Final regulatory approval means Centene deal can close
The California Department of Insurance has given its approval for the Centene and Health Net deal, following the green light from the California Department of Managed Health Care (DMHC) earlier this week. Centene and Health Net expect to close the transaction in the coming days, subject to satisfaction or waiver of the closing conditions.
Sun Life takes control of Indonesian venture
Canada-based insurer Sun Life Financial Inc. has reached agreement to take complete control of its joint venture in Indonesia. Sun Life will acquire the 51 per cent of CSL that it does not already own, from long term partner CIMB. It plans to integrate the business with Sun Life Indonesia, which it already owns outright.
"This is an exciting opportunity to deepen and enhance our business in Indonesia, a priority market for our long-term growth in Asia," said Kevin Strain, President, Sun Life Financial Asia.
The insurer’s relationship with CIMB will continue with a bancassurance agreement which will bring Sun Life Indonesia’s products to Bank CIMB Niaga’s 618 branches in the country.
The transaction is expected to close by the end of the third quarter of 2016, subject to receipt of regulatory approvals and satisfaction of customary closing conditions. Terms were not disclosed.
Insurers, consumers miscommunicating
Insurance companies are not communicating with consumers in the right way, according to a new survey. GMC Software polled more than 2000 adults in the UK and asked what they expected from their insurers and whether it matched what they receive.
A fifth (19 per cent) of respondents want insurers to use mobile apps to communicate with them but only 5 per cent said they were getting that; but the channels being used are less of a problem than the actual messages.
An overwhelming 85 per cent want greater transparency, for example how to reduce premiums or deductibles. The poll reveals that often the answers help both consumers and insurers, for example telematics and other connected devices can mean lower premiums by cutting the risk to the insurer.
