If you are planning on bringing your parents to visit you in the United States, then you will have to prepare for their arrival. One of the most important things is to get them health insurance.

Getting visitors insurance for parents from will help with any unforeseen incident that may occur during their visit.

Should I Get Visitors Insurance for My Parents Visiting Me in the USA?

Although it is not obligatory by law, due to the high cost of healthcare, it is strongly advisable to get health insurance for parents visiting you in the United States. This is especially important for elderly parents, who are more prone to sickness.

If your parents were to fall ill during their visit, and they are uninsured, the medical bills will quickly add up to tens or maybe hundreds of thousands of dollars, depending on the type of medical care they need.

If your parents are joining you in America permanently, then you have to get them health insurance for Green Card holders.

What Are the Types of Health Insurance for Visiting Parents?

There are two main types of health insurance that your parents can look for:

Fixed-coverage health insurance. This will only cover a fixed amount of your medical bills, and you will have to cover the rest of it. If this “fixed amount” is low while the medical bill is high, then you will have to pay a pretty substantial amount from your own pocket.
Comprehensive-coverage health insurance. This type of health insurance plan will pay a percentage of your medical bill up to a certain amount, then it will cover 100% up until the policy maximum. For example, it will pay 80% of the bill for the first $2,000 then 100% until the policy maximum ($50,000; $70,000; $100,000 etc. depending on what policy maximum you purchased.)

What is Included in the Visitor Health Insurance Plan for my Parents?

There is a set of medical procedures that all insurance companies will cover, although at varying degrees depending on the plan. When choosing a visitors health insurance plan for your parents, make sure to compare different plans to see which one will suit the needs of your parents the best. Usually, all health insurance plans cover the following medical procedures:

Consultation with a doctor
The cost of the hospital room
The cost of prescription drugs and medicine
Surgical procedures
Emergency services, such as the ambulance and ER
The cost of lab tests and X-rays
Physical therapy

The post Health Insurance for Visiting Parents in USA first appeared on MegaIcon Magazine.

The post Health Insurance for Visiting Parents in USA appeared first on MegaIcon Magazine.

The partnership was advised by Parhelion, a climate risk finance company. It was incubated through the product innovation work stream on the Insurance Task Force of the Sustainable Markets Initiative, an initiative led by Prince Charles.

The VCM will play a vital role in the transition to a low-carbon economy, Howden said. Estimates suggest that the market for carbon credits could be worth between $20 billion and $50 billion by 2030. Trading turnover of the VCM has increased steadily over recent years, rising to just under $2 billion in 2021. A total of 60% of Fortune 500 companies have set climate targets, and these commitments indicate substantial increases in demand for voluntary carbon credits.

However, VCM does not deliver consistently for carbon reduction and removal projects on the ground, Howden said. The broker said it was critical for VCM to implement processes to improve credibility and transparencies, and to differentiate independently verified, high-quality carbon credits from unverified credits.

Howden’s new insurance product will add another layer of security, the company said. The product, which is wrapped around books of independently verified, high-quality carbon credits, provides cover for third-party negligence and fraud. It is the first of its kind for the VCM, and one of several products that Howden is working on to help grow the market.

“For the voluntary carbon market to grow to $50 billion by 2030, buyers need to be able to trust that the carbon credits they are buying are removing the promised volume of carbon from the atmosphere,” said Charlie Langdale, head of climate risk and resilience at Howden. “The added layer of security provided by this product, combined with independent verification from established, reputable bodies, will help buyers to purchase with confidence and should drive more buyers towards high-quality projects like those in Respira’s portfolio.”

“The voluntary carbon market is an essential piece of the puzzle if we are to reach net zero,” said Ana Haurie, co-founder and CEO of Respira. “Respira is committed to improving integrity and transparency in the market, and this product will appeal to the many corporates and financial services companies who wish to engage in buying high-quality carbon credits as part of their own pathways to net zero and carbon projects keen to provide buyers with the highest assurance. This will enable much-needed capital to be channeled into high-quality carbon projects on the ground.”

“This is a perfect example of the insurance market doing what it absolutely must do to drive climate resilience – bringing the client, insurer and broker all to the table to create brand-new products that help accelerate and de-risk the move to a more sustainable future,” said David Howden, CEO of Howden Group.

Capacity came from the Lloyd’s market, with Nephila’s Syndicate 2357 as the lead market.

The post Howden launches first-of-its-kind carbon credit insurance product first appeared on MegaIcon Magazine.

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According to the information contained in the half year financial statements of these companies and compiled by Nairametrics research, the companies’ premiums rose by 20.69% compared to half year 2021.

The premium growth recorded by the companies is remarkable, considering economic disruptions in the global economy occasioned by the ripple effect on energy, power, and food cost, amongst others, caused by the Russia-Ukraine face-off and the inflationary pressure on the household wallets.

Various factors such as shrinking federal/state government revenues, unavoidable devaluation of the Naira and high energy costs resulting in an inflammatory landscape increased challenges being faced by insurance companies in Nigeria.

Access to forex by businesses and individuals alike became very difficult as the year progressed and the gap between the interbank and parallel market became very high compounded by COVID-19 pandemic ravaging the world.

The effect was low capacity utilization by industries and outright shut down of many plants with attendant layoffs impacting the ability of businesses, individuals and governments to enter into insurance contracts and pay appropriate insurance premiums. Business productivity was generally stifled.

Our metrics are simply the premium reported in the first half of this year based on calendar months. For the sake of emphasis, we analyzed five companies which include Custodian Investment Plc, Nem Insurance Plc, Coronation Insurance Plc AXA-Mansard Plc and AIICO Insurance Plc.

This is a list of the five Insurance firms quoted on the floor of the Nigerian Stock Exchange ranked by gross premiums based on published financial statements and also ranked by percentage growth.
Coronation Insurance Plc – N9.290 billion

Coronation Insurance Plc gained a 32.75% increase in gross premium during the review period. The company recorded a premium of N9.290 billion in half year 2022 from N6.998 billion in 2021, accounting for an increase of 32.75%.
The insurance firm closed its last trading day (Tuesday, August 30, 2022) at 38 kobo per share on the Nigerian Stock Exchange (NGX). Coronation began the year with a share price of 56 kobo but has since lost 32.1% off that price valuation, ranking it 151st on the NGX in terms of year-to-date performance.

NEM Insurance Plc – N18.339 billion

NEM Insurance Plc posted gross premium of N18.339 billion for the first half of the year 2022 from N15.237 billion in 2021, accounting for an increase of 20.36 as the firm also grew premium despite rising cost of operations occasioned by inflation and the Russia-Ukraine war.
NEM closed its last trading day at N5.00 per share on the Nigerian Stock Exchange (NGX). The insurance firm began the year with a share price of N4.50 and has since gained 11.1% on that price valuation, ranking it 41st on the NGX in terms of year-to-date performance.

AXA- Mansard Plc – N34.717 billion

AXA-Mansard Plc sustained a positive trajectory during the half year ended June 30, 2022, with 33.92% growth in gross premium. The company reported a premium of N34.717 billion in its half-year 2022 gross premium from N25.923 billion a year ago, taking advantage of the rise in risk environment due to operational headwinds in the first half of the year.
Mansard closed its last trading day (Tuesday, August 30, 2022) at N1.80 per share on the Nigerian Stock Exchange (NGX), recording a 2.7% drop from its previous closing price of N1.85. AXA Mansard began the year with a share price of N2.32 but has since lost 22.4% off that price valuation, ranking it 144th on the NGX in terms of year-to-date performance.

Custodian and Allied Investment Plc – N36.521 billion

Despite financial and operational headwinds in the first half of the year, Custodian and Allied Investment Plc reported a 10.88% growth in gross premium for the first half of the year 2022 to N36.521 billion as against N32.936 billion in 2021.
Custodian and Allied closed its last trading day of Tuesday, August 30, 2022, at N6.50 per share on the Nigerian Stock Exchange (NGX). Custodian & Allied began the year with a share price of N7.90 but has since lost 17.7% off that price valuation, ranking it 134th on the NGX in terms of year-to-date performance.

AIICO Insurance Plc – N40.574 billion

AIICO Insurance Plc reported an increase of 17.82% in gross premium during the half year as it remained resilient in the operational environment amid volatility in the economy. AIICO reported premium of N40.574 billion during the half year of 2022 as against N34.436 billion representing a growth of 17.82%.
AIICO closed its last trading day at 53 kobo per share on the Nigerian Stock Exchange (NGX). AIICO began the year with a share price of 70 kobo but has since lost 24.3% off that price valuation, ranking it 150th on the NGX in terms of year-to-date performance.

The post Nigeria’s five leading insurance firms grow gross premium to N139 billion in half year 2022 first appeared on MegaIcon Magazine.

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According to the company, the system provides a much-needed software solution for insurance companies operating in Africa.

A data-driven application, backed with actuarial insights for profitability as well as introducing customer KPIs to support growth, market insights and segmentations.

Speaking on the fund, one of the Directors of the EVOLUTICS system, Yeside Kazeem said, we simply bring our own extensive experience in the industry, to solve the challenges that we experienced during work life and clients have validated over and over again that our thoughts on these challenges are right.

We believe that for the industry to be fully digitalised, the transformation needs to be powered by a robust and flexible administration solution based on data and that is where we come in,” he said.

“We believe a robust foundation including proper API documentation, prompt support management, and other basic requirements in today’s Insurance administration is critical to operating a fully digital insurance operation.

“As part of our Actuarial Programme, we are committed to grooming the next generation of actuaries for the industry that can translate data to actionable insights, using technology. We have made this a foundational design of the system, despite its cost, because we want to ensure we get it right,” he added.

Also, the Chief Executive Officer, EVOLUTICS, Miller Kingsley noted that the business is geared towards solving problems facing the insurance sector based on his over 16 years of experience in the industry
and is designed to help insurance companies tailor their services to the needs of the customers.

“The business was formed in a bid to solve some of those problems that we have faced ourselves while we were in the industry, which includes issues that hamper the scalability of insurance in Nigeria and what is very clear to everyone in the industry right now is that the future of insurance in Africa generally would come from the retail segment, although this segment is very transactional.”

“Hence, in order to achieve significant growth in this segment, we will have to rely on technology. The insurance industry in Africa is still very untapped, with lots of potentials for growth to drive the growth, we think that Insurers should make data-driven decisions and we think that we have the software to support them on this. Insurance as a sector can elevate Africa out of poverty,” Miller said.

The post Evolutics stakes $250,000 on digital insurance infrastructure first appeared on MegaIcon Magazine.

The post Evolutics stakes $250,000 on digital insurance infrastructure appeared first on MegaIcon Magazine.

In short, brokers must always be confident and knowledgeable about the issues that matter most to a company. But that’s easier said than done. There are three common business missteps that, when redirected, can help your brokerage attract more business and generate new partners.

1. Assuming your customer service is best in class
Employers researching brokerages are similar to consumers evaluating a new physician, buying a new car or weighing which real estate agent to use. We are trained to research price, service and outcomes; as such, that data should be readily accessible and provided by an independent third party.

Our society is no longer a referral-based one. Now, business reputations are based on actual customer feedback. The same is true for insurance. If you have phenomenal service, it shows up in ratings and reviews.

Your ability to design creative solutions is what will set you apart. Your ability to provide great customer service is what will ensure you retain clients. The customer experience is – and always will be – important, but exceptional customer service is a baseline standard for this industry.

2. Over-generalizing the data
With any decision of this magnitude, employers expect detailed data to drive decision-making. Often, insurance agents might repurpose generalized data to persuade an employer to adopt a specific solution. Employers can see right through this. Use localized benchmarking data for that employer’s industry. You wouldn’t select a new technology for your business based on national trends, so you should use micro-targeted data that will resonate with your client.

Also, be sure to verify that all survey or benchmark data is from an accredited, independent source. This confirmation is a crucial step that will provide an additional level of validation and credibility for your brokerage, and this attention to detail will go a long way in establishing your dedication to accuracy and transparency. More often than not, the broker with the most thorough and research-driven presentation of coverage will win the employer’s business.

3. Waiting until renewals to engage
Do you know who your competitor’s top prospects are? Your biggest clients. If you are not proactive with your customers, someone else will be. As in any business-to-business sales environment, insurance prices and policies can change over time due to demand, market shifts or inflation. To keep current customers satisfied and informed, brokers must be proactive about informing and updating their clients when policy changes or pricing dynamics shift.

Brokers shouldn’t wait for clients to flag emerging trends or question market changes, whether positive or negative. To develop transparency and trust, brokers must keep a steady stream of communication open with their clients throughout the year. This continuous line of communication provides a constant reminder that an employer’s business is important to the brokerage and top of mind for the broker. In the end, employers work with insurance brokers for two reasons – to save time and to save money. At a bare minimum, make sure your brokerage is delivering on those expectations.

Today’s interconnected, Amazon-driven world requires brokers to be more proactive and intentional when communicating with clients. Additionally, brokers should establish a strong online presence by publishing positive ratings and reviews from former and/or existing clients directly to their company profiles. Highlighting clients’ positive experiences and interactions with a broker can help employers make a more personalized and well-informed decision. Thoughtful communication, detailed-oriented proposals and expert knowledge of the industry will lead to happy clients and a growing book of business.

Brian Freeman is the founder and CEO of Mployer Advisor, a national digital marketplace for insurance advisor ratings and reviews that seeks to redefine the way employers search for, evaluate and select insurance advisors.

The post Brokers’ three big mistakes first appeared on MegaIcon Magazine.

The post Brokers’ three big mistakes appeared first on MegaIcon Magazine.

SSP’s head office in Johannesburg is complemented by a regional account management office in Kenya. Together the two offices employ 35 specialists, who are supported by over 850 staff across SSP globally.

Over the last three decades, there have been significant changes in the African technology landscape. SSP’s continued commitment to innovation and delivery has enabled it to keep pace with these changes to meet the evolving demands of its customers.

Indeed, SSP has been a life-long partner for a number of insurers. Over 20% of its African customers have been with SSP for more than 25 years, trusting the company to keep their software current throughout the technology changes.

While many customers are on their second generation of SSP software, Botswana Insurance Company (BIC) has adopted its third generation SSP solution. Having migrated from Insure/90 to S4i, BIC is now benefitting from SSP Pure Insurance, a flexible end-to-end core insurance system for all lines of business.

In addition to retaining existing customers, SSP is continuing to expand its African insurer customer base. New customers are attracted by the company’s extensive local knowledge and experience, as well as its proven ability to deliver technology on the continent. This year SSP will introduce more of its award-winning digital insurance components to the African market.

SSP’s customers play an important part in driving product and direction through running its African user group, which operates for the benefit of the users.

Leslie Muthen, Head of Business Operations and Finance, Africa at SSP says, “This is a significant milestone for SSP, and one I am delighted to have been part of for the last ten years. It means we truly have the required knowledge and experience of the African general insurance market to enable our customers to deliver on their growth and efficiency plans.”

Adrian Coupland, Customer and Marketing Managing Director at SSP adds, “SSP’s enduring commitment to both the African market and investment in our solutions means we can continue to offer insurers in the region the rich, broad functionality they need to remain competitive.”

“We have been a safe and trusted partner for the last 30 years, and will be for the next 30 years too.”

The post SSP commemorates 30 years in the African insurance market first appeared on MegaIcon Magazine.

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