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Consumer Insights
How Customers Purchase Income Protection Insurance?
Income protection offers long-term cover if an individual is unable to work due to injury, illness, or redundancy. The policy typically pays out until the client returns to work, retires, or dies. In Q3 2021, there was an increase in new business premiums and contracts as people sought to buy protection policies amid the COVID-19 crisis. This situation made customers think more about unprecedented events and the financial implications they may have in the future. At a time when COVID-19...
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Company Insights
China Life Insurance Company – Digital Transformation Strategies
China Life Insurance Company (China Life) has been focusing on using artificial intelligence, big data and Internet of Things (IoT) to digitally transform its operations. The annual ICT spending of China Life was estimated at $5.8 billion for 2021. A major share of this spending is earmarked for acquiring software, hardware and ICT services from vendors. China Life offers a range of life insurance products. It provides term life insurance, whole life insurance, endowment insurance, universal life insurance, group life...
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Company Insights
Life Insurance Corporation of India 2022 – Digital Transformation Strategies
Life Insurance Corporation of India (LIC) has been focusing on using artificial intelligence & machine learning, mobile technologies and cloud to digitally transform its operations. The annual ICT spending of LIC was estimated at $4.7 billion for 2021. A major share of this spending is earmarked for acquiring software, hardware and consulting services from vendors. LIC is a provider of life insurance plans. The company offers endowment plans, money back plans, term assurance plans, pension plans, unit-linked plans, group schemes,...
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Government & Regulation
Employee Benefits in Portugal, 2022 Update – Key Regulations, Statutory Public and Private Benefits, and Industry Analysis
The Portuguese social security system is based on universality; it ensures that the social protection provided by the system is available for everyone. It consists of the Public Social Security System, the Social Action System, and the Supplementary System. The Public Social Security System has three subsystems called Welfare, Solidarity, and Family Support System. The welfare system is a contributory scheme that protects the employed and the self-employed against the risk of losing a regular income due to sickness, maternity,...
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Government & Regulation
Employee Benefits in Norway, 2022 Update – Key Regulations, Statutory Public and Private Benefits, and Industry Analysis
The Norwegian employee benefits market is predominantly controlled by the public social security system; however, the growth of labor-intensive industries has fuelled the growth of the country’s private benefits market over the last decade. The public social security system, which is supervised by the Norwegian Labor and Welfare Administration (Arbeids- og velferdsetaten - NAV), plays a significant role in the country’s welfare system and is responsible for providing general social insurance schemes to the citizens of Norway. The main general...
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Sector Analysis
Bhutan Insurance Industry – Key Trends and Opportunities to 2025
The gross written premium of Bhutan insurance market was $48.2 million in 2021. The market is expected to grow at a CAGR of more than 7% during the forecast period. Bhutan has sustained growth due to the development of the hydroelectric sector and the dynamism of the tourism sector. The main source of revenue is the sale of electricity to India. Inflation is expected to remain elevated due to higher prices for food and transportation, and is closely linked to...
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Government & Regulation
Employee Benefits in Lithuania, 2022 Update – Key Regulations, Statutory Public and Private Benefits, and Industry Analysis
Lithuania inherited a Soviet-style pension system with characteristics such as generous early retirement provisions, privileges for certain occupational groups, and a weak link between contributions and benefits. The economic crisis in the 1990s forced the Lithuanian government to undertake pension system reforms in 1995. The reforms were intended to make changes in the State Social Pension Insurance (first pillar), enhance the stability of the system by eliminating the generous early retirement provisions, and create a strong link between contributions and...
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Sector Analysis
Employee Benefits in Latvia, 2022 Update – Key Regulations, Statutory Public and Private Benefits, and Industry Analysis
The social security system in Latvia is classified into three categories: state social insurance, social assistance, and the social service system. The state social insurance system covers legislation on social insurance, maternity and sickness insurance, state pensions, mandatory social insurance against accidents, and insurance against unemployment. Social assistance and the social service system are regulated by the Law on State Social Benefits and Law on Social Services and Social Assistance. The Latvian pension system is divided into three pillars: the...
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Sector Analysis
Employee Benefits in Romania, 2022 Update – Key Regulations, Statutory Public and Private Benefits, and Industry Analysis
Romania has a well-established social security system. To provide its citizens with decent living conditions, the Romanian government provides various social security schemes in close association with private institutions. The Romanian pension system is divided into four pillars - the first is a mandatory public pension system, which functions as a pay-as-you-go (PAYG) system. Privately administered pension fund schemes form the second pillar, while voluntary occupational pension schemes form the third pillar, and a private pension forms the fourth. The...
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Sector Analysis
Employee Benefits in Denmark, 2022 Update – Key Regulations, Statutory Public and Private Benefits, and Industry Analysis
Denmark is one of the few countries in the world that adjusted well to the challenge of providing an established social security system and a flexible labor market for its citizens. It was one of the first countries to adopt a multi-pillar pension system, comprising a flat-rate residence-based national pension and private occupational pensions based on collective agreements. The first pillar is the state and compulsory pillar, providing universal cover. It consists of two tiers - the first is a...