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Universal Life Insurance Market to Reach $ 280.4 billion globally, by 2032 at 9.3% CAGR: Allied Market Research

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Allied Market Research published a report, titled, “Universal Life Insurance Market by Type (Indexed Universal Life Insurance, Variable Universal Life Insurance, and Guaranteed Universal Life Insurance) and Distribution Channel (Direct Sales, Brokers/Agents, Banks, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the universal life insurance market was valued at valued at $ 117.5 billion in 2022 and is projected to reach $ 280.4 billion by 2032, exhibiting a CAGR of 9.3% from 2023 to 2032.
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125 – Tables
44 – Charts
300 – Pages

Prime determinants of growth
The surge in the adoption of low-cost insurance plans and the ability to accumulate cash value over time boosts the growth of the global universal life insurance market. In addition, factors such as the higher possibility of estate planning and wealth transfer of universal life insurance have positively impacted the growth of the market. However, interest rate sensitivity and complexity and understanding are expected to hamper market growth. On the contrary, the rise in demand for financial planning solutions is expected to offer remunerative opportunities for the expansion of the market during the forecast period. Each of these factors is projected to have a definite impact on the global universal life insurance market’s growth.
Report coverage & details:

Report Coverage

Details

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Forecast Period

2023–2032

Base Year

2022

Market Size in 2022

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$ 117.5 billion

Market Size in 2032

$ 280.4 billion

CAGR

9.3 %

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No. of Pages in Report

300

Segments covered

Type, Distribution Channel, and Region.

Drivers

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Growing adoption of low-cost entry users.
The ability to accumulate cash value
The higher possibility of estate planning and wealth transfer of universal life insurance

Opportunities

Rising demand for financial planning solutions

Restraints

Interest rate sensitivity and complexity
Complexity and understanding of policy details

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COVID-19 Scenario

The COVID-19 pandemic had a mixed impact on the universal life insurance market. On one hand, the heightened awareness of health risks may have increased the demand for life insurance products, including universal life insurance, as individuals sought to secure their financial futures. On the other hand, economic uncertainties, job losses, and financial strain experienced by some consumers may have influenced purchasing decisions, impacting market dynamics.
Moreover, the increased focus on health and financial security may have prompted individuals to reassess their insurance needs. There could be a growing interest in policies that offer comprehensive coverage, flexibility, and investment components. Additionally, the shift towards digital channels for insurance transactions and consultations may have accelerated during the pandemic.

The indexed universal life insurance segment to maintain its leadership status throughout the forecast period.
By type, the Indexed universal life insurance segment held the highest market share in 2022, accounting for nearly three-fifths of the global universal life insurance market revenue, owing to increase in the adoption of innovative features and riders to enhance policyholder benefits, such as income guarantees, and accelerated death benefits helps to opt for indexed universal life insurance policies in the global market. However, the guaranteed universal life insurance segment is projected to manifest the highest CAGR of 12.2% from 2023 to 2032, owing to increase in demand for stability and predictability in life insurance coverage, which boosts the global market.
The banks segment to maintain its leadership status throughout the forecast period
By distribution channel, the brokers/agents segment held the highest market share in 2022, accounting for nearly three-fifths of the global universal life insurance market revenue. This is attributed to expanding consumer base seeking comprehensive life insurance solutions with tailored features. However, the banks segment is projected to manifest the highest CAGR of 13.5% from 2023 to 2032, owing to the increasing convergence of financial services and the rising demand for comprehensive financial solutions.
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Asia-Pacific maintain its dominance by 2032
By region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global universal life insurance market revenue, The major factors that drive the growth of the market in this region include the presence of key players and the rise in purchase of used cars. However, Asia-Pacific is expected to witness the fastest CAGR of 29.7% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to the surge in adoption of mobile telematics technology by insurance companies among the developing nations such as China and India.
Leading Market Players: –

Allianz SE,
Allstate Corporation,
Aviva,
AXA,
Insurethebox,
Liberty Mutual Insurance,
Mapfre S.A.,
Nationwide Mutual Insurance Company,
Progressive Corporation
UNIPOLSAI ASSICURAZIONI S.P.A.

The report provides a detailed analysis of these key players of the global Universal life insurance market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Enquiry before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/A15152
Key Benefits For Stakeholders

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This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global universal life insurance market analysis from 2023 to 2032 to identify the prevailing global universal life insurance market opportunity.
Market research is offered along with information related to key drivers, restraints, and opportunities.
Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the global universal life insurance market outlook segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global universal life insurance market forecast.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global universal life insurance market trends, key players, market segments, application areas, and market growth strategies.

Universal Life Insurance Market Report Highlights
By Type

Indexed Universal Life Insurance
Variable Universal Life Insurance
Guaranteed Universal Life Insurance

By Distribution Channel

Direct Sales
Brokers/Agents
Banks
Others

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By Region

North America (U.S., Canada)
Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
Latin America (Brazil, Argentina, Rest of Latin America)
Middle East and Africa (Gcc Countries, South Africa, Rest of Middle East And Africa)

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The post Universal Life Insurance Market to Reach $ 280.4 billion globally, by 2032 at 9.3% CAGR: Allied Market Research appeared first on HIPTHER Alerts.

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CHOROLOGY Emerges to Apply Generative AI to Data Governance

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CHOROLOGY.ai has emerged from stealth mode with a focus on applying generative artificial intelligence (AI) to enhance data governance. The company has developed a specialized language model tailored to discover various data types, simplifying compliance, ensuring data privacy, and enhancing security posture enforcement.
CEO/CTO Tarique Mustafa highlighted that their auto-data discovery engine, coupled with auto-data classification and mapping engines, eliminates the need for pre-processing data to enforce governance and compliance policies. This capability collectively allows organizations to significantly reduce the total cost of data governance.
Moreover, the domain-specific language model enables cybersecurity and IT teams to utilize natural language queries, reducing the expertise required to govern data effectively. Mustafa emphasized that this approach will democratize compliance, making it easier for organizations of all sizes to meet diverse regulatory mandates.
With the advent of stringent data privacy regulations like the California Consumer Privacy Act of 2018 (CCPA), Mustafa underscored the necessity for organizations to adopt more efficient data governance strategies. Rather than relying on large language models (LLMs), CHOROLOGY.ai chose to develop a domain-specific model tailored specifically for data governance. This model is extended through multiple engines for data discovery, classification, and mapping.
The transformative potential of AI in data security is undeniable. CHOROLOGY.ai anticipates that organizations managing sensitive data will prefer domain-specific models trained explicitly for data management. As data volumes continue to grow exponentially, effective data governance and security will increasingly rely on AI technologies. However, the company also acknowledges the looming threat of cybercriminals leveraging AI for malicious purposes.
The challenge lies in securing the necessary funding to deploy AI technologies across organizations for real-time data governance and security. While it may take years for all platforms and tools to integrate AI capabilities fully, organizations can rationalize costs by prioritizing AI-infused upgrades and adjusting spending on perimeter-focused security solutions. As applications evolve, traditional security paradigms are evolving, necessitating a shift towards AI-driven data governance controls.
In conclusion, the future of data security hinges on effectively harnessing AI. The ongoing challenge is to determine the most efficient and impactful ways to apply AI technologies to manage and secure data effectively in a rapidly evolving digital landscape.
Source: securityboulevard.com
The post CHOROLOGY Emerges to Apply Generative AI to Data Governance appeared first on HIPTHER Alerts.

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Problems that take a decade to solve can potentially be achieved in a year with AI, says Automation Anywhere’s Prince Kohli

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In Short

AI-enabled automation can help reduce costs for companies.
Automation Anywhere offers a suite of AI tools to automate work processes.
Specific tasks within organizations can be automated using AI Agents.

Artificial intelligence (AI) and automation are transforming industries at an unprecedented pace. Companies are leveraging these technologies to accelerate processes, enhance productivity, and create innovative solutions. At the Imagine AI event in Austin, Texas, India Today spoke with Prince Kohli, CTO of Automation Anywhere, about how AI is revolutionizing automation and how enterprises can responsibly deploy these advancements without compromising digital security.
The Power of AI-Enhanced Automation
Is automation still relevant with AI in the picture? “Automation uses AI to get better,” said Prince Kohli. “It will always be complementary.” He emphasized that AI is a powerful tool for understanding and extracting valuable information, which is then used to optimize automated processes. For instance, in the banking sector, AI can analyze millions of transactions daily to identify anomalies, flag suspicious activities, and ensure compliance. This synergy between AI and automation enables tasks to be completed with greater productivity and accuracy than ever before.
One significant advantage of AI in automation is its ability to reduce time-intensive processes. “In drug discovery, what typically takes a decade can potentially be achieved in a year with AI,” Kohli noted. This dramatic reduction in time is not limited to pharmaceuticals but spans various industries, enhancing efficiency and output.
AI Tools for Seamless Integration
California-based Automation Anywhere provides a suite of user-friendly tools designed to make AI integration seamless for enterprises. These tools are developed to be accessible while concealing the complexities of the underlying technologies. Kohli highlighted the company’s Co-Pilot feature, launched last year at the Imagine event, which integrates with applications like Microsoft and Salesforce. “We are trying to ensure that companies don’t have to understand the complexities of the process or the technology and can still use them,” he said. This approach allows even non-technical users to harness the power of AI to drive productivity.
Training and skill development are crucial for effectively deploying AI tools. “We enable people to create those tools and provide training on how to use them,” Kohli mentioned. For developers, Automation Anywhere offers functionalities like prompt auto-tuning, allowing them to create models and set up guardrails effortlessly. This democratization of AI tools promotes broader adoption and innovative use cases within organizations.
Real-World Applications in India
Kohli shared several success stories from India, highlighting tangible benefits from AI-enhanced automation for clients like Tata Sky and Indian Oil Corporation. In contact centers, processes that used to take 6-8 minutes are now significantly faster due to AI’s ability to pull relevant customer information instantly. “When it’s an email, the AI can parse the data and provide a comprehensive answer to the query,” Kohli said, illustrating how AI agents are evolving from basic support tools to intelligent assistants.
Source: indiatoday.in
The post Problems that take a decade to solve can potentially be achieved in a year with AI, says Automation Anywhere’s Prince Kohli appeared first on HIPTHER Alerts.

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Concentric AI Launches First Data Security Control for Compliance

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Concentric AI has announced the integration of new industry compliance capabilities into its Semantic Intelligence Data Security Posture Management (DSPM) solution.
These innovative features enable Concentric AI to identify data risks within organizational environments relevant to various compliance frameworks, address these issues, and meet compliance regulations more effectively than any other product on the market.
The enhanced compliance functionality offers comprehensive, out-of-the-box monitoring and reporting for popular regulations and frameworks such as HIPAA, NIST, PCI, HITRUST, ISO 27001, SOC 2, GLBA, SOX, GDPR, CCPA, among others. This allows organizations to efficiently track their compliance progress across multiple regulatory standards.
The new capabilities facilitate easy mapping of data security controls to specific enterprise environments, ensuring adherence to various regulatory requirements. Organizations can leverage Concentric AI to implement these security controls and evaluate their compliance status. Unlike competing solutions, Concentric AI provides a transparent view of an enterprise’s compliance status, with the ability to delve into specific frameworks and controls.
“Enterprises today need their data security posture management solutions to address their data security and governance needs,” said Karthik Krishnan, Concentric AI Founder and CEO. “With Concentric AI, they also gain proactive discovery, monitoring, and remediation capabilities to meet their data security and compliance requirements. Our new compliance functionality gives organizations a detailed understanding of their compliance status and enables them to take proactive measures to address any gaps and meet their compliance needs.”
Concentric AI’s new compliance features break down each regulation and standard into specific controls and rules, mapping them to data security requirements and status within an organization. The solution identifies relevant rules for each regulation, maps controls under each rule to specific data security requirements, monitors and reports on current status, provides actionable insights, remediates issues, and tracks the organization’s progress.
The user-friendly compliance dashboard offers an overall compliance score, detailed sections for each regulation, and a breakdown of control tests and failed assets for audit reports. This allows organizations to easily identify and address any compliance risks, ensuring their data security posture remains robust and compliant with regulatory standards.
Source: bisinfotech.com
The post Concentric AI Launches First Data Security Control for Compliance appeared first on HIPTHER Alerts.

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