Reshaping life insurance through innovation technology: @AXAVentures started with @FundShop1

• This is an interesting article about impacting life insurance through innovation technology
• At AXA Strategic Ventures, we already started to look at this problem by investing in FundShop. We are now looking at extending our investments in other parts of the value chain
• FundShop is a robo-advisor

 

 

Ownership of life insurance has been on a steady decline, and the reason many experts point to are other more pressing financial priorities — particularly with retirement income becoming such a hot priority.

“We’ve consistently seen over the last five years that consumers think life insurance is more expensive than it really is, and now we’re seeing many are also confused as to what factors determine the cost for life insurance,” said Marvin Feldman, president and CEO of Life Happens, an industry advocacy group, speaking at this week’s 2015 Life Insurance Conference in Arlington, Va.

“We need to help educate the public about how affordable life insurance can be and the factors they can control to ensure they get the best and most comprehensive protection possible,” he added.  

According to recent data from the 2015 Insurance Barometer study, a report produced annually by Life Happens and LIMRA, the chief financial concern among Americans is having enough money to comfortably retire. Nearly two-thirds of those polled (67%) identify retirement funding as an issue — compared with 55% who flag paying for long-term care services, covering medical expenses (54%) and supporting oneself if disabled and unable to work (51%).

via ebn.benefitnews.com