Financial Services Industry
Industry: Email Alert RSS FeedAs policies grow more complex, some also seek simplicity.
National Underwriter Life & Health-Financial Services Edition, September, 1997 by Koco, Linda
More complex insurance products have resulted in the introduction of simplifications to make enhanced products more manageable. Individual as well as group insurance products are utilizing this technique in a variety of product classes. A few examples of these products from Hartford Life, CIGNA Group Insurance and Fortis Benefits Insurance Co are discussed.
Today's drive towards ever more complex insurance products has inspired a surprising counter-trend: The rise of policies that put simplicity at center stage.
That may sound like an oxymoron, but it's not. Companies so inclined say they want to continue expanding and enhancing products -- benefit consumers and to stay competitive -- but they don't want the resulting designs to become unwieldy. So, as they...
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