Jul 1, 2021

India’s life insurance industry to grow by US$30.8bn by 2024

GlobalData
lifeinsurance
COVID-19
IndustryGrowth
2 min
The life insurance industry in India is expected to grow from US$76.5bn to US$107.3bn by 2024, an increase of US$30.8bn, according to GlobalData

India’s life insurance industry, which was valued at US$76.5bn in 2019, is projected to grow over the next three years to US$107.3bn, increasing by a total US$30.8bn, according to the analytics company, GlobalData. 

Following an analysis of GlobalData’s Global Insurance Database, it has been revealed that the industry is expected to grow at a compound annual growth rate (CAGR) of 7% over the 2019-2014 period. This growth has been further accelerated by favourable demographic factors and economic recovery expected later this year. 

Manisha Varma, Insurance Analyst at GlobalData, said: “A high number of Covid-19 related deaths in the last year has increased awareness for life insurance in India. The easing of lockdown restrictions and increased adoption of digital distribution will further support the growth.  

“Digital distribution got a much-needed push as insurers are focusing on ensuring uninterrupted sales support and customer service. Insurers are also offering new products with Covid-19 specific benefits to push sales. In January 2021, new business premiums grew by 3.7% year-on-year to INR213.9bn (US$2.8bn)”, Varma said. 

India’s life insurance industry supported by positive regulatory developments

The industry has seen support over the past six months from “positive regulatory developments” such as an increase in the FDI limit, encouraging international insurance companies to enter the Indian market, bringing in more capital. 

In April this year, the Indian insurance regulator allowed insurers to invest up to 10% of any outstanding debt instruments in a  Trusts and Real Estate Investment Trusts issue. The investments aim to further support and strengthen the financial standing of insurers, urging them to expand their products. 

Varma continued, mentioning the surge in COVID-19 vaccines and how it has helped the recovery of the industry. “With a pick-up in vaccinations, the Indian economy is expected to recover over the second half of the year. Increasing consumer awareness along with favourable demographics and regulatory environment will support the demand for life insurance policies”. 


 

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Jul 18, 2021

SIMON Insurance expands its annuities platform

SIMON
annuities
Insurtech
Insurance
2 min
SIMON Insurance expands its annuities platform
SIMON Annuities and Insurance Services has launched LiveWell and expanded its digital platform and marketplace 

The New York-based insurance and annuities services company, SIMON, has announced the launch of its expanded annuities service via its new digital platform, called LiveWell.

The valuable annuity service is issued by the Midland National Life Insurance Company and administered by Sammons Retirement Solutions - a division of Institutional Group, as the first-to-market. More carriers are cited to join SIMON’s variable annuity marketplace over the next few months. 

The move means financial professionals can now find and explore Sammons’ LiveWell Variable Annuity solutions, access product-specific marketing literature, and run powerful allocation and income analytics within the product—all directly within SIMON’s interactive platform.

Tax-deferred growth for the retired

According to reports, variable annuities are favoured by savings markets because they can help accumulate assets for retirement with tax-deferred growth. They also offer agile and flexible tax-free reallocations as well as optional death benefits for heirs. 

Frequently used as part of a long-term retirement planning strategy for tax-efficient growth, VAs are now available in SIMON’s Marketplace alongside fixed indexed annuities, fixed annuities, and structured annuities.

The SIMON annuities platform also provides financial professionals with centralised access to the tools and resources they need to analyse marketplace products based on their clients’ risk profiles and investment horizons.

The platform also allows investors to: 

  • Explore various rider illustrations
  • Leverage powerful allocation analytics
  • View fund options and their performance statistics
  • Dive deep into the historical performance of allocations and funds

Speaking about the launch of LiveWell, Melissa Scheuerman, VP of Business and Sales Development at Sammons, explained, “Everyone seeks custom solutions today—from news feeds on our cell phones to grocery delivery services, and retirement planning is no different. Products need to offer flexibility, and professionals need intuitive tools at their fingertips to analyse and manage products that offer that flexibility. 

“Our partnership with SIMON illustrates a commitment to offering scalable annuity solutions to professionals serving a growing population of retirees.”

Scott Beshany, Chief Distribution Officer at SIMON, added, “With game-changing analytics for this product class, variable annuities are a natural new addition to SIMON’s product lineup. Our Marketplace is now able to deliver a more holistic product experience, and we look forward to driving a better, more powerful VA product experience for financial professionals.”

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