CNO Financial Group, Inc.’s CNO subsidiary, Washington National Insurance Company, launched an Accident Insurance product, which will be available for both individual and worksite sales. The new product will directly provide customers with lump-sum cash benefits in case of a covered accidental injury.
Washington National offers supplemental health and life insurance products to the middle-income group in the country. The new product will likely enable customers to pay for costs that are not covered in traditional health or disability insurance plans. The new product incorporates four levels of coverage and six optional benefit riders among other things.
The Accident Insurance product has some competitive features, which differentiate it from other products offered in the market. It gives policyholders control over the benefits, complementing their existing health insurance plans, and providing them a much-needed financial security during tough times. The product is currently offered in 30 states and more states are expected to join the list later this year.
The average cost of treatment of a non-fatal injury involving an emergency room visit is $6,620, per the U.S. Department of Health and Human Services. However, 57% of the people are unable to afford an emergency expense of $1,000, per Fortune. This signifies the need for a product like Accident Insurance for financial security.
Moves like this are expected to provide CNO Financial’s business with a competitive edge over its peers. Introducing new and updated products according to the market need will likely help it to generate higher premiums in the coming days. Its new annualized premiums for health and life products advanced 7% year over year in the first quarter to $96.6 million.
CNO Financial shares have increased 13.3% in the past year against the 13.5% fall of the industry it belongs to.
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The company currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader finance space are Ambac Financial Group, Inc. AMBC, American International Group, Inc. AIG and Lemonade, Inc. LMND, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Ambac Financial’s 2023 earnings has improved 68% over the past 30 days. During this time, AMBC has witnessed one upward estimate revision against none in the opposite direction.
The Zacks Consensus Estimate for American International’s 2023 earnings indicates 44.2% year-over-year growth. AIG beat earnings estimates thrice in the past four quarters and missed once, with an average surprise of 9.2%.
The Zacks Consensus Estimate for Lemonade’s 2023 earnings suggests 15.9% year-over-year growth. Also, the consensus mark for LMND’s 2023 revenues implies a 53.6% year-over-year surge.
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