Latest news with #GenRe
Business Wire
8 hours ago
- Business
- Business Wire
Gen Re Releases 2024 U.S. Group Term Life Market Survey Results
STAMFORD, Conn.--(BUSINESS WIRE)--Gen Re has released results of the 2024 U.S. Group Term Life Market Survey. This annual industry benchmark survey covers Group Term Life and Accidental Death & Dismemberment (AD&D) inforce and new sales results for the U.S. market, representing combined employer-paid and employee-paid business. Gen Re releases 2024 U.S. Group Term Life Market Survey results: Large growth in Group Term Life business. Share Twenty-five companies provided Group Term Life results, while 21 provided AD&D results. Key observations of the survey include: Participants reported $33.2 billion in total Group Term Life inforce premium, a 5% increase compared to 2023 results. Participants reported a 12% increase in new Group Term Life sales premium. New sales premium totaled $3.2 billion in 2024. Average face amount for new sales was $131,355 in 2024, while the inforce average face amount was $104,899. Average premium per case grew 11% for new sales and 4% for inforce business. Compared to 2023, both Group AD&D new sales and inforce premium grew 3%. The Market Survey is an annual benchmark survey produced by Gen Re, with the full results available only to participating companies. A summary report is available online at About Gen Re Gen Re, a Berkshire Hathaway Company, is one of the leading Life/Health and Property/Casualty reinsurers in the world. Our North American Life/Health reinsurance company, General Re Life Corporation, has superior financial strength ratings among Life and Health reinsurers. Gen Re delivers customized reinsurance programs and risk management solutions for the Life, Medicare Supplement, Critical Illness, and Individual Disability Income markets. Through our research, we also offer valuable information and insights.
Business Wire
2 days ago
- Business
- Business Wire
Gen Re Releases 2024 U.S. Individual Disability Market Survey Results
STAMFORD, Conn.--(BUSINESS WIRE)--Gen Re recently released its U.S. Individual Disability Market Survey which captures Non-Cancelable, Guaranteed Renewable, Guaranteed Standard Issue, and Buy-Sell new sales and inforce results. The number of survey participants was 16, dropping from 17 in the prior 2023 survey as one carrier exited the Individual Disability market. Those 16 carriers reported $5.5 billion of inforce premium, an increase of 3.2% over 2023 results. New sales were down 1.7% to $478.9 million, while the number of new policies written increased 3.7% in 2024. Gen Re releases 2024 U.S. Individual Disability Market Survey results: Carriers reported mixed results for Individual Disability insurance sales. Share Additional highlights from this annual benchmark report include: By product line, Non-Cancelable inforce premium grew 3.3% to $4.7 billion, representing 88% of total inforce premium. Guaranteed Renewable inforce premium grew 3.1% to $776.9 million, while Buy-Sell premium fell 4.6% to $44.9 million posting negative growth for the 16th consecutive year. Non-Cancelable and Guaranteed Renewable new sales premium fell 1.0% and 4.6%, respectively. After an increase of 14% in 2023, Buy-Sell new sales premium declined 23.9% in 2024. The total number of policies inforce remained level at 3.1 million, increasing less than 1% (0.2%). New Non-Cancelable and Guaranteed Renewable policies grew 1.2% and 7.9%, respectively, while new Buy-Sell policies declined 26.3% in 2024. The Market Survey is an annual benchmark survey produced by Gen Re, with the full results available only to participating companies. A summary report is available online at About Gen Re Gen Re, a Berkshire Hathaway Company, is one of the leading Life/Health and Property/Casualty reinsurers in the world. Our North American Life/Health reinsurance company, General Re Life Corporation, has superior financial strength ratings among Life and Health reinsurers. Gen Re delivers customized reinsurance programs and risk management solutions for the Life, Medicare Supplement, Critical Illness, and Individual Disability Income markets. Through our research, we also offer valuable information and insights.
Business Wire
06-05-2025
- Business
- Business Wire
Insurance Leaders Partner with OutSystems to Modernize Application Development and Enhance Digital Experiences
BOSTON--(BUSINESS WIRE)-- Resolution Life, Gen Re and another leading insurer in the U.S. shared their experiences of partnering with OutSystems to execute successful digital transformation initiatives at key industry conferences, including InsurTech NY and IDC Digital Experience Summit. Gen Re will also discuss its work with OutSystems at the upcoming NextGen Finance Transformation Summit on June 24. Insurance providers with a legacy of growth and customer satisfaction may struggle with the legacy technology in their business, which persists over years of operation. These technologies can pose an enduring challenge to insurance providers' digital transformation efforts: they are deeply embedded in operations, yet increasingly difficult and costly to maintain. Meanwhile, off-the-shelf solutions that can be purchased to solve insurance industry needs are often too general to meet specific end user needs. At these leading industry events, Resolution Life and Gen Re discussed how OutSystems AI-powered low-code platform supported their ability to achieve meaningful business-driven outcomes in their digital transformation journeys: Resolution Life partnered with OutSystems to create a holistic digital experience for customers and its back office workforce with the launch of a customer service portal in seven months and a customer-facing portal in just five months. The new platforms achieved an impressive 80% satisfaction rating, showcasing the success of Resolution Life's unified digital experience transformation. Gen Re leveraged OutSystems to transform global finance and legal operations. Faced with the challenge of supporting a complex, global B2B environment with a lean IT team, the organization created a unified application that connects diverse global systems, ensuring regulatory compliance and optimizing complex workflows. A leading U.S. life insurer used OutSystems to accelerate its modernization strategy, focusing on cutting through system complexity while controlling costs and minimizing technical debt. Balancing innovation with stability, the insurer built an agile experience layer to drive digital transformation without disrupting core operations — creating a future-ready architecture that can evolve with its business. 'As our business needs evolve, it's critical for our IT teams to evolve our application development strategy,' said Ivan Palhegyi, Head of Transformation at Gen Re. 'Using OutSystems, our IT teams created a future-ready architecture that can support the complexities of our global business operation and enable the delivery of custom, mission-critical applications that create differentiation.' OutSystems enables life, property and casualty (P&C), and health insurers, as well as third-party administrators (TPAs) and reinsurers, to build fit-for-purpose experiences and API-driven ecosystems. With OutSystems AI-powered low-code platform, insurers can automate processes and modernize legacy tech faster, leveraging their existing IT and development teams, and with less risk and complexity. 'For time-tested insurers, innovation is imperative yet legacy modernization initiatives can feel like impossible projects,' said Andy Pemberton, Chief Revenue Officer at OutSystems. 'Our enterprise-grade, AI-powered low-code platform supports insurers like Resolution Life and Gen Re in gaining the competitive edge required in a digital-first world, no matter what existing technology or access to development talent they have in-house.' About OutSystems OutSystems is a global leader transforming how companies innovate through software, empowering IT leaders with a better way to build the software that matters most. The OutSystems platform helps companies develop, deploy, and maintain mission-critical applications by unifying and automating the entire software lifecycle. With OutSystems, organizations leverage GenAI to deliver software instantaneously, adapt faster to changing requirements, and reduce technical debt by building on a future-proof platform. Helping customers achieve their business goals by addressing key strategic initiatives, OutSystems delivers software up to 10x faster than traditional development. Recognized as a leader by analysts, IT executives, business leaders, and developers around the world, global brands trust OutSystems to tackle their impossible projects and turn their big ideas into software that moves their business, people, and the world forward. Founded in 2001, the company's network spans more than 800,000 community members, over 500 partners, and active customers in 75+ countries across 21 industries. Learn more at
