Morning Briefing: Aon expands capabilities in Latin America

Aon expands capabilities in Latin America… Insurtechs want to be your partner not your rival says report… Financial consultant body welcomes life insurance agents…

Insurance News


Aon expands capabilities in Latin America
Aon is set to acquire a leading health and benefits brokerage in Brazil, expanding the global insurer’s capabilities in Latin America.

Admix was founded 25 years ago, has around 900 employees and has more than 1.4 million beneficiaries across approximately 6,700 companies of all industries and sizes and places approximately $2 billion BRL in health & benefits premiums each year.

“The private health insurance market in Brazil has shown steady growth in recent years despite challenging macroeconomic conditions. We expect growth in this sector to accelerate as economic conditions improve and employers continue to look for ways to attract and retain key talent,” said John Zern, CEO, Aon Health & Benefits.
Insurtechs want to be your partner not your rival says report
More than $1 billion has been invested in insurance technology startups during 2016 but the sector is still behind the growth in the wider financial technology sector. reports that most insurtech startups are not looking to rival existing insurers, they want to partner with them. This is due largely to the large capital requirements needed to underwrite insurance.

The strength that the sector can bring to insurers is customer engagement particularly improving processes and platforms, increasing efficiency and reducing administration costs; along with regulation.

The report highlights that non-life is where the technology is currently focused with the life insurance sector less primed for innovation.  
Financial consultant body welcomes life insurance agents
Holders of a life insurance license can now become members of the International Association of Registered Financial Consultants following a change in its eligibility requirements.

The IARFC is a non-profit organization which enables customers to find financial and insurance professionals who have been vetted for high standards.

“I feel insurance agents and consultants can benefit from the RFC® designation and the Master Registered Financial Consultant credential (MRFC) when our accreditation application is approved,” said Chairman H. Stephen Bailey. 

He added that adding insurance brokers and agents makes sense insurance is fundamental to financial planning.

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