The life insurance industry provides protection against the financial consequences of the premature death of a family breadwinner, disability, or outliving one’s retirement assets. But how are life insurance products actually designed and priced?
Product committees comprising agents, underwriters, actuaries, and senior management sit and discuss what new products should be offered. The agents have vast experience visiting with policyholders to determine their needs. Underwriters set the guidelines on which policyholders will be accepted and/or rated. Smart actuaries (while most would find this redundant, some would call it an oxymoron) assess the potential risks in these products and set a potential price. Senior management listens to agents, underwriters, and actuaries and helps finalize the product design, the guidelines for accepting risks, and the price. The programmers will also have to be contacted to determine the cost of administering the products. Many iterations of these discussions may take place before a product is ready for sale. The entire process could take up to a year.
Some of these products are quite complex, taking into account long-term interest rates and probabilities of death/survival, disability, and lapse. With this lengthy and rigorous process, one would imagine that few mistakes are made. However, this is not the case. What follows are a few examples of major product mistakes which cost the life insurance industry a lot of time, money, and bad publicity.
White Paper - Internet Marketing Strategies For The Medical Device Industryjerryme5
This is a White Paper that I wrote, while employed at Exemplum, that talks about various marketing strategies that medical device companies can use to leverage the Internet to market their products more effectivelty.
My 2013 PBMI presentation on my thoughts about using data and consumer engagement to shift the pharamcy industry to a industry focused on value as part of the overall health reform efforts.
In recent years, medical device manufacturers have embarked on an acquisition binge. We’ve seen a series of blockbuster deals as well as numerous smaller transactions. This M&A bonanza has been sparked in part by the belief that absolute scale creates competitive advantage.
But does it? In many other industries, we find a clear correlation between overall scale and profitability. Classic strategy has long focused on building scale because larger companies tend to wield more influence with customers and have a greater ability to maintain pricing discipline. They also benefit from the most accumulated experience with driving down costs and can spread costs over the widest base of business.
Yet in medtech, the correlation between industry scale and profitability is quite weak. Instead, Bain research shows that profitability is more a function of category leadership than overall scale.
Disruptive trends impacting the healthcare industry...Tim Ziakas
The healthcare industry is undergoing some of the biggest transformations we've seen. Talent retention, cultural gaps, digital transformation, regulation...there isn't a company that does not feel the effects. Leadership strategy will play a critical role in the success of the U.S. Healthcare industry.
This is a long version of what I'm presenting at PCMA on 2/8/12. It includes more data that I'll be sharing and summarizing during my verbal presentation.
Understanding the ObamaCare North Carolina Health Insurance Plans
As a result of the Affordable Care Act (a.k.a. ObamaCare) the following provisions are now in place for health insurance policies with an effective date January 1, 2014 or after:Individuals cannot be declined for health insurance or charged more due to their health status or gender.
Insurance premiums are based on age, your zip code and tobacco usage.
Coverage limitations or exclusions based on pre-existing conditions are not allowed.
Elimination of annual and lifetime coverage limits.
Prohibition of declining an individual for coverage based on their participation in an approved clinical trial.
Maternity and mental health are included on all policies.
Preventative dental is covered with a $25 copay for members up to age 19. There is also some vision coverage for this age group.
Whether or not your children are students they can stay on your policy until age 26.
Introduction of the Medical Loss Ratio (MLR) which ensures that 80% of the premium dollars paid to the health insurance issuer are spend on providing health care. An insurance company that does not do this must provide rebates to their policyholders
http://www.hisonc.com/obamacare-north-carolina
Deloitte research found that while many medtech companies are well-positioned to drive the future of health, they likely won’t be able to do it alone. Rather than focusing on making incremental
improvements to their devices, they should focus on using transformative and cognitive technologies
to enhance products and offer services. They could do this by developing or partnering to acquire
sophisticated data analytics capabilities, getting much closer to the consumer, and leveraging new
cognitive technologies to improve operations.
Week #5-To Do List-CCHWeek 5 IntroductionIntroduction To Co.docxcelenarouzie
Week #5-To Do List-CCH
Week 5: Introduction
Introduction To Compliance Documentation & Reporting
Proper documentation is an inherent component of delivery of care, not an add-on. One of the oldest battles in healthcare is that between the hospital Medical Records department and the admitting Physician to complete necessary documentation for the Patient’s Chart. The most common cause of loss of admitting privileges has been from this source. This process has only become more important and necessary with the increasing recognition of the importance of proper documentation for legal and ethical defense purposes.
Documentation also serves a number of financial aspects of patient care delivery, including billing, grant writing for research projects, medical research to discover future tests, procedures, and cures, and funding for government supported agencies and programs.
Objectives
To successfully complete this learning unit, you will be expected to:
Identify the uses for health care documentation.
Learn the essential components of quality documentation.
Categorize the document guidelines under the federal False Claims Act.
Identify the documentation required for compliance under the Federal Stark Law.
List the aspects of documentation compliance with regard to electronic health records.
Identify the important issues regarding ethical coding practices.
Learn the most common illegal practices for HIM reporting.
Identify the key concerns under the federal False Claims Act that relate to reporting.
Determine the impact of the Physician Quality Reporting Initiative (PQRI) on HIM processes in physicians’ offices.
Identify the circumstances in which a health care professional is mandated to report a patient’s diagnosis.
Week 5: Discussion
Answer the following questions:
Review the various uses for health care documentation and discuss how each has an impact on the health care delivery system
Discuss procedures you might enact in your facility to avoid violating the False Claims Act
Discuss why physician offices should participate in PQRI
Week 5: Case Study Assignment
Please read and choose one of the following case studies:
Case study on page 111 of your textbook. (This Case Study is in the section for Securing EHR and starts with "NOTE: In each CMP (Civil Monetary Penalties) case resolved through a settlement agreement, . . . ")
Case study on page 127 of your textbook. (This Case Study is in the section for Phantom Patients and starts with "Two Charged in False Claims to Medicaid."
Case study on page 128 of your textbook. (This Case Study is in the section for Services not Performed and starts with "WASHINGTON—April 14, 2008—A board-certified radiologist, Fred Steinberg, M.D., his imaging centers . . ."
Case study on page 131 of your textbook. (This Case Study is in the section for Upcoding and starts with "July 2007: In Florida, a doctor was sentenced to 78 months in prison .
White Paper - Internet Marketing Strategies For The Medical Device Industryjerryme5
This is a White Paper that I wrote, while employed at Exemplum, that talks about various marketing strategies that medical device companies can use to leverage the Internet to market their products more effectivelty.
My 2013 PBMI presentation on my thoughts about using data and consumer engagement to shift the pharamcy industry to a industry focused on value as part of the overall health reform efforts.
In recent years, medical device manufacturers have embarked on an acquisition binge. We’ve seen a series of blockbuster deals as well as numerous smaller transactions. This M&A bonanza has been sparked in part by the belief that absolute scale creates competitive advantage.
But does it? In many other industries, we find a clear correlation between overall scale and profitability. Classic strategy has long focused on building scale because larger companies tend to wield more influence with customers and have a greater ability to maintain pricing discipline. They also benefit from the most accumulated experience with driving down costs and can spread costs over the widest base of business.
Yet in medtech, the correlation between industry scale and profitability is quite weak. Instead, Bain research shows that profitability is more a function of category leadership than overall scale.
Disruptive trends impacting the healthcare industry...Tim Ziakas
The healthcare industry is undergoing some of the biggest transformations we've seen. Talent retention, cultural gaps, digital transformation, regulation...there isn't a company that does not feel the effects. Leadership strategy will play a critical role in the success of the U.S. Healthcare industry.
This is a long version of what I'm presenting at PCMA on 2/8/12. It includes more data that I'll be sharing and summarizing during my verbal presentation.
Understanding the ObamaCare North Carolina Health Insurance Plans
As a result of the Affordable Care Act (a.k.a. ObamaCare) the following provisions are now in place for health insurance policies with an effective date January 1, 2014 or after:Individuals cannot be declined for health insurance or charged more due to their health status or gender.
Insurance premiums are based on age, your zip code and tobacco usage.
Coverage limitations or exclusions based on pre-existing conditions are not allowed.
Elimination of annual and lifetime coverage limits.
Prohibition of declining an individual for coverage based on their participation in an approved clinical trial.
Maternity and mental health are included on all policies.
Preventative dental is covered with a $25 copay for members up to age 19. There is also some vision coverage for this age group.
Whether or not your children are students they can stay on your policy until age 26.
Introduction of the Medical Loss Ratio (MLR) which ensures that 80% of the premium dollars paid to the health insurance issuer are spend on providing health care. An insurance company that does not do this must provide rebates to their policyholders
http://www.hisonc.com/obamacare-north-carolina
Deloitte research found that while many medtech companies are well-positioned to drive the future of health, they likely won’t be able to do it alone. Rather than focusing on making incremental
improvements to their devices, they should focus on using transformative and cognitive technologies
to enhance products and offer services. They could do this by developing or partnering to acquire
sophisticated data analytics capabilities, getting much closer to the consumer, and leveraging new
cognitive technologies to improve operations.
Week #5-To Do List-CCHWeek 5 IntroductionIntroduction To Co.docxcelenarouzie
Week #5-To Do List-CCH
Week 5: Introduction
Introduction To Compliance Documentation & Reporting
Proper documentation is an inherent component of delivery of care, not an add-on. One of the oldest battles in healthcare is that between the hospital Medical Records department and the admitting Physician to complete necessary documentation for the Patient’s Chart. The most common cause of loss of admitting privileges has been from this source. This process has only become more important and necessary with the increasing recognition of the importance of proper documentation for legal and ethical defense purposes.
Documentation also serves a number of financial aspects of patient care delivery, including billing, grant writing for research projects, medical research to discover future tests, procedures, and cures, and funding for government supported agencies and programs.
Objectives
To successfully complete this learning unit, you will be expected to:
Identify the uses for health care documentation.
Learn the essential components of quality documentation.
Categorize the document guidelines under the federal False Claims Act.
Identify the documentation required for compliance under the Federal Stark Law.
List the aspects of documentation compliance with regard to electronic health records.
Identify the important issues regarding ethical coding practices.
Learn the most common illegal practices for HIM reporting.
Identify the key concerns under the federal False Claims Act that relate to reporting.
Determine the impact of the Physician Quality Reporting Initiative (PQRI) on HIM processes in physicians’ offices.
Identify the circumstances in which a health care professional is mandated to report a patient’s diagnosis.
Week 5: Discussion
Answer the following questions:
Review the various uses for health care documentation and discuss how each has an impact on the health care delivery system
Discuss procedures you might enact in your facility to avoid violating the False Claims Act
Discuss why physician offices should participate in PQRI
Week 5: Case Study Assignment
Please read and choose one of the following case studies:
Case study on page 111 of your textbook. (This Case Study is in the section for Securing EHR and starts with "NOTE: In each CMP (Civil Monetary Penalties) case resolved through a settlement agreement, . . . ")
Case study on page 127 of your textbook. (This Case Study is in the section for Phantom Patients and starts with "Two Charged in False Claims to Medicaid."
Case study on page 128 of your textbook. (This Case Study is in the section for Services not Performed and starts with "WASHINGTON—April 14, 2008—A board-certified radiologist, Fred Steinberg, M.D., his imaging centers . . ."
Case study on page 131 of your textbook. (This Case Study is in the section for Upcoding and starts with "July 2007: In Florida, a doctor was sentenced to 78 months in prison .
Why life insurance has evolved into a piece of investment diversificationCBIZ, Inc.
This CBIZ Whitepaper explores reasons why life insurance has evolved into a piece of investment diversification – that is, a product worthy of being described as a “Separate Investment Class.”
Cultivating Ancillary Benefits - California BrokerJeff Hunter
More than 57 million full-time working Americans experienced at least one legal event in the past year and
nearly half faced their legal issue without professional help, according to a new national study sponsored
by LegalShield and conducted by the research fi rm Decision Analysts. That figure rises to 70% of the country’s total population when you include nonworking Americans.
A NEW, BREAKTHROUGH PRODUCT FOR FINANCIAL PLANNERS - USING STATE OF THE ART ACTUARIAL TECHNIQUES TO ANSWER THE NUMBER ONE QUESTION ON CLIENT'S (NEARING OR AT RETIREMENT) MINDS - DO I HAVE ENOUGH MONEY TO LAST THE REST OF MY LIFE?
Professional Liability Insurance Demystifiedntoscano50
Topics will include:
• Do you know the difference between Occurrence vs. Claims Made policies?
• Sexual Molestation/Abuse Coverage...Are you protected?
• HIPAA notices and Board Complaints...How to navigate
The New Age of Pet Insurance: Barking up the Right TreeCognizant
The needs of pet owners present a high-growth opportunity for insurers to create new products and cross-sell existing services. Here’s how insurers can embrace new strategies and align their products, distribution, underwriting, claims and operations to tap into this market.
Similar to Policyholder behavior to close the protection gap (20)
The world stands to lose close to 10% of total economic value by mid-century if climate change stays on the currently-anticipated trajectory, and the Paris Agreement and 2050 net-zero emissions targets are not met.
Many emerging markets have most to gain if the world is able to rein in temperature gains. For example, action today to get back to the Paris temperature rise scenario would mean economies in southeast Asia could prevent around a quarter of the gross domestic product (GDP) loss by mid-century that they may otherwise suffer. Our analysis in this report is unique in explicitly simulating for the many uncertainties around the impacts of climate change. It shows that those economies most vulnerable to the potential physical risks of climate change stand to benefit most from keeping temperature rises in check. This includes some of the world's most dynamic emerging economies, the engines of global growth in the years to come. The message from the analysis is clear: no action on climate change is not an option.
Promise and peril: How artificial intelligence is transforming health careΔρ. Γιώργος K. Κασάπης
AI has enormous potential to improve the quality of health care, enable early diagnosis of diseases, and reduce costs. But if implemented incautiously, AI can exacerbate health disparities, endanger patient privacy, and perpetuate bias. STAT, with support from the Commonwealth Fund, explored these possibilities and pitfalls during the past year and a half, illuminating best practices while identifying concerns and regulatory gaps. This report includes many of the articles we published and summarizes our findings, as well as recommendations we heard from caregivers, health care executives, academic experts, patient advocates, and others.
This report covers the judicial use of the death penalty for the period January to December 2020.
As in previous years, information is collected from a variety of sources, including: official figures; judgements; information from individuals sentenced to death and their families and representatives; media reports; and, for a limited number of countries, other civil society organizations.
Amnesty International reports only on executions, death sentences and other aspects of the use of the death penalty, such as commutations and exonerations, where there is reasonable confirmation. In many countries governments do not publish information on their use of the death penalty. In China and Viet Nam, data on the use of the death penalty is classified as a state secret. During 2020 little or no information was available on some countries – in particular Laos and North Korea (Democratic People’s Republic of Korea) – due to restrictive state practice.
Aviva’s first How We Live report was published in September 2020 when the world was firmly in the grip of a global pandemic. In the UK the vaccination programme is well underway and the mood of the nation is hopeful. This latest How We Live report looks at the long-term effects of the Coronavirus outbreak and considers its impact on our future behaviours.
We interviewed 4,000 adults across the UK to gather their views on a wide range of lifestyle decisions including property priorities, home-working, green living, career paths, vehicle choices and holiday plans. We also asked whether people had experienced any positive outcomes from the Covid pandemic. This report considers the practical and emotional skills which have been fostered as a result. Since the beginning of 2020, the UK has seen immense change. As we look forward to a sense of “normality” it remains to be seen which aspects of life will return to their previous states, and where we can expect changes to become permanent fixtures.
The COVID-19 pandemic and subsequent lockdowns forced many insurers to accelerate the transition to digital business models. In many countries, this transition has been remarkably successful, however, the crisis also highlighted the critical role played by national regulatory frameworks in both hindering and facilitating the shift to digitalisation in the insurance industry. COVID-19 lockdowns highlighted the critical role of national regulatory frameworks in both hindering and facilitating the shift to digitalisation in the insurance industry. Digitalisation is not a goal in itself, but provides insurers and their customers with benefits that are particularly useful in situations where in-person interactions cannot take place, played out in its fullest form during the COVID-19-induced lockdowns. Digitalisation drives an increase in speed and efficiency, irrespective of where the customer is located, and promises improved customer service and satisfaction.
The Internet of Things (IoT) has been developing over the last 20 years and is often referred to as Industry 4.0 or the “fourth industrial revolution.” It is an umbrella term for all the digital assets and entities connected to the internet. Many of these are intangibles, such as data, human capital via artificial intelligence (AI), intellectual property (IP), and cyber; as such, they need to be made tangible to address value on a balance sheet. Others are connected entities, such as sensor devices, collecting and receiving information in an intelligent fashion across networks.
The rapid rise of online political campaigning has made most political financing regulations obsolete, putting transparency and accountability at risk. Seven in 10 countries worldwide do not have any specific limits on online spending on election campaigns, with six out of 10 not having any restrictions on online political advertising at all.
Highlights
• On average, concerns over Innovation was ranked highest, followed by Implications of Covid-19 • Respondents indicated innovation is important, but are mostly in process
• Respondents were mostly confident in implementing their innovation plans.
• Nearly half of respondents indicated their focus was on the customer experience • Most respondents expect some negative impact from Covid-19, with decreased profit indicated most, followed by decreased sales effectiveness, which are likely related
• The most common change in response to the Covid-19 impact were workplace and staffing changes, followed by technology investments
• Of the respondents, 92% indicated cyber security was important or very important.
• Continuous effort was ranked highest, and Mitigating internal threats, Identifying external threats, and Prioritizing identifying cyber risks were ranked next.
• While 95% of respondents indicated emerging threats were important or very important, 28% Indicated they were very good at responding to them
• For resiliency and sustainability, corporate ESG and R&S for internal operations were ranked as the highest priorities
iis the institutes innovation covid-19
What North America’s top finance executives are thinking - and doingΔρ. Γιώργος K. Κασάπης
Each quarter (since 2Q10), CFO Signals has tracked the thinking and actions of CFOs representing many of North America’s largest and most influential companies. All respondents are CFOs from the US, Canada, and Mexico, and the vast majority are from companies with more than $1 billion in annual revenue. The 1Q 2021 survey was open from February 8-19, 2021. A total of 128 CFOs participated, 69% from public companies and 31% from privately held companies.
Democratic watchdog organization Freedom House has released its annual ranking of the world's most free and most suppressed nations.
The report is a key barometer for global democracy and this year's edition found that global freedom has declined for the 15th straight year. 2020 was a turbulent year with the pandemic, violent conflict and economic and physical insecurity leading to democracy's defenders sustaining heavy losses against authoritarian foes which has resulted in a shift in the internatioal baance in favor of tyranny.
A total of 195 countries and 15 territories were analyzed on their levels of access to political rights and civil liberties with the number experiencing a deterioration in their freedom scores exceeding the number that saw improvement by the widest margin since 2006. In 2020, nearly 75 percent of the world's population lived under a government that saw its democracy score decline in the past year.
Women, Business and the Law 2021 is the seventh in a series of annual studies measuring the laws and regulations that affect women’s economic opportunity in 190 economies. Amidst a global pandemic that threatens progress toward gender equality, the report identifies barriers to women’s economic participation and encourages reform of discriminatory laws. This year, the study also includes important findings on government responses to the COVID-19 crisis and pilot research related to childcare and women’s access to justice.
Strong competition undoubtedly contributes to a country’s productivity and economic growth. The primary objective of a competition policy is to enhance consumer welfare by promoting competition and controlling practices that could restrict it. More competitive markets stimulate innovation and generally lead to lower prices for consumers, increased product variety and quality, more entry and enhanced investment. Overall, greater competition is expected to deliver higher levels of welfare and economic growth.
Long-erm Care and Health Care Insurance in OECD and Other CountriesΔρ. Γιώργος K. Κασάπης
This report carries out a stocktaking of what systems have in OECD and non-OECD countries for longterm care and health care, as well as the types of insurance products that are made available in these countries. It is part of a broader project that examines the complementarity of the social security network with the private insurance market, which examines how insurance could support the public sector longterm care and health care systems, as well as considering the financing of long-term care and health care.
This tenth edition of Global Insurance Market Trends provides an overview of market trends to better understand the overall performance and health of the insurance market. This monitoring report is compiled using data from the OECD Global Insurance Statistics (GIS) exercise. The OECD has collected and analysed data on insurance in OECD countries, such as the number of insurance companies and employees, insurance premiums and investments by insurance companies, dating back to the 1980s. Over time, the framework of this exercise has expanded and now includes key items of the balance sheet and income statement of direct insurers and reinsurers.
Does AI threaten and undermine human value in the workplace more than any other technology? There have been significant advances in AI, but will their impact really be different this time?
This literature review takes stock of what is known about the impact of artificial intelligence on the labour market, including the impact on employment and wages, how AI will transform jobs and skill needs, and the impact on the work environment. The purpose is to identify gaps in the evidence base and inform future research on AI and the labour market.
The OECD has estimated that 14% of jobs are at high risk of automation.
•Despite this, employment grew in nearly all OECD countries over the period 2012-2019.
•At the country level, a higher risk of automation was associated with higher employment growth over the period. This might be because automation promotes employment growth by increasing productivity, although other factors are also at play.
•At the occupational level, however, employment growth was much lower in occupations at high risk of automation (6%) than in occupations at low risk (18%).
•Low-educated workers were more concentrated in high-risk occupations in 2012 and have become even more concentrated in these occupations since then.
•The low growth in jobs in high risk occupations has not led to a drop in the employment rate of low-educated workers. This is largely because the number of workers with a low education has fallen in line with the demand for these workers.
•Going forward, however, the risk of automation is increasingly falling on low-educated workers and the COVID-19 crisis is likely to accelerate automation, as companies reduce reliance on human labour and contact between workers, or re-shore some production.
Prescription drug prices in U.S. more than 2.5 times higher than in other cou...Δρ. Γιώργος K. Κασάπης
Prescription drugs cost an average of 2.56 times more in the United States than they do in 32 other countries, according to a new report from RAND Corporation.
That disparity is even greater for brand name drugs, with U.S. prices averaging 3.44 times those in comparison nations. The study also found that prices for unbranded generic drugs — which account for 84% of drugs sold in the United States by volume but only 12% of U.S. spending — are slightly lower in the United States than in most other countries.
‘A circular nightmare’: Short-staffed nursing homes spark Covid-19 outbreaks,...Δρ. Γιώργος K. Κασάπης
Nursing homes have suffered grievously in the coronavirus pandemic. Chronically understaffed, that’s getting worse, a new US Pirg Education Fund analysis says. The shortage of direct-care workers rose from 20% of U.S. nursing homes in May to 23% in December. Too few workers raises stress among staff, the authors argue, making them and the residents they care for more vulnerable to Covid-19 infections, reducing staff further in “a circular nightmare.”
Keeping the lights on, the water running, and the landlord at bay could turn out to be good ways to control Covid-19 infection, a new NBER (National Bureau of Economic Research) analysis suggests, based on the idea that social distancing is easier for people who can stay home. When utility shutoffs and evictions were halted, Covid-19 cases in certain counties across the country fell by 8% from March through November 2020, the report says. The study can't prove cause and effect, but the authors venture that if such measures had been implemented nationwide, eviction moratoria would have resulted in a 14% decrease in Covid-19 cases and up to a 40% decrease in deaths. Utility shutoff moratoria would have cut infections by 9% and deaths by 15%, the study estimates.
Every year, the Allianz Risk Barometer identifies the most important corporate perils for the next 12 months and beyond, based on the insight of more than 2,700 risk management experts from 92 countries and territories. What are the top business risks for 2021?
Remote sensing and monitoring are changing the mining industry for the better. These are providing innovative solutions to long-standing challenges. Those related to exploration, extraction, and overall environmental management by mining technology companies Odisha. These technologies make use of satellite imaging, aerial photography and sensors to collect data that might be inaccessible or from hazardous locations. With the use of this technology, mining operations are becoming increasingly efficient. Let us gain more insight into the key aspects associated with remote sensing and monitoring when it comes to mining.
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
Know more: https://www.synapseindia.com/technology/mean-stack-development-company.html
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Skye Residences | Extended Stay Residences Near Toronto Airportmarketingjdass
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India Orthopedic Devices Market: Unlocking Growth Secrets, Trends and Develop...Kumar Satyam
According to TechSci Research report, “India Orthopedic Devices Market -Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030”, the India Orthopedic Devices Market stood at USD 1,280.54 Million in 2024 and is anticipated to grow with a CAGR of 7.84% in the forecast period, 2026-2030F. The India Orthopedic Devices Market is being driven by several factors. The most prominent ones include an increase in the elderly population, who are more prone to orthopedic conditions such as osteoporosis and arthritis. Moreover, the rise in sports injuries and road accidents are also contributing to the demand for orthopedic devices. Advances in technology and the introduction of innovative implants and prosthetics have further propelled the market growth. Additionally, government initiatives aimed at improving healthcare infrastructure and the increasing prevalence of lifestyle diseases have led to an upward trend in orthopedic surgeries, thereby fueling the market demand for these devices.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
As a business owner in Delaware, staying on top of your tax obligations is paramount, especially with the annual deadline for Delaware Franchise Tax looming on March 1. One such obligation is the annual Delaware Franchise Tax, which serves as a crucial requirement for maintaining your company’s legal standing within the state. While the prospect of handling tax matters may seem daunting, rest assured that the process can be straightforward with the right guidance. In this comprehensive guide, we’ll walk you through the steps of filing your Delaware Franchise Tax and provide insights to help you navigate the process effectively.
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Policyholder behavior to close the protection gap
1. Policyholder Behavior to Close the Protection Gap
The life insurance industry provides protection against the financial consequences of the
premature death of a family breadwinner, disability, or outliving one’s retirement assets. But
how are life insurance products actually designed and priced?
Product committees comprising agents, underwriters, actuaries, and senior management sit
and discuss what new products should be offered. The agents have vast experience visiting
with policyholders to determine their needs. Underwriters set the guidelines on which
policyholders will be accepted and/or rated. Smart actuaries (while most would find this
redundant, some would call it an oxymoron) assess the potential risks in these products and
set a potential price. Senior management listens to agents, underwriters, and actuaries and
helps finalize the product design, the guidelines for accepting risks, and the price. The
programmers will also have to be contacted to determine the cost of administering the
products. Many iterations of these discussions may take place before a product is ready for
sale. The entire process could take up to a year.
Some of these products are quite complex, taking into account long-term interest rates and
probabilities of death/survival, disability, and lapse. With this lengthy and rigorous process,
one would imagine that few mistakes are made. However, this is not the case. What follows
are a few examples of major product mistakes which cost the life insurance industry a lot of
time, money, and bad publicity.
Life Insurance Product Design Errors
Own Occupation Disability Income
Disability income products pay monthly benefits to policyholders upon the onset of a
disability that limits their ability to earn income. Products have varying designs that add or
subtract from the cost, including the length of time the person needs to be disabled before
the benefits begin, the duration of benefits, and the definition of disability.
Since the idea behind these products is to replace income lost due to disability, one would
think that any earned income while disabled would be deducted from the benefit. That is why
the definition of disability required that the policyholder lose the ability to work in any
occupation, called any occ. However, a new product emerged in the 1980s called own
occupation, or own occ. The benefit would pay if you could not participate in the activities of
your current or a similar occupation, not any occupation.
If you were a surgeon, for example, and lost the ability to perform surgery, benefits would be
paid even if you began another profession. It was the medical profession that product
committees discussed and debated. Medical doctors, going through years of training, would
do whatever is necessary to return to their profession. And doctors do not participate in any
strenuous activities that could easily cause disability, as, for example, construction workers
do. Own occ policies should be cheapest for them.
2. Nothing could be further from the truth. Doctors lapped up these policies in droves, and the
claim experience was horrendous. It seems that after a certain age, even a minor injury
could turn into a lifetime disability (certified by a fellow doctor). Some of these doctors went
on to teach at university hospitals, sometimes earning more than as a doctor, but retained
their disability income own occ benefits. It was a disaster for the life insurance industry.
Term-to-100
This is a relatively simply product sold mainly in Canada and Ireland. The benefit amount
and the premium payments are level to age 100, at which time the policy expires. No cash
values are offered upon lapse of the policy.
Since the premium is level, if a person decides to let the policy lapse after a certain age, it
actually improves the insurer’s profitability. There is a threshold beyond which future
premiums do not cover expected claims—what actuaries refer to as a lapse-supported
product. After a certain duration, lapses are profitable for the insurer.
Actuaries had to determine expected lapse rates as one of the assumptions and landed
upon 2-4% in later durations; this is what other long-term products, such as whole life
insurance, were exhibiting. However, whole life has a cash value, and the premiums are
higher than for term-to-100. These products experienced lapse rates of lower than 1% at
later durations, which caused the product to be very unprofitable for life insurers.
Select-and-Ultimate Term
This product tried to make better use of medical underwriting by offering customers a
cheaper rate for recent underwriting. For example, a 40-year-old who was underwritten last
year would receive a cheaper rate than a 40-year-old who was underwritten five years ago.
This “select period” would typically last 10 or 15 years, after which all cohorts of the same
age would receive the same rate. A 50-year-old underwritten 20 years ago would receive the
same rate as a 50-year-old underwritten 25 years ago, for example.
When designing and pricing this product, insurers felt that since the underwriting process is
timely and a bit invasive (application forms, paramedical exams, and blood tests),
policyholders would hold on to their policies once accepted. Again, the product committees
failed to predict what would happen. Agents would approach customers who purchased
products during the past year or two and offer a new policy at a lower rate with a “free
medical exam.” Of course, the agents earned a nice first-year commission on new sales
versus a much lower renewal commission on existing policies. Early lapse rates were much
higher than expected, which lowered the ability for insurers to recover acquisition costs—
mainly the cost of underwriting.
In addition, the number of claims for those who did not lapse increased because those in
poorer health were unable to purchase new policies; they would not pass the new
underwriting standards. Actuaries call these anti-selective risks. Anti-selection and high early
lapse rates caused this product to be a huge failure.
While some form of own occ and term-to-100 still exist, the products have much stricter rules
and are now priced correctly. Select-and-ultimate term basically disappeared, but similar
products also have stricter rules, especially on agent disclosures and commissions.
Besides being a major headache and money losers for insurers, what else do these
products have in common? They all became failures because of unforeseen policyholder
behaviors. This is one of the most difficult things to predict for product-development teams.
3. The mere existence of a new product type can change behavior. Own occ changed the
behavior of medical doctors; term-to-100 changed lapse rates in longer durations; select-
and-ultimate term changed short-duration lapse rates. And it is only recently that insurance
companies are taking the behaviors behind these decisions more seriously. Insurers and
reinsurers now have staff and even entire departments dedicated to the study of behavioral
sciences, with the goal of learning how to better reach potential customers and better
understand how they will react under certain scenarios. And when insurers are not
dedicating resources to behavioral sciences, they rely upon reinsurers to do it for them.
Flat Sales of Life Insurance
Better understanding policyholder behavior will not only improve product design and
possible pitfalls, but it could also increase the flat sales that the life insurance industry has
endured for decades in most mature markets (see Figure 1). Even emerging markets have
shown a decrease in premium since their highs in the early 2000s.
Figure 1: Life and Non-Life Premium Growth vs. GDP
In the United States, the largest life insurance market in the world, new sales have been flat
since 2000, as shown by the orange line and left-hand scale (see Figure 2). Number of
policies is actually declining, as shown by the blue line and the right-hand scale. And while
in-force life insurance has been steadily growing, the annualized yearly growth rate
averaged less than 1.5% from 2000 to 2019. According to the Life Insurance Marketing and
Research Association (LIMRA), new business premiums are down 1% whereas face amount
and number of policies increased by 5% and 2%, respectively, through the first three
quarters of 2020 compared with the same period in 2019.i One might expect a larger
increase in life insurance sales during a pandemic that has claimed more than 450,000 lives
in the US as of the writing of this paper.
4. Figure 2: US Life Insurance Purchases by Year
Source: ACLI Life Insurers Fact Book 2020
Understanding Behavioral Science Theories
Big tech companies have made use of behavioral sciences for years and experienced rapid
growth. Customers are now accustomed to pop-up messages after online purchases telling
them that “customers who purchased this product also purchased….” After filling a cart but
failing to hit the Buy button, customers often receive an email that says, “You qualify for a
5% discount if you order today!” These techniques are not random. Well-researched theory
sits behind them, based on customer surveys and extensive studies.
However, the field of behavioral economics was always considered a fringe discipline by so-
called real economists. The field of economics is based on rational decision-making and had
no room for behavior. In a recent interview, Daniel Ariely, professor of behavioral economics
at the Fuqua School of Business at Duke University, said that conventional economists
“don't really like this stuff too much. For a long time, their line of defense was that these are
just small decisions of little people. They would say … if you only took this and gave it to
professionals making big, important decisions with a lot of money, all the mistakes will go
away.”ii
Only after Daniel Kahneman, a psychologist at Princeton University, won the 2002 Nobel
Memorial Prize in Economic Sciences, was the field of behavioral economics catapulted to
the forefront of everyday decision-making. In his book Thinking, Fast and Slow, Kahneman
explains many characteristics that humans possess. Exploring two of the main themes may
shine a light onto why life insurance sales have remained flat since 2000 and what steps
insurers may be able to take to overcome these biases.
System 1 vs System 2 Thinking
Kahneman describes the two systems in the human brain: the automatic and instant System
1, and the logical and conscious System 2 (see Figure 3).iii Both systems are necessary to
make the brain operate efficiently. An example of System 1 at work is when a person ducks
when hearing a gun shot. The person does not take time to determine from where the noise
is coming, in which direction it was fired, or whether it is a real gun. This reaction is key for
survival.
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5. System 2 is much more time-consuming and uses analytical skills. A person may rely on
System 2 when deciding whether he or she can afford a house or when filling out a job
application. This system requires time to think and analyze the situation.
Figure 3
Kahneman goes on to say that the human brain is lazy and relies too much on System 1. In
many situations, people use System 1 even when there is enough information and time to
use System 2. This is probably the case with many potential life insurance purchasers.
Instead of trying to understand how a life insurance product works, how much it should cost,
and the value that it would bring to a family, potential policyholders may simply resort to
System 1 and determine that the product is too expensive. In LIMRA’s 2020 Insurance
Barometer Study, a survey of nearly 2,000 Americans showed that 85% overestimated the
cost of insurance; the majority of respondents thought that life insurance was three to eight
times more expensive than the actual cost.iv
In the same survey, more than 50% of respondents were more likely to purchase simplified
underwriting products, whereas only about 10% were less likely. This could show that the life
insurance purchasing process is too time-consuming and complicated for many, if not most,
potential purchasers. The most positive result of the survey, conducted during the pandemic,
was the sharp increase in those intending to buy life insurance in the next 12 months. The
rate of 36% in 2020 was much better than the low of 10% in 2014. However, consumer
behavior may change as the pandemic subsides.
How can the life insurance industry make use of Kahneman’s System 1-versus-System 2
model? Either the industry needs to solicit more people to use System 2, or it must design its
products to appeal to System 1. Using System 2 needs analysis that will only come with
more education. Financial literacy is one way to better educate school children to
understand how insurance works, when it is needed, and when it is not needed. This can
only be accomplished with a worldwide effort to include financial literacy in school curricula.
Governments should include this important topic at all levels of education. This will take
some time, but the benefits will be well worth it.
To better appeal to System 1, insurers need to simplify the process of purchasing life
insurance. Surveys show that people intend to purchase insurance and would like the
6. process to be simplified. This may be accomplished more easily through group and
association insurance than through individual insurance. Individual insurance still works well,
as evidenced by the more than 10 million new individual life insurance sold in the US in
2019.v But to reach a different cohort of people, new techniques must be employed.
Worksite marketing is a great tool for those in traditional office environments during non-
pandemic times. Reaching people in the gig economy may be more challenging. Forming
associations for gig workers with options to purchase insurance could be an interesting tool.
These associations could be modeled after France’s highly successful Association
Française d’Épargne et de Retraite (AFER). This association has grown in its 40 years to
hold more than 55 billion euros’ worth of assets.
Anchoring
In Thinking, Fast and Slow, Kahneman described what he calls anchoring: “People make
estimates by starting from an initial value that is adjusted to yield the final answer. The initial
value…may be suggested by the…problem, or it may be the result of a partial computation.
In either case, adjustments are typically insufficient. That is, different starting points yield
different estimates, which are biased toward the initial values.”vi The starting point
significantly biases the outcome.
Customers encounter anchoring in everyday life and thus fail to realize their biases. Take,
for instance, the purchase of an automobile. Sitting in the window is the manufacturer’s
suggested retail price (MSRP) sticker. When negotiating the price below the MSRP, a
customer feels as if he or she received a good deal. However, it is the auto manufacturer
that actually sets the MSRP. Somehow that price sets the anchor for negotiations.
The main reason cited on various studies as to why people do not buy life insurance is that it
is too expensive. The online life insurer Bestow surveyed 1,123 Americans in 2018 and
found that 58% said they did not own individual life insurance because they thought it was
too expensive (see Figure 4).vii For these individuals, no matter what the price is, it will be
deemed as too expensive. Resetting an anchor is very difficult. The anchor is not
necessarily the actual price of life insurance, it is the belief that life insurance is expensive.
Figure 4
7. A well-tested alternative to resetting an anchor is to change to the business model. In most
advanced economies, clean, potable water is delivered to most people for little or no cost.
However, companies began to see a market after a few high-profile cases involved
contaminated water supplies. Today, bottled water is a multibillion-dollar industry expected
to reach over $330 billion in the US alone by the year 2023.viii
This industry took a freely available product and changed the business model to charge for
it. To reach those people who think that insurance is too expensive, who intend to purchase
insurance and get stuck, or who don’t think that they need insurance, the industry must
figure out a way to provide this valuable and necessary financial tool in new and unique
ways. The life insurance industry must reset the anchor.
One way to do this would be to provide services instead of cash as a benefit. This technique
has been successful in many areas, including product warranties. When a pair of
headphones breaks after six months of use, the customer is not interested in a partial
refund. Instead, the consumer would like a new set of headphones, even if they are simply
refurbished to look new. Just giving cash would force the customer to research new
headphones and go out to purchase them.
Not all life insurance purchasers want cash upon the death of a breadwinner. Perhaps
providing such “free” services as an accountant to look over finances, groceries, continued
contributions to retirement savings, or house maintenance and cleaning would be more
helpful. These services could have a duration of a few years until the family has a chance to
return to a new normal way of life, then the insurer could pay a lump sum. Local providers
could contract with insurers to create a network that reduces costs. These services could be
invaluable to a widow or widower who has to worry about going to work or caring for
children, for example.
Conclusion
Better understanding policyholder behavior can not only assist in increasing life insurance
sales, it can help product-development teams avoid costly mistakes. This will require
researching topics that traditional actuaries, accountants, and economists are not very
comfortable with. The groundwork has already been laid by pioneers in this discipline, such
as Daniel Kahneman. Theories must be tested in the field of insurance with surveys, studies,
and other research. The benefits will be well worth the effort.
Making insurance appeal to the brain’s System 1 by making life insurance products and the
purchasing process simpler could help to boost sales. Improving financial literacy beginning
in grade schools could help more people rely on System 2 when making those important
insurance-purchasing decisions. Resetting anchors by changing life insurance business
models to pay claims in services rather than cash can take the emphasis off of price.
The life insurance industry will continue to be an important part of society. This has become
even more evident during the current pandemic. Those who had the foresight to purchase
life insurance, disability income coverage, and annuity products have the security that they
will receive a much-needed benefit upon the death or disability of an insured and monthly
payments upon retirement. This security allows policyholders a certain peace of mind that is
difficult to explain. However, even during a pandemic, sales have been subpar, and the
much-reported insurance gap continues to grow. It is critical that the life insurance industry
use its System 2 to make the correct decisions and invest time and resources into
policyholder behavior to help close the protection gap.
8. Endnotes
i
“Third Quarter 2020 U.S. Life Insurance Sales Results,” LIMRA,
https://www.limra.com/siteassets/newsroom/fact-tank/sales-data/2020/q3/third-quarter-2020-individual-
life-vfinal.pdf (accessed March 10, 2021).
ii
“Dan Ariely Interview—A Primer on Behavioral Economics,” TheBestSchools.org, October 29, 2020,
https://thebestschools.org/features/dan-ariely-interview-behavioral-economics/ (accessed March 10, 2021).
iii
Daniel Kahneman, Thinking, Fast and Slow (New York: Farrar, Straus and Giroux, 2011).
iv
“2020 Insurance Barometer,” LIMRA, 2020, www.njltc.com/documents/2020%20LIMRA.pdf (accessed March
10, 2021).
v
“Life Insurers Fact Book 2020,” American Council of Life Insurers, 2020, https///www.acli.com/-
/media/ACLI/Files/Fact-Books-Public/2020LifeInsurersFactBook.ashx?la=en.pdf (accessed March 10, 2021).
vi
Kahneman, Thinking, Fast and Slow.
vii
Cristy Lynch, “Survey: Most Americans Don’t Have Individual Life Insurance Coverage,” February 16, 2018,
https://www.bestow.com/blog/life-insurance-research-findings/ (accessed March 10, 2021).
viii
“Global Bottled Water Market (2020 to 2026) - Featuring PepsiCo, Nongfu Spring & Nestle Among Others,”
Business Wire, May 12, 2020, https://www.businesswire.com/news/home/20200512005445/en/Global-
Bottled-Water-Market-2020-to-2026---Featuring-PepsiCo-Nongfu-Spring-Nestle-Among-Others---
ResearchAndMarkets.com (accessed March 10, 2021).
3.2021
About the Author:
Ronnie has over 40 years of insurance and reinsurance experience having worked and lived in 3
countries. In his current role, Ronnie serves as Executive Director to the Bermuda International Long-
Term Insurers and Reinsurers (BILTIR) association. He also is a Collaborating Expert of Health and
Ageing for The Geneva Association located in Zürich. Ronnie is Co-Chair of the Programming
Committee for the ReFocus Conference and served on the Board of Directors of the Society of
Actuaries. Before this, Ronnie worked as the Head of Life Reinsurance for Zurich Insurance Group in
Zürich, Head of Life Reinsurance for AIG in New York and Global Head of Life Pricing for Swiss Re in
London. Ronnie began his career at Mutual of New York. A little-known fact is that Ronnie holds a
patent (US20060026092A1) for the first Mortality Bond issued called Vita when he was with Swiss Re.
Ronald Klein
IIS Research Expert: Life and Health