Monument Life Insurance

Monument Life Insurance – NEW YORK, NY – MAY 29: The sun hits a statue atop Grand Central Terminal, … [+] in front of the MetLife building on May 29, 2018 in New York City. (Photo: Gary Hershorn/Getty Images)

Now, two startups I talked about earlier this month are growing rapidly, showing the fall of giants like MetLife and Prudential, missing fundamental changes in consumer expectations for life insurance.

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My experience in 1995, unsuccessfully, building a service that would allow customers to bypass salespeople and buy auto and home insurance online helps me appreciate the challenges these startups face.

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I also identify with their mission to provide better insurance to consumers at a lower cost.

Opening up this opportunity to create good value for policyholders is one of three reasons to bet that shares of MetLife and Prudential will continue to fall.

If these colleges can’t acquire these startups and absorb their knowledge, MetLife and Prudential could be attractive investments.

A Prudential spokesperson said Dec. 16. “We don’t discuss competitive practices, so we can’t help you with this.”

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It is America’s largest life insurance company with almost 90 million customers, according to IBISWorld. However, MetLife, whose shares have fallen 12% year-to-date since Dec. 18, is lower than before, with annual life and business growth of 2.1% over the past five years.

The decline in the share price reflects the weak third quarter. While not as much as analysts had expected, total revenue fell 14% to $16 billion in the quarter, due to a sharp decline in losses from derivatives income the year before. Business also took a turn for the worse, with total costs down 8%.

Unfortunately, it will face a bleak situation as the demand for insurance products will decrease due to the economic uncertainty caused by the coronavirus pandemic. While the economy is expected to show some improvement in the last quarter, boosting overall wages and investment, the high number of weekly jobless claims raises doubts.

– As of 18 December, the securities fell by 19%. Annual income; mutual funds; pensions and pension services. property management; and securities trading services, IBISWorld said.

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Annuities and annuities are expected to grow at an annual rate of 0.8% to $18.8 billion by the end of 2020, driven by increased investment. IBISWorld does not expect this to continue due to the negative impact of the disease on stocks and corporate commodities.

Prudential’s third-quarter results were mixed. Total revenue of $13.3 billion increased 3.1 percent, although the growth rate missed the Zacks Consensus Estimate by 3.5 points. The increase was driven by higher fees, net investment income and an increase in wealth management fees, commissions and other income, according to Nasdaq.

Prudential’s group and individual life and annual profits are significantly reduced. As Nasdaq reported, US Workplace Solutions operating expenses increased 0.5% compared to last year due to “a higher contribution from retirement and offsetting a smaller contribution from Group Insurance.”

Operating income in the USA. Individual Solutions fell 1.7% mainly due to “lower contributions from Individual Annuities, partially offset by higher contributions from Individual Life,” Nasdaq said.

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MetLife and Prudential are leading players in the low-cost market. Great for life insurance and annuity companies that offer policies aimed at helping consumers preserve assets, plan their estates and save for retirement. Their dividend yield is estimated to be 20% of all corporate bonds. sale.

The bad news is that industry profits are falling fast. Over the five years ending in 2020, industry revenue will decline at an average annual rate of 6.1%, with a 16.4% decline in 2020 alone to $723.3 billion, according to IBISWorld.

The good news for the industry is that by 2025 the industry is expected to recover. IBISWorld forecast a 4.4% year-on-year increase to around $898 billion, driven by economic and health concerns with Covid-19 dominating global news.

As a result, performance and income growth will “facilitate the financial stability that consumers need to purchase insurance from commercial institutions,” said IBISWorld, which believes rising interest rates are boosting investment.

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I recently interviewed two startups that provide life insurance customers with services that help them live better and live longer, at lower prices than men. This separates them from the leaders

The first is Manhattan-headquartered Sproutt, which sells and services people who buy life insurance while transferring the risk to insurance companies. Sprout values ​​its customers on how well they take care of themselves. On average, Sproutt policyholders receive “37% more coverage than others in the industry paying the same premium,” according to the company.

Sprout has grown well. “There has been rapid growth in the last six to eight months. In the last 12 months, we have had a fivefold increase. The team has doubled, we have three offices: Tel Aviv, head office in New York, and a sales office in Kansas City, which has grown from one employee in January to 25 in December. We’re just getting started. People are ready to buy the products,” says Asaf Henkin, the founder and owner of the product, in my interview on December 10.

Sproutt was founded by managers with experience outside the life insurance industry. Henkin explained. “Sproutt was my third company. I helped start two companies in the Bay Area. SingTel bought the other [Amobee, a mobile advertising solutions provider, for $321 million in March 2012.”

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Sproutt’s competitive advantage is that it can leverage vast amounts of customer data and psychology that life insurance cannot understand. “We came into life insurance from the outside with big consumer data analytics expertise. The insurance industry has been working well for big companies and not well for consumers for many years,” he said.

Sproutt saw an opportunity to adapt to changes in the industry faster than the leaders. “We believed that as technology and consumer needs change, so should the life insurance industry. How is the life and health insurance industry being disrupted? Based on our experience knowing people through data, we saw ways to improve customer acquisition, underwriting and customer experience. We found that recurring revenue in a more than $1 trillion industry is declining, Henkin said.

He has strong views on forcing traditional insurance companies to terminate youth. “Young people don’t buy from consumers. Insurance companies look for things that don’t work. where life expectancy is lower]. When a life insurance company identifies these factors, the policy value will be higher.

Sprout’s life insurance concept focuses on life, not death. “We changed the script. We find what is good, to create a win/win. We focus on good results. We make it easy to buy and keep customers on time. We help them live better, live longer and live a better life, he said.

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Sprout measures up to that lofty ideal. “We created a quality of life index with five components: physical health, nutrition, emotional health, sleep and overall balance. When customers buy from us, we can leverage the account for a better life experience and better value. If your life is better, we can rate it again. We want relationships that help you live better,” Henkin said.

Sprout does not have insurance coverage. “We work with turnkey contractors and participate in special procedures. We lend, new recruiters and recruiters bear the risk. The costs are shared between Sproutt and the recruiters. Different levels depending on the age of the insurance. e.g. the first year. , 2 to 10 years, 10 to 20 years,” he told me.

Sproutt says it is winning business from Prudential, AIG and TransAmerica. “They rely on a large network [of agents]. They have a direct relationship with customers. They say ‘we have a website’ but they don’t allow customers to buy policies, they contact some customers. Two of our investors – Guardian Life and Mitsui Sumitomo Ventures – know it’s a good idea to let a startup demonstrate it.”

Why do customers choose Sproutt? “You are buying from a real brand. The first reason is that we are very transparent. we are very affordable, we answer all questions, we don’t try to hide, we are available to the customer, we are available 24×7 and the customer can talk to a representative at any time, we have real experience and we offer value. This is different from traditional methods. When?

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