds, credit, debt, interest, liabilities, mortgage, stocks and will. The definitions cover concepts related to savings, investments, loans, insurance and retirement planning.
This document proposes a Cash Collateralized Micro-Finance Obligation (Cash CMFO) investment vehicle to increase capital flows to microfinance institutions in South America. A Cash CMFO would securitize microfinance loans into tranches based on social impact and credit risk, allowing institutional investors to choose their preferred risk-return tradeoff while providing transparency and oversight of funds. The proposed Cash CMFO aims to be a sustainable and profitable investment that aligns investor interests with the social goals of microfinancing, expanding access to capital for small businesses and entrepreneurs in Latin America.
סלינגר למנכ"לי חברות הביטוח: חזקו את ההון הראשוני
בערב העיון השנתי לענף הביטוח שערך מכון קסירר אמרה המפקחת על הביטוח דורית סלינגר כי רמת ההון הראשוני של חברות הביטוח נמוכה מאוד. "אנו מצפים מהחברות להגדיל את ההון הראשוני שלהן, וכדאי שזה ייעשה באופן עצמאי ושהרגולטור לא ייאלץ להתערב" – אמרה סלינגר לראשי החברות
Community Development Financial Institutions Fund's Bond Guarantee Program Fu...Patton Boggs LLP
The Community Development Financial Institutions Fund's Bond Guarantee Program was authorized to guarantee up to $500 million in bonds for 2013 to promote investment in underserved communities. The program allows certified CDFIs to issue bonds guaranteed 100% by the fund to lend proceeds to other CDFIs. To qualify for the program, entities must be certified as CDFIs by meeting requirements including having community development as their primary mission. The fund also offers other programs including financial assistance awards, technical assistance awards, and tax credits to encourage investment in low-income communities.
The document discusses challenges and opportunities for banking remittance recipients. It notes that while remittances are mainly used for basic needs, they can create capacity for savings if viewed as additional income. Segmenting recipients by immigration stage and relationship to sender impacts financial needs and opportunities. While few recipients are microentrepreneurs, opportunities exist for savings, loans, insurance tailored to recipients' needs. Marketing strategies aim to promote financial inclusion but overcoming barriers like convenience requires education.
This document provides an overview of social impact bonds (SIBs), including background information on what they are, who initiates them, their purpose, examples of SIBs that have been implemented, and their potential applicability for non-profits. SIBs are performance-based investment bonds that provide funding for social services, with investors being repaid based on outcomes achieved. The first SIB aimed to reduce recidivism in Peterborough, UK, showing promising early results. Other countries like the US are now experimenting with SIBs focused on issues like recidivism, health care, and education.
The document discusses various sources of public finance including taxes, loans, grants, and aid. It provides details on the following:
1) Grants are financial aid awarded by the government for a specific purpose and do not need to be repaid, while loans are provided by banks and financial institutions and must be repaid with interest.
2) Getting a government grant is a competitive process that requires a complex application describing how funds will benefit the community, and often requires hiring professional help to write proposals.
3) The main difference between grants and loans is that grants do not require repayment, making them a gift, while loans must be repaid and involve taking on debt. Grants have no risk of
People Capital connects lenders directly to student borrowers through an online lending platform, using a proprietary credit scoring model called the Human Capital Score to more accurately assess student borrowers' credit risk. The platform allows lenders to customize their investment strategies to target specific types of student loans based on risk and return preferences. People Capital aims to fill the over $113 billion gap in private student loan funding by improving credit risk analysis and streamlining the origination and servicing of student loans.
This document provides definitions for over 100 commonly used personal finance terms organized alphabetically from A-Z. Some of the key terms defined include 401(k), adjustable rate mortgage, annual percentage rate (APR), assets, bankruptcy, bonds, credit, debt, interest, liabilities, mortgage, stocks and will. The definitions cover concepts related to savings, investments, loans, insurance and retirement planning.
This document proposes a Cash Collateralized Micro-Finance Obligation (Cash CMFO) investment vehicle to increase capital flows to microfinance institutions in South America. A Cash CMFO would securitize microfinance loans into tranches based on social impact and credit risk, allowing institutional investors to choose their preferred risk-return tradeoff while providing transparency and oversight of funds. The proposed Cash CMFO aims to be a sustainable and profitable investment that aligns investor interests with the social goals of microfinancing, expanding access to capital for small businesses and entrepreneurs in Latin America.
סלינגר למנכ"לי חברות הביטוח: חזקו את ההון הראשוני
בערב העיון השנתי לענף הביטוח שערך מכון קסירר אמרה המפקחת על הביטוח דורית סלינגר כי רמת ההון הראשוני של חברות הביטוח נמוכה מאוד. "אנו מצפים מהחברות להגדיל את ההון הראשוני שלהן, וכדאי שזה ייעשה באופן עצמאי ושהרגולטור לא ייאלץ להתערב" – אמרה סלינגר לראשי החברות
The Association for Enterprise Opportunity (AEO) submitted comments on the implementation of the Community Development Financial Institutions Bond Guarantee Program. AEO believes the program represents an opportunity to expand access to capital for underserved entrepreneurs. However, the design must balance expanding access while managing risks to the government. AEO recommends the program ensure an adequate risk-sharing reserve, allow flexibility for different CDFI models and loan uses, and permit CDFIs to service their own loans. The goal is to get capital to underserved communities throughout the pilot program in a sustainable way.
Presentation from INTEGRATED's Chuck Gooder, senior advisor, and Blake Sternard, the business analyst. The presentation focuses on the ways to identify the major changes of healthcare, with specific attention to the potential challenges posed to enrollees, physicians, hospitals, and healthcare organizations associated with the implementation of Obamacare.
The document discusses the complexities and opportunities presented by public health insurance exchanges established under the Affordable Care Act. It finds that states have underestimated the costs and complexity of creating these exchanges. While new opportunities may emerge around health insurance distribution, significant challenges around technology, funding, and long-term sustainability complicate establishing exchanges that meet their goals.
Answers to questions from the paying for post secondary expenses part 1 webin...Barbara O'Neill
The document provides answers to 10 questions about financing post-secondary education expenses. It discusses options for refinancing student loan debt, using the Public Service Loan Forgiveness program, saving in 529 college savings plans and Coverdell ESAs, the impact of grandparent-owned 529 plans on financial aid eligibility, the tax benefits of gifts to 529 plans and trusts, and what qualifies as an educational expense for tax benefits. The answers provide details and cite additional resources for more information.
The document discusses social impact bonds (SIBs) as a potential resource raising instrument for Oxfam America. It defines SIBs as investments in social service projects that are expected to generate cost savings for public agencies. Investors receive repayments based on whether intended social impacts and cost efficiencies are achieved. The document analyzes the incentives for different parties involved in SIBs, including guarantors like development agencies who leverage private investment for social objectives, states who oversee implementation strategies aligned with their goals, and impact investors seeking social and financial returns.
The Objectives for this Module include:
-Becoming familiar with models of lending approaches in microfinance
-Identifying strengths and weaknesses of the main lending approaches
-Reviewing the phases of group formation
http://ekinsurance.com/personal/how-to-buy-long-term-care-insurance/
Statistics indicate that over half of all people over age 50 will require long-term care.
This document defines various terms related to health insurance and disability insurance. It provides definitions for terms like HMO, experience rating, fraud, guaranteed renewable, exclusion rider, express authority, fully insured, hazard, disability income insurance, elimination period, presumptive disability benefit, noncancelable renewal provision, nonscheduled plan, offer, own occupation, nondisabling injury, notice of claims provision, partial disability, open-panel HMO, Medicare parts A, B, D, misstatement of age or sex provision, multiple employer trust, morbidity, National Association of Insurance Commissioners, Medical Information Bureau, major medical expense policy, Lloyd's of London, legal purpose, managed care organization, long-term care, limited policies, ins
Indexed universal life insurance policies from Aviva combine the features of traditional universal life insurance with the potential to earn interest based on the performance of a stock market index. The policies provide life insurance protection, potential for cash value growth, and flexibility. Premium payments are initially placed in a basic interest strategy and then may be allocated to indexed strategies where interest is credited based on the movement of a stock market index, subject to participation rates and caps. This limits downside risk while allowing upside potential.
The document proposes a Payroll Risk Insurance Act that would establish Payroll Risk Insurance Funds in each state. Key points:
- Each state could optionally establish a Payroll Risk Insurance Fund to provide payroll payments to businesses suspended by government order.
- The funds would be financed by assessments on commercial property insurers and overseen by state insurance regulators.
- The federal government would provide low-interest loans to reimburse funds for basic 4-week payroll coverage for small businesses. Much of the loans for small businesses would be forgiven.
- States would have flexibility to design more generous programs than the minimum federal standards but would need to finance any additional costs.
This document provides an overview of a case study on SIC Life Insurance Company's Techiman Branch. It discusses key concepts like risk and insurance, and outlines the types of insurance available in Ghana, with a focus on life insurance. The document poses research questions on the measures insurance companies use to influence life insurance demand, the affordability of premiums, and the sufficiency of insurance claims. It describes the objectives, limitations, and organization of the study into 5 chapters, covering topics like literature review, methodology, data analysis and findings.
This M Intelligence piece will explore the product mechanics and design considerations of Whole Life (WL) insurance. There are two general categories of WL...
This document summarizes a financial advisory presentation on saving and paying for a child's college education. It discusses factors to consider like the costs of different types of colleges, available financial aid options, federal and private student loans, tax benefits, and savings vehicles like 529 plans. It also addresses developing a financial plan and goal for paying for education.
Virtual Financial - Your Guide to Your FutureBetty Goodwin
Virtual Financial is committed to helping families achieve financial security and live the lifestyle they desire through disciplined money management and a successful career. They offer financial products and services to help families save, protect assets, and plan for the future. Their business model allows associates to build a virtual business from home providing financial solutions and a strong income. They aim to educate families and help them overcome financial challenges through personalized planning and a blend of insurance and investment products.
Virtual Financial is committed to helping families achieve financial security and independence through disciplined money management. They offer a variety of insurance and investment products tailored to individual family needs, including blending term life insurance and indexed universal life insurance. This strategy provides death benefits, market protection of account values, tax advantages, and living benefits to protect families from critical illnesses. Virtual Financial also provides business opportunities for associates to build strong virtual businesses and earn commissions by helping clients achieve their financial goals from home.
Virtual Financial is committed to helping families achieve financial security and independence through disciplined money management and successful careers. They offer personalized financial planning services and access to insurance and investment products. Their goal is to educate families on financial literacy and provide solutions to issues like debt, lack of savings, and financial stress. Virtual Financial also aims to help associates build successful virtual businesses through training, marketing support, and a commission structure that pays twice weekly.
This document provides information about financial aid available at San Jose State University. It discusses the basic types of financial aid including grants, loans, scholarships, and work study. It explains how to apply for financial aid through completing the Free Application for Federal Student Aid (FAFSA) and defines important terms like expected family contribution, cost of attendance, and financial need used to determine eligibility. The document emphasizes applying by deadlines and maintaining satisfactory academic progress to receive financial aid.
529 Frequently Asked Questions touch on what is a 529, 5 year gift averaging, treatment of non-qualified withdrawals and school refunds, circumstance of when the 10% penalty is waived, QHEE & more.
Microfinance provides financial services to low-income clients who lack access to traditional banking. It addresses the financial needs of the poor for lifecycle events, emergencies, opportunities, and sending money. Common services include microcredit (small loans), microsavings, and insurance. Loans are typically made through group lending models with joint liability to reduce costs. Major microfinance models include JLG, SHG-bank linkage, and peer-to-peer lending. The microfinance industry has grown significantly but still only reaches 20% of those who could benefit from its services.
This document provides information about insurance companies, including life insurance companies and property-casualty insurance companies. It discusses the primary functions of insurance companies, types of insurance policies, major assets and liabilities of life and property-casualty insurers, regulation of the insurance industry, and recent trends in underwriting ratios for property-casualty insurers. It also provides examples of calculating annuity payments and analyzes balance sheets and financial ratios of life and property-casualty insurers.
BridgestoneHRS Denials Management Software Will help any organization to collect a larger percentage of their denied charges.
Leading Denials Management Tools is useful for medical billing denial management, patient payment estimator, underpayment analyzer, claim status, claim status verification.
So keep visiting our websites to get update on regular basis. Call now.
This document discusses financial planning considerations for long-term care. It defines long-term care insurance as a policy that pays daily or monthly benefits if long-term care is needed. While Medicare and health insurance cover some home care and hospitalization, they do not cover activities of daily living. The costs of long-term care and long-term care insurance are rising significantly. The document provides estimates of life expectancies and costs of care and insurance policies to help with financial planning for potential long-term care needs.
The Association for Enterprise Opportunity (AEO) submitted comments on the implementation of the Community Development Financial Institutions Bond Guarantee Program. AEO believes the program represents an opportunity to expand access to capital for underserved entrepreneurs. However, the design must balance expanding access while managing risks to the government. AEO recommends the program ensure an adequate risk-sharing reserve, allow flexibility for different CDFI models and loan uses, and permit CDFIs to service their own loans. The goal is to get capital to underserved communities throughout the pilot program in a sustainable way.
Presentation from INTEGRATED's Chuck Gooder, senior advisor, and Blake Sternard, the business analyst. The presentation focuses on the ways to identify the major changes of healthcare, with specific attention to the potential challenges posed to enrollees, physicians, hospitals, and healthcare organizations associated with the implementation of Obamacare.
The document discusses the complexities and opportunities presented by public health insurance exchanges established under the Affordable Care Act. It finds that states have underestimated the costs and complexity of creating these exchanges. While new opportunities may emerge around health insurance distribution, significant challenges around technology, funding, and long-term sustainability complicate establishing exchanges that meet their goals.
Answers to questions from the paying for post secondary expenses part 1 webin...Barbara O'Neill
The document provides answers to 10 questions about financing post-secondary education expenses. It discusses options for refinancing student loan debt, using the Public Service Loan Forgiveness program, saving in 529 college savings plans and Coverdell ESAs, the impact of grandparent-owned 529 plans on financial aid eligibility, the tax benefits of gifts to 529 plans and trusts, and what qualifies as an educational expense for tax benefits. The answers provide details and cite additional resources for more information.
The document discusses social impact bonds (SIBs) as a potential resource raising instrument for Oxfam America. It defines SIBs as investments in social service projects that are expected to generate cost savings for public agencies. Investors receive repayments based on whether intended social impacts and cost efficiencies are achieved. The document analyzes the incentives for different parties involved in SIBs, including guarantors like development agencies who leverage private investment for social objectives, states who oversee implementation strategies aligned with their goals, and impact investors seeking social and financial returns.
The Objectives for this Module include:
-Becoming familiar with models of lending approaches in microfinance
-Identifying strengths and weaknesses of the main lending approaches
-Reviewing the phases of group formation
http://ekinsurance.com/personal/how-to-buy-long-term-care-insurance/
Statistics indicate that over half of all people over age 50 will require long-term care.
This document defines various terms related to health insurance and disability insurance. It provides definitions for terms like HMO, experience rating, fraud, guaranteed renewable, exclusion rider, express authority, fully insured, hazard, disability income insurance, elimination period, presumptive disability benefit, noncancelable renewal provision, nonscheduled plan, offer, own occupation, nondisabling injury, notice of claims provision, partial disability, open-panel HMO, Medicare parts A, B, D, misstatement of age or sex provision, multiple employer trust, morbidity, National Association of Insurance Commissioners, Medical Information Bureau, major medical expense policy, Lloyd's of London, legal purpose, managed care organization, long-term care, limited policies, ins
Indexed universal life insurance policies from Aviva combine the features of traditional universal life insurance with the potential to earn interest based on the performance of a stock market index. The policies provide life insurance protection, potential for cash value growth, and flexibility. Premium payments are initially placed in a basic interest strategy and then may be allocated to indexed strategies where interest is credited based on the movement of a stock market index, subject to participation rates and caps. This limits downside risk while allowing upside potential.
The document proposes a Payroll Risk Insurance Act that would establish Payroll Risk Insurance Funds in each state. Key points:
- Each state could optionally establish a Payroll Risk Insurance Fund to provide payroll payments to businesses suspended by government order.
- The funds would be financed by assessments on commercial property insurers and overseen by state insurance regulators.
- The federal government would provide low-interest loans to reimburse funds for basic 4-week payroll coverage for small businesses. Much of the loans for small businesses would be forgiven.
- States would have flexibility to design more generous programs than the minimum federal standards but would need to finance any additional costs.
This document provides an overview of a case study on SIC Life Insurance Company's Techiman Branch. It discusses key concepts like risk and insurance, and outlines the types of insurance available in Ghana, with a focus on life insurance. The document poses research questions on the measures insurance companies use to influence life insurance demand, the affordability of premiums, and the sufficiency of insurance claims. It describes the objectives, limitations, and organization of the study into 5 chapters, covering topics like literature review, methodology, data analysis and findings.
This M Intelligence piece will explore the product mechanics and design considerations of Whole Life (WL) insurance. There are two general categories of WL...
This document summarizes a financial advisory presentation on saving and paying for a child's college education. It discusses factors to consider like the costs of different types of colleges, available financial aid options, federal and private student loans, tax benefits, and savings vehicles like 529 plans. It also addresses developing a financial plan and goal for paying for education.
Virtual Financial - Your Guide to Your FutureBetty Goodwin
Virtual Financial is committed to helping families achieve financial security and live the lifestyle they desire through disciplined money management and a successful career. They offer financial products and services to help families save, protect assets, and plan for the future. Their business model allows associates to build a virtual business from home providing financial solutions and a strong income. They aim to educate families and help them overcome financial challenges through personalized planning and a blend of insurance and investment products.
Virtual Financial is committed to helping families achieve financial security and independence through disciplined money management. They offer a variety of insurance and investment products tailored to individual family needs, including blending term life insurance and indexed universal life insurance. This strategy provides death benefits, market protection of account values, tax advantages, and living benefits to protect families from critical illnesses. Virtual Financial also provides business opportunities for associates to build strong virtual businesses and earn commissions by helping clients achieve their financial goals from home.
Virtual Financial is committed to helping families achieve financial security and independence through disciplined money management and successful careers. They offer personalized financial planning services and access to insurance and investment products. Their goal is to educate families on financial literacy and provide solutions to issues like debt, lack of savings, and financial stress. Virtual Financial also aims to help associates build successful virtual businesses through training, marketing support, and a commission structure that pays twice weekly.
This document provides information about financial aid available at San Jose State University. It discusses the basic types of financial aid including grants, loans, scholarships, and work study. It explains how to apply for financial aid through completing the Free Application for Federal Student Aid (FAFSA) and defines important terms like expected family contribution, cost of attendance, and financial need used to determine eligibility. The document emphasizes applying by deadlines and maintaining satisfactory academic progress to receive financial aid.
529 Frequently Asked Questions touch on what is a 529, 5 year gift averaging, treatment of non-qualified withdrawals and school refunds, circumstance of when the 10% penalty is waived, QHEE & more.
Microfinance provides financial services to low-income clients who lack access to traditional banking. It addresses the financial needs of the poor for lifecycle events, emergencies, opportunities, and sending money. Common services include microcredit (small loans), microsavings, and insurance. Loans are typically made through group lending models with joint liability to reduce costs. Major microfinance models include JLG, SHG-bank linkage, and peer-to-peer lending. The microfinance industry has grown significantly but still only reaches 20% of those who could benefit from its services.
This document provides information about insurance companies, including life insurance companies and property-casualty insurance companies. It discusses the primary functions of insurance companies, types of insurance policies, major assets and liabilities of life and property-casualty insurers, regulation of the insurance industry, and recent trends in underwriting ratios for property-casualty insurers. It also provides examples of calculating annuity payments and analyzes balance sheets and financial ratios of life and property-casualty insurers.
BridgestoneHRS Denials Management Software Will help any organization to collect a larger percentage of their denied charges.
Leading Denials Management Tools is useful for medical billing denial management, patient payment estimator, underpayment analyzer, claim status, claim status verification.
So keep visiting our websites to get update on regular basis. Call now.
This document discusses financial planning considerations for long-term care. It defines long-term care insurance as a policy that pays daily or monthly benefits if long-term care is needed. While Medicare and health insurance cover some home care and hospitalization, they do not cover activities of daily living. The costs of long-term care and long-term care insurance are rising significantly. The document provides estimates of life expectancies and costs of care and insurance policies to help with financial planning for potential long-term care needs.
This document discusses financial planning considerations for long-term care. It defines long-term care insurance as a policy that pays daily or monthly benefits if long-term care is needed. While Medicare and health insurance cover some home care and hospitalization, they do not cover activities of daily living. The costs of long-term care and long-term care insurance are rising significantly. The document provides estimates of life expectancies and costs of care and insurance policies to help with financial planning for potential long-term care needs.
Dr13 the future_of_health_care_insurance_whats_ahead3Ariel Porath
Deloitte is a global network of professional services firms that offers audit, consulting, risk advisory, and financial advisory services. It has member firms in over 150 countries worldwide that operate as separate legal entities. The document provides background information on Deloitte's legal structure and services, notes limitations on certain attest services for public accounting clients, and includes disclaimers around the general and non-professional nature of the publication's content. It also provides copyright information for Deloitte and the publication.
As the Affordable Care Act takes effect, health insurance companies will have to design and implement new healthcare models to keep up with the new consumer population.
1) Sound financial management is a lifelong process that involves cash management, protection strategies, investing fundamentals, tax issues, and retirement planning. Each financial decision builds the foundation for one's future.
2) Budgeting is key to cash management - it involves tracking spending to identify areas for savings that can then be used to build an emergency fund and pay down high-interest debt.
3) Protection strategies like insurance help strengthen one's financial "safety net" against unforeseen life events through products like homeowners, auto, health, disability, and life insurance.
1) Sound financial management is a lifelong process that begins early and involves cash management, investing, protecting against risks, retirement planning, and estate planning.
2) Creating a budget allows you to track spending, identify areas to cut back, and save more for emergencies and goals. Maintaining an emergency fund can prevent debt in difficult times.
3) Carrying credit card debt is costly and can significantly delay achieving savings goals. Prioritizing paying off high-interest debt can save thousands in interest charges.
Guaranteed Impact: Social Impact or Your Money Backdblums
An entry in LiquidNet for Good's contest to create smarter charitable donor / investors. Daniel Blumebrg, Dave Goodsmith, and Anna Hurley envision "impact insurance" as a means to guarantee social impact.
The Pooled Registered Pension Plan has been a complete faiure. Discussion on the use of PRPP for de-accumulation products including annuities potentially is a silver lining for how FI's could embraced legislative program to delivery value to aging consumers.
This document discusses crowdfunding and provides an overview of the crowdfunding process. It begins with an introduction to crowdfunding, noting that crowdfunding involves sourcing funds from a large group of individuals online. It then discusses the different types of crowdfunding, including rewards-based, debt/loans, and equity/shares crowdfunding. The document provides details on how crowdfunding works as an alternative lending model compared to traditional bank lending. It also examines what factors investors look for in deciding whether to invest in a crowdfunding campaign.
The document discusses various aspects of insurance companies, including their key operations. It begins by describing how insurance companies handled claims from the 2005 Mumbai floods. It then discusses the main operations of insurance companies, including rate making, underwriting, production (sales), claims settlement, reinsurance, and investments. Insurance companies collect premiums, pay claims, and invest premiums to earn income. They distribute policies through agents or direct selling. Reinsurance allows risks to be shared between insurers.
A Test Of Policies: Wisconsin Vs Illinoisradarbutane60
- Wisconsin passed Act 10 in 2010 which limited collective bargaining for public sector unions except for police and firefighters. This has helped reduce spending on benefits for public sector workers and helped balance Wisconsin's budget without major cuts to services.
- In contrast, Illinois has not passed similar reforms and faces major pension payment obligations and budget deficits as a result of benefits promised to public sector unions. Chicago faces $615 million in pension payments alone for this year's budget.
- The reforms in Wisconsin have helped reduce healthcare and pension costs for local schools by an estimated 45% by 2020 while Illinois continues to struggle with the costs of benefits promised to public sector unions.
General Insurance-Laws and Contract, GIC-Health Insurance-Types, and Features. Fire insurance Contracts and Types, Marine Insurance and Policies, Motor Vehicles Insurance.
Debt Freedom is an independent marketing company that offers financial services through affiliated companies. It aims to help people eliminate debt, build wealth, and live better lives. It provides a complete financial needs analysis and turns debt into wealth by reducing interest payments and increasing retirement savings. The company has strategic partnerships with respected financial institutions to offer products like insurance, mortgages, and investment funds.
Wealth Management: Traveling the Social Street to Influence Minds and Investm...Cognizant
Wealth management firms are increasingly adopting social media strategies to engage younger clients and build their brands. Younger generations expect personalized, on-demand services and recommendations from peers on social platforms. While regulations and compliance issues initially discouraged social media use, recent regulatory changes make social media a more viable option for wealth firms. The document recommends wealth firms develop social media strategies around five key areas: gaining customer insights from social conversations; creating valuable educational content; engaging in conversations with clients; integrating social media across marketing channels; and ensuring compliance and risk management. When done effectively, social media allows firms to strengthen relationships with clients, prospect new clients, and monitor their brand reputation.
Chapter 22_Insurance Companies and Pension FundsRusman Mukhlis
This document summarizes key topics related to insurance companies and pension funds. It discusses the fundamentals of insurance, types of insurance like life and health insurance, and how insurance companies are organized and regulated. It also covers the different types of pension plans like defined benefit and defined contribution, and how pension plans are regulated in the US by acts like ERISA.
This document provides an overview of a case study on SIC Life Insurance Company's Techiman Branch. It discusses key concepts around risk and insurance, outlines the types of insurance available in Ghana, and defines life insurance. The document then presents the objectives, methodology, limitations, and structure of the case study, which aims to assess the efficacy of SIC Life's life insurance policies and identify how the company pays out premiums to beneficiaries. Primary data will be collected through questionnaires to staff, beneficiaries, and the public, and secondary data will come from sources like textbooks and websites. The case study will have 5 chapters covering the background, literature review, methodology, data analysis and findings, and conclusions.
This document discusses the importance and benefits of voluntary (supplemental) insurance for businesses and employees. It makes three key points:
1) Voluntary insurance helps protect employees from unexpected medical costs and makes them more satisfied. It is an important part of an employer's benefits package for attracting and retaining talent.
2) Many employees are unprepared to manage the rising costs and responsibilities of healthcare. Voluntary insurance can provide financial protection from out-of-pocket costs like deductibles and coinsurance.
3) Voluntary insurance benefits both employers and employees. It boosts employee satisfaction and loyalty while costing employers little to nothing. It also supports healthier employees and lower workers compensation claims.
Using Adaptive Scrum to Tame Process Reverse Engineering in Data Analytics Pr...Cognizant
Organizations rely on analytics to make intelligent decisions and improve business performance, which sometimes requires reproducing business processes from a legacy application to a digital-native state to reduce the functional, technical and operational debts. Adaptive Scrum can reduce the complexity of the reproduction process iteratively as well as provide transparency in data analytics porojects.
Data Modernization: Breaking the AI Vicious Cycle for Superior Decision-makingCognizant
The document discusses how most companies are not fully leveraging artificial intelligence (AI) and data for decision-making. It finds that only 20% of companies are "leaders" in using AI for decisions, while the remaining 80% are stuck in a "vicious cycle" of not understanding AI's potential, having low trust in AI, and limited adoption. Leaders use more sophisticated verification of AI decisions and a wider range of AI technologies beyond chatbots. The document provides recommendations for breaking the vicious cycle, including appointing AI champions, starting with specific high-impact decisions, and institutionalizing continuous learning about AI advances.
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Experience is becoming a key strategy for technology companies as they shift to cloud-based subscription models. This requires building an "experience ecosystem" that breaks down silos and involves partners. Building such an ecosystem involves adopting a cross-functional approach to experience, making experience data-driven to generate insights, and creating platforms to enable connected selling between companies and partners.
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Crowdfunding Insurance
1. Crowdfunding Insurance
The growing number of under-insured and uninsured, as well as the
increased acceptance of crowdfunding initiatives, introduces
new business possibilities to insurers willing to accept upfront risk
in exchange for potential long-term rewards.
Executive Summary
Demographic change and macroeconomic forces
around the world have caused insurers to rethink
their competitive strategies in an uncertain
market. In order to increase sales of their prod-
ucts and services, insurers must overcome the
common challenges of unaffordable premiums,
customer overconfidence in the financial security
of their savings and a widespread lack of under-
standing about the cost of unexpected life events.
One survival tactic that many carriers are con-
sidering is to expand into uncharted market
segments with new crowdsourcing-based prod-
ucts and channel solutions aimed at uninsured
and under-insured segments of the population.
This white paper describes the principles of
crowdfunding and assesses the wisdom of this
approach to help mainstream insurers determine
how it could be applied to their lines of business
to increase relevance and profitability in the
marketplace.
A Market in Flux
Several factors are driving insurers to consider
alternative insurance approaches:
• Increased age of retirement. Many workers
today are delaying retirement, particularly
because of the uncertain global economy,
insufficient savings for future expenses, over-
dependence on children and immediate family
to fund post-retirement expenses and the
inability to afford retirement.
• Increasing medical and disability costs. As
healthcare costs continue to soar, patients
with inadequate insurance struggle to afford
co-pays, deductibles and other out-of-pocket
costs not covered by their insurance plans,
resulting in a need for external assistance.
• Under-insured populations. Low-income and
certain ethnic groups are historically non- or
under-insured.
• The proliferation of the “sharing” economy.
With Uber and AirBnB showing the way, the
concept of sharing assets on a peer-to-peer,
real-time basis has emerged in multiple
industries, including transportation, real estate
and hospitality. This new approach signals
a shift for the industry into collaborative,
shared approaches to help consumers pay for
insurance (see Figure 1, next page).
• Cognizant 20-20 Insights
cognizant 20-20 insights | december 2015
2. Health Insurance
Pooling Mechanism: An imminent or
planned medical treatment can be
covered under a medical plan by
starting a campaign to generate funds
well in advance.
Reward Mechanism: Crowdfunding can
help cover deductibles and other
out-of-pocket expenses not covered by
the plan for all members in the pool.
Group Employee Benefits
Pooling Mechanism: Employers can opt
to provide additional benefits to
employees through specific group
policies, such as group health or
gratuity plans. Premiums can be
funded by creating a pool to which
other employees voluntarily contribute.
Reward Mechanism: Additional
premiums can provide tax advantages
for employees.
Retirement Funds
Pooling Mechanism: Low-income
workers often face a retirement
gap. Organizations can develop
pools for such individuals to fund
their retirement accounts or
annuity purchase through donor
contributions.
Reward Mechanism: Such contri-
butions can be made attractive by
offering tax deductions on the
contributions.
Personal Savings Account
Pooling Mechanism: State-sponsored
savings plans* that fund specific needs
later in life (such as college education)
can be administered online for free.
Funds can be pooled with friends and
family and other defined pools.
Reward Mechanism: Covered members
can choose to reward contributors, as in
traditional crowdfunding scenarios.
Comprehensive
Car Insurance
Pooling Mechanism: Crowdfunding can be
used to pay for comprehensive coverage
for an automobile shared by multiple
individuals. Collision damage and liability
coverage can be provided in a “car-shar-
ing” scenario in which all users contribute
to the plan.
Reward Mechanism: In the case of an
accident, costs and benefits can be shared
on a prorated basis among members.
cognizant 20-20 insights 2
Sharing the Risk & Reward
* Certain state-sponsored savings plans offer tax advantages and other incentives.
Figure 1
3. cognizant 20-20 insights 3
Crowdfunding Use Cases
The potential exists for insurers to apply crowd-
funded approaches to traditional interactions
and transactions. For example:
Group Employee Benefits
• Scenario: Richard has a group retirement
plan with his employer that would cover most
of his post-retirement needs. However, while
the benefits go into effect after Richard turns
65, his health issues are forcing him to retire
earlier, at 55. This not only disrupts his income
flow, but it also reduces his retirement fund,
which may not be enough to cover his daily
needs.
• Solution: Richard’s employer starts a crowd-
funding campaign to raise donations to cover
his losses, inviting employees in the organiza-
tion and their social connections to contribute.
Once the shortfall in the retirement fund is
met, the employer can provide Richard with an
annuitized option.
• Enter crowdfunding: Although people on
average expect their retirement to last 18
years, their retirement savings typically last
just 10 years, according to numerous industry
watchers. Retirement also often coincides with
increased health and long-term care costs,
posing major questions for how to cope with
the additional expenses. In financial terms,
older age groups stand to lose more than other
populations due to the financial hardships
caused by unexpected life events.
Education Funds
• Scenario: Brandi is a school-age girl whose
parents are determined to send her to college
in spite of the high costs of education.
• Solution: Brandi’s parents set up a government
savings plan when their daughter turned 10,
which appreciates over time. Additionally, they
set up a crowdfunding website page, on which
they regularly post their daughter’s school
grades to encourage donations. They also ask
friends and family to donate to the fund rather
than give her presents for birthdays or other
occasions. When the target is met, Brandi’s
parents withdraw the money and purchase
single-premium, cash-value insurance for her.
• Enter crowdfunding: Certain state-sponsored
savings plans can be used to fund specific needs
later in life (e.g., college education). Such plans
can be administered for free online. Donors can
also contribute toward a student’s education
though a variety of platforms, including orga-
nizations focused on investment vehicles (i.e.,
529 plans and other college savings plans in
the U.S.), sites on which students manage
their own donation outreach, and parent-run
sites intended for family and friends to donate
toward their children’s future college goals in
lieu of gifts.
Health Insurance
• Scenario: Rachel is an expectant mother who is
determined to give her child the best post-natal
care available; however, the expenses are
alarmingly high. Because her health insurance
plan will pay only part of the costs, the rest will
need to be funded by Rachel and her husband’s
savings plans, which will greatly impact their
family’s future.
• Solution: Rachel starts a campaign on a crowd-
funding platform, asking for donations to cover
her medical expenses.
• Enter crowdfunding: Some medical conditions
require complex treatments or post-treat-
ment home care whose costs exceed what is
normally covered by a health insurance policy,
resulting in excessive financial strain. Moreover,
the long duration of home care can also drain
the resources of patients’ families.
An imminent or planned medical treatment can
be covered under a health plan that receives
funds from a crowdfunding source. Campaigns
to generate donations can be started well in
advance through an online crowdsourcing
website. Such funds can be used to purchase
insurance plans specifically required by the
individual or to cover additional deductibles
and out-of-pocket expenses. Tax deductions
can be offered if donations are made out to a
501(c) (3) in the U.S. for a registered nonprofit
organization.
Emerging Examples of Crowdfunded
Insurance
Already, insurance, financial services and e-com-
merce sites around the world have begun to offer
crowdfunding approaches to covering expenses:
• Fidelity now offers a 529 online gifting
service and is leveraging social media to help
customers save for college.1
• China’s second-biggest e-commerce player
JD launched a Kickstarter-like crowdfund-
ing platform, Coufenzi, which allows partici-
pants to invest in a movie of their choice, with
#
2
4. donations as low as RMB 100 (USD$16) and up
to RMB 2,000 (USD$320). Deposits are bundled
into the company’s wealth management and
insurance products that pay a fixed interest
rate.2
• Love Upgrading is a crowdfunded insurance
service offered by Sunshine Insurance Co. on
WeChat, China’s voice and text messaging app.
Buyers pay an initial premium of 100 yuan
(USD$16) for one year of insurance with 50,000
yuan (USD$8,000) of coverage. They can then
share the link on WeChat and invite friends
to pitch in. Each contributor can raise the
insurance amount by 2,500 yuan (USD$400)
for a maximum of 100,000 yuan.3
When and How to Adopt Crowdfunding
As noted above, the factors driving crowdfunding
as a growth strategy include the following:
• The need to reach a demographic that is
unserved or under-served due to unaffordabil-
ity or limited access.
• The desire to target customers whose current
policies are lapsing because they cannot afford
to maintain them.
• The need to respond to emerging types of
insurability that require the application of
crowdfunding.
From a business strategy, technology and oper-
ations perspective, carriers must consider the
following points before deploying a crowdfunding
mechanism:
• Understand the current customer base and
prospects to identify the target segment.
• Determine products and pricing that will suit
the target segment and fulfill the insurer’s end
goals of market expansion and increased prof-
itability.
• Analyze the current digital strategy and
assess whether an in-house or third-party
platform is a more advantageous approach.
>> Setting up the platform IT architecture:
Key decision points include multi-device,
multi-OS operability, technology penetration
among the target market and cost-efficiency
of maintenance.
>> Setting up the platform policy and securi-
ty: This is an extremely important issue, not
only to meet compliance requirements but
also to minimize vulnerability to risks such
as money-laundering, data leakage, etc.
• Implement organizational change manage-
ment to address business process reengi-
neering, as well as guide internal and external
customers and employees toward seamless
acceptance and adoption of the new offering.
Once stakeholders reach consensus, the following
steps can be taken:
• Host a campaign
>> Campaigns can be insurer-backed, in which
the insurer offers an entirely new, small-
ticket, short-term product suite meant for
a group or individual to start a crowdfund-
ing campaign. In this case, the campaign is
hosted on the landing page of the insurer’s
website, as this is the most effective way to
get donors’ attention, gain credibility for the
campaign and attract the maximum amount
of funds from interested contributors.
>> Alternatively, insurers can host campaigns
on a dedicated microsite. For example, TIAA-
CREF has its own social network called the
Communities, on which members can dis-
cuss their financial health, exchange ideas
and host campaigns. Currently, two distinct
sub-groups are represented on the social
network, for women and members planning
their retirement.
>> A third option is for the insurer to partner
with an existing crowdfunding platform,
such as Kickstarter, Indiegogo or Wishberry,
and host sponsored campaigns. This is an
effective way to gain attention and attract
funds.
>> Insurers can also attain additional publicity
through their social media channels.
• Evaluate the campaign
>> A crowdfunded insurance plan cannot be of-
fered for all of lines of business. The most
relevant plans are those for which no special
processing is necessary (i.e., there is a clear
case of insurability and/or no need for spe-
cific screening).
>> Premium requirements for such plans might
need to be considered if campaigns are host-
ed on third-party platforms, to account for
platform fees, etc.
• Structure the campaign
>> A crowdfunding campaign can either be flex-
ible (i.e., the fund-seeker keeps whatever
funds are raised) or fixed (i.e., the fund-seek-
er gets either the target amount or nothing).
Also, campaigns can either run for a specific
duration of time or be closed as soon as the
cognizant 20-20 insights 4
5. cognizant 20-20 insights 5
target is reached. Because insurance pay-
ments are generally time- and money-bound,
the ideal setup is a campaign that is fixed
and set to close upon reaching the target
amount. Insurers should issue such polices
with the provision of a single premium, as
this will help insured members avoid having
to launch campaigns before every premium
payment.
• Reward contributors
While most small-ticket donors participate just
for the sake of altruism, big-ticket contributors
typically look for a tangible return. Insurers
can issue the following types of rewards:
>> If the contributor is a current customer, the
insurer can offer incentives such as premi-
um discounts, waived fees, additional top-up
premiums and additional coverage.
>> If the contributor is not a current customer,
incentives can include a free session with a
financial advisor, small-ticket travel insur-
ance offerings or even — for very large con-
tributions — the opportunity to purchase a
policy with a small percentage of the amount
donated.
Key Challenges
Because the concept of crowdfunding is fairly
new in the mainstream insurance industry, the
initial forays may be met with roadblocks, includ-
ing the following:
• Uncharted territory: This is an entirely novel
and untested area for mainstream insurers.
Additionally, because crowdfunded policies
may not be highly valuable to insurers, orga-
nizations may have little interest in exploring
this approach. Thus, the biggest challenge is
breaking the psychological ceiling in the tra-
ditional mindset and attracting interest in the
concept.
• User acceptance: It is also unknown whether
the general public will embrace the idea of
donating to crowdfunding efforts. While some
may welcome the idea of contributing to a
worthy cause, others may be less enthusiastic
due to security concerns or the sense of being
pressured to donate.4
• Minimum premium requirements: Insurance
companies have a minimum premium require-
ment that could be higher than what a crowd-
funding campaign or company can reasonably
afford. Greater upfront investment in policy
processing software will be needed to keep
overall costs under control.
• Need for increased transparency: To protect
against issues arising from anti-money
laundering clauses, plans that are sponsored
using online crowdfunding may require greater
transparency for both contributors and fund-
seekers.
Crowdsourcing Benefits Extend Across the Ecosystem
Insurer Benefits
• Increased revenue as more people
seek insurance through crowdfund-
ing. This can also lead to customi-
zation of products suitable for
crowdfunding.
• Better brand perception. When
insurers offer a social funding
vehicle, it can boost the company’s
image as an organization that
cares.
• Improved ability to reach
under-insured populations.
Donor Benefits
• A sense of doing good by
supporting a family member or
friend or making donations for a
worthy cause.
• Possible tax exemptions through
plans that are developed to suit
this type of funding.
Seeker Benefits
• Better protection, especially for
the under- and uninsured.
• Successful policy retention
through prefunding.
• More affordable coverage
for individuals who are under-
insured.
Figure 2
6. cognizant 20-20 insights 6
The Last Word
In today’s age of technology-enabled collabo-
ration, crowdfunding has already made some
initial inroads, nibbling at the extreme corners
of the insurance market. Given the ever-growing
proportion of non- or under-insured individuals,
crowdfunding could be a lucrative way of address-
ing mass market needs, especially individual
disability benefits, retirements and pensions, as
well as group plans.
While insurers fight to distinguish themselves,
social media might be an especially effective way
to kick off crowdfunding initiatives, as they can
increase awareness and engagement. Moreover,
using social approaches will provide carries with
access to mobile wallets to ease program admin-
istration and campaign funds collection.
Footnotes
1.
“College Gifting,” Fidelity, https://www.fidelity.com/529-plans/college-gifting.
2.
Paul Bischoff, “China’s Second Biggest Ecommerce Firm JD Launches Kickstarter-Like
Crowdfunding Site,” TechInAsia, July 2, 2014, https://www.techinasia.com/chinas-secondbiggest-
ecommerce-firm-jd-launches-kickstarterlike-crowdfunding-site/.
3.
Qian Ruisha, “Crowdfunded Insurance Schemes Prey on Friendships,” ECNS.cn, April 18, 2014, http://www.
ecns.cn/cns-wire/2014/04-18/110134.shtml.
4.
Ibid.
References
• Tim Price, “Policy Note: Will Crowdfunding Kickstart an Investment Revolution?” Roosevelt Institute,
Sept. 5, 2013, http://rooseveltinstitute.org/policy-note-will-crowdfunding-kickstart-investment-revolu-
tion/.
• Linda Childers, “Is Crowdfunding the New Way to Pay for Health Care?” InsureMe, http://www.
insureme.com/health-insurance/crowdfunding.
• James Robinson, “Asurvest Thinks It Has Found a Way to Protect People from the Murky Dangers of
Crowdfunding,” Pando, April 25, 2014, http://pando.com/2014/04/25/asurvest-thinks-it-has-found-a-
way-to-protect-people-from-the-murky-dangers-of-crowdfunding/.
• “What Is Crowdfunding?” Innovation Insurance Group, http://www.innovationinsurancegroup.com/
crowdfunding.html.
• “When Can My Investors Sue Me?” CrowdfundAttny.com, April 1, 2013, http://crowdfundattny.com/tag/
do-insurance/.
• Kelly Phillips, “Back to School: Paying for College with 529 Plans,” Forbes, Sept. 11, 2013, http://www.
forbes.com/sites/kellyphillipserb/2013/09/11/back-to-school-paying-for-college-with-529-plans/.
• Christina Couch, “College Financing Alternative,” Bankrate, http://www.bankrate.com/finance/col-
lege-finance/college-financing-alternative-crowdfunding.aspx.