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Rip Lumico
- Thread starter Baseball7
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- #3
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No, this just means they're not selling a product anymore that doesn't mean anything about existing policyholders
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The policy stays inforce as long as the client keeps it inforce. CS may stay the same for a while. The agent may or may not have access to the agent portals and client info. But eventually will not.
Another reason to keep all of your own client info and policy copies.
Swiss Re announced this in May:
"The reason for this decision is that the market environment now is vastly different from the one when iptiq was created," he said, explaining that the uptake of demand for the capabilities of the iptiQ platform was lower than expected. A Swiss Re representative explained that iptiQ (which provides embedded insurance solutions primarily via its partners in the European P/C industry) runs different business models in different regions to address the specific client demands and market requirements in the respective countries.
"Given these changed conditions and the group's strategic priorities, we, therefore, concluded that we are not the best owners going forward of this business," said Dacey, adding that, while the iptiq business had lost $250 million in 2023, the loss was projected to be less for 2024.
He pointed out that the underlying opportunities for Swiss Re's core businesses of large commercial insurance and reinsurance "have been much better than we might have thought seven, eight years ago."
In that context, he said, the strategic move is about making sure that Swiss Re is able "to make the best of the investments that we've made in iptiq, while, at the same time, refocusing management attention and ultimately our capital on our core activities, [which] have a very bright future…"
Swiss Re will consider various options for the different iptiQ entities in a manner and timeframe that maximizes value for the group, subject to applicable regulatory approvals and notifications, the company said in a statement.
"The reason for this decision is that the market environment now is vastly different from the one when iptiq was created," he said, explaining that the uptake of demand for the capabilities of the iptiQ platform was lower than expected. A Swiss Re representative explained that iptiQ (which provides embedded insurance solutions primarily via its partners in the European P/C industry) runs different business models in different regions to address the specific client demands and market requirements in the respective countries.
"Given these changed conditions and the group's strategic priorities, we, therefore, concluded that we are not the best owners going forward of this business," said Dacey, adding that, while the iptiq business had lost $250 million in 2023, the loss was projected to be less for 2024.
He pointed out that the underlying opportunities for Swiss Re's core businesses of large commercial insurance and reinsurance "have been much better than we might have thought seven, eight years ago."
In that context, he said, the strategic move is about making sure that Swiss Re is able "to make the best of the investments that we've made in iptiq, while, at the same time, refocusing management attention and ultimately our capital on our core activities, [which] have a very bright future…"
Swiss Re will consider various options for the different iptiQ entities in a manner and timeframe that maximizes value for the group, subject to applicable regulatory approvals and notifications, the company said in a statement.
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Hey Don, I just heard last week from our CEO (Ron P.) at Senior Life that Prosperity Life, Great Western, and Columbian Financial had also exited the FE arena ( I believe a couple of these carriers have been mentioned somewhere else on this forum already).
Its rumored that persistency and a ROI were the key factors.
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- #8
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There's been no official announcement about prosperity
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But the real problem is that those carriers were top heavy with phone sales.
You're next!!
