Aflac (AFL) Partners With Empathy to Boost Bereavement Support

Aflac Incorporated AFL recently teamed up with the technology company, Empathy, in a bid to make the latter’s loss support services accessible to the insurer’s Group Life, Absence and Disability Solutions clients and their beneficiaries covered under life insurance policies. This availability will be made effective from Jul 1 and will empower the targeted customers to better manage grief and administrative hassles linked with the loss of a loved one.  Aflac’s shares gained 0.4% on Jun 5.

The abovementioned services entail a team of specialized professionals extending grief assistance to the customers. On-demand dedicated bereavement concierge, estate administration experts, property clearance support, probate guidance and funeral assistance services will also be included. The facility of a safe digital document vault along with the identity theft protection and mitigation services provided by Empathy remain noteworthy.

There is also a family collaboration dashboard, which is a platform wherein users can allocate tasks to family members or share documents and resources. Moreover, the benefits of this extensive suite of features can be reaped for up to two years by bereaved families.  

The latest tie-up reflects Aflac’s sincere efforts to enhance offerings in the Group Life, Absence and Disability Solutions business. Integrating beneficial features, such as access to the Empathy platform within the targeted plans, is likely to lure more customers to opt for AFL’s life insurance policies. Needless to say, higher policy sales fetch increased premiums to insurers, which remain the most significant contributor to the top line.

Additionally, the recent move of Aflac can also be termed as a time opportune one, considering the significant toll that the loss of a loved one can take on the physical and mental health of individuals.

According to the Cost of Dying 2024 report, 94.5% of people revealed a minimum of one adverse physical or mental symptom following the loss of a loved one. 84% reported the symptoms to have a negative impact on their daily life. The grief and loss that surrounds a bereaved family can last for up to 10 months. Therefore, partnering with a company like Empathy that offers compassionate and comprehensive on-demand assistance for bereaved families seems to be a prudent move on the part of Aflac.

Shares of Aflac have gained 29.3% in the past year compared with the industry’s 24.2% growth. AFL currently carries a Zacks Rank #3 (Hold).

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Stocks to Consider

Some better-ranked stocks in the insurance space are Reinsurance Group of America, Incorporated RGA, Old Republic International Corporation ORI and RLI Corp. RLI. While Reinsurance Group sports a Zacks Rank #1 (Strong Buy), Old Republic and RLI carry a Zacks Rank #2 (Buy) at present.You can see the complete list of today’s Zacks #1 Rank stocks here.

Reinsurance Group’s earnings surpassed estimates in each of the last four quarters, the average surprise being 19.48%. The Zacks Consensus Estimate for RGA’s 2024 earnings indicates an improvement of 3.9% from the year-ago reported figure while the same for revenues implies growth of 7.2%. The consensus mark for RGA’s earnings has moved 0.9% north in the past 30 days.

The bottom line of Old Republic outpaced earnings estimates in three of the last four quarters and missed the mark once, the average surprise being 6.61%. The Zacks Consensus Estimate for ORI’s 2024 earnings indicates an improvement of 3.8% from the year-ago reported figure while the same for revenues implies growth of 6.8%. The consensus mark for ORI’s earnings has moved 3.2% north in the past seven days.

RLI’s earnings surpassed estimates in three of the trailing four quarters and missed the mark once, the average surprise being 132.39%. The Zacks Consensus Estimate for RLI’s 2024 earnings indicates an improvement of 18.2% from the year-ago reported figure while the same for revenues implies growth of 15.3%. The consensus mark for RLI’s earnings has moved 1.7% north in the past 30 days.

Shares of Reinsurance Group, Old Republic and RLI have gained 39.7%, 21.4% and 8.3%, respectively, in the past year.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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