Insurers welcome TPP trade agreement
The signing of the Trans Pacific Partnership is the subject of much debate this week as industry sectors weigh the pros and cons of the deal for their business. The Canadian Life and Health Insurance Association (CLHIA) says it is encouraged by the successful conclusion to the TPP negotiations.
"As major exporters of life and health insurance products and expertise, retirement saving and wealth management, we have long been a strong proponent of free and transparent trade," stated CLHIA President and CEO Frank Swedlove. "Canadians have a lot to gain from a TPP that encourages increased investment and strengthens Canada's global competitiveness."
Canadian insurers are making significant investments in growing their business in the Asia-Pacific region and the CLHIA says that trade agreements such as TPP which remove barriers to free trade across the global marketplace are important for the health of the industry.
Insurer plans almost 2,000 new jobs
An insurance company in Minnesota has announced plans to create 1,700 new jobs in the Twin Cities in the next six months. Health insurer UnitedHealth Group says it will also be looking for 1,000 remote workers and 140 to work in its customer service center in Duluth. The Star Tribune reports that the insurer is bucking the trend of many firms in the space which are reducing roles. As the largest health insurer in the US the company employs 14,000 and has a global workforce of 170,000.
Brokers shun the risk of application fraud
A survey of insurance brokers in the UK shows a complacency about the risk of application fraud. The study, by tech firm SSP shows that application fraud prevention is not a priority over the next 12 months for 74 per cent of brokers with 65 per cent not prioritising claims fraud either. Longer term, almost two thirds of the 301 brokers surveyed said that fraud was not a priority over the next five years. SSP’s Adrian Coupland commented: “Many of the brokers we spoke to have a clear plan for growth, one which focused on providing an excellent service and investing in their insurer relationships. Yet some brokers still seem to accept fraud as a fact of life rather than tackle it, boost business performance and strengthen relationships with insurers.”
