Swiss Re opens access to its Life Guide underwriting manual
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Zurich, 16 April 2020 – In a response to the uncertainties COVID-19 has brought to the world, Swiss Re is opening access to its proprietary Life Guide underwriting manual to all life and health insurers for 90 days (from 27 April to 31 July 2020). The offer is designed to help life and health insurers navigate today’s crisis, better understand all risks they underwrite and give them confidence in offering coverage at a time when more people are thinking about life insurance and re-evaluating their financial situations.
A pulse survey conducted by Swiss Re in late March with more than 700 participants across the US and UK general population reveals that more people today are likely to reconsider priorities in life (70% answered more likely or much more likely) and that they are more actively considering buying a life insurance policy (37% answered more likely or much more likely).
COVID-19 brings many unknowns to life and health insurers that present challenges for underwriting new business. Life Guide access includes the ability to reference new, first-time guidance to help insurers begin to address the emerging risks associated with COVID-19 alongside other commonly searched risk factors such as cardiovascular disease and cancer. Historically Swiss Re has taken a similar approach with other emerging risks. HIV is an example where a once uninsurable condition is now better understood, and with Life Guide’s non-binding underwriting guidance, insurers can more confidently and comfortably offer coverage to people who were previously excluded.
“These are unprecedented times and uncharted waters for life and health insurers, and we recognize the urgent need and value to share our expertise beyond our existing base of registered users,“ said Paul Murray, Head of L&H Products for Swiss Re. “Our priority is to use our experience, leadership and perspective to help insurers continue to write sustainable business and preserve the ability to deliver on those promises.“
About Life Guide
Life Guide is continuously ranked the industry’s #1 global underwriting manual based on the NMG Consulting study. Its underwriting philosophy and embedded trainings are backed by Swiss Re experts who monitor the latest medical, regulatory and technological developments. Life Guide helps users understand risks and how they interact with each other through functionality like the cardiovascular risk calculator which is used, on average, every five seconds by an underwriter seeking to assess heart disease risk. Every day thousands of underwriters access Life Guide adding up to more than 23 million hits a year.
The Swiss Re Group is one of the world’s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk – from natural catastrophes to climate change, from ageing populations to cyber crime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally. It is organised into three Business Units, each with a distinct strategy and set of objectives contributing to the Group’s overall mission.