WEF Agenda Blog – China 2017
Insurance – China's path to advancing a clean energy future, food security and city resilience
By Jayne Plunkett, CEO Reinsurance Asia, Swiss Re
Swiss Re announced today that the company is supporting Chinese insurers with innovative cancer insurance products to help consumers in China to enjoy better and longer protection against cancer.
Robert Wiest, Swiss Re President for China, says, “We are very pleased to be able to support our clients in this market to sharpen their competitive edge with these innovative products. And we are even more pleased that such products are able to help to improve the protection elements in insurance products in the China market."
Comparing with traditional insurance products, such as Critical Illness, which tend to pay a lump sum after diagnose but not usually link to the medical treatment, the cancer products that Swiss Re help insurers to bring into the market provide protection according to treatment needs. That means consumers are able to choose higher protection to guard against higher treatment cost.
By leveraging the experience of Swiss Re in other markets and the expertise in data analysis and cancer reinsurance, the Swiss Re China team has helped clients in China, including New China Life, to launch their cancer products since 2010.
The most recent example of such cooperation is with China Pacific Life Insurance Co.Ltd., (CPIC Life), which signed an agreement on 25 November with Swiss Re and a Swiss drugmaker Roche to jointly introduce their cancer insurance product to Chinese customers.
According to the agreement, Swiss Re provides the technical support for CPIC Life on product design and pricing, as well as reinsurance support, whist Roche provides marketing support in terms of training for the sales force and health seminars for end consumers.
Commenting on the agreement, Wiest said, "The potential need for cancer products in China is huge. It is our privilege to work with insurers and other stakeholders to meet the potential demand, and help make more cancer drugs and treatment accessible to more people in China."
Published 27 November 2012