Sun Life boosts first quarter profits
Canadian insurer Sun Life Financial has increased its first quarter profits to C$441 million for the period ended March 31, that’s up from C$400 million in the same period last year. The Toronto-based firm increased profits from its asset management division and also saw healthy growth in its operations in Asia. These have helped offset the reduced revenues that lower interest rates are generating.
Wearables will have significant impact on the insurance industry say execs
Insurance executives believe that wearable technology will have a significant impact on the industry. A survey by Accenture reveals that 63 per cent of respondents believe that the insurance sector will widely adopt tech such as the Apple Watch in the next two years. Almost a third already use wearables as a way to engage customers or employees. The survey also shows that a top priority for the executives is creating a personalized experience for customers and half report a positive return on investment in personalized tech.
Insurers need to understand digital currency to avoid missing out
Insurers are not keeping up with technology innovations such as digital currencies according to an article at cryptocoinsnews.com. The emerging currencies, Bitcoin is the best known, have been around for more than half a decade but many professions have been dismissive for much of that time. However many law firms are starting to accept payments in digital currencies and there are now limited insurance policies covering the risk of theft. The report says that a lack of knowledge about the technology is curbing opportunity for insurers but forecasts that Bitcoin insurance will be part of the future.
Insurance boss donates $1m for the industry’s future leaders
Alan Jay Kaufman, the chief executive of H.W. Kaufman financial group has donated more than $1 million to the Michigan State University’s Eli Broad College of Business to help develop the insurance industry future leaders. Mr Kaufman and his wife Sue are keen supporters of education and he told crainsdetroit.com that there is an “enormous challenge” facing the insurance industry in recruiting and developing top talent.
