Last year brought about a wave of change, triggered by the COVID-19 pandemic Consumers became more aware of their need for protection, while at the same time, COVID precautions and restrictions pushed life insurers to find new ways to identify and understand risk, such as mental health, as well as new ways to assess, automate and streamline processes in underwriting.
In this short video series, Jolee Crosby, Head LH Global Core Solutions, UW, MedRe and Gianfranco Lot, Head Globals Reinsurance discuss how our industry is pivoting to new realities and meeting our customers' needs.
Bridging the protection gap in a COVID world
Interest in life insurance is at all time high. So why is the protection gap growing? COVID-19 lockdowns widened the gap between rich and poor. While many white-collar workers were able to move to home offices and continue their work, lower-wage, face-to-face service sectors such as retail, gastronomy and tourism experienced high unemployment. The reduction in income for many sections of the global community threatens the recent growth in insurance demand seen in many markets. We have to do better. This is a chance for the insurance industry to live out our noble purpose and provide cover for people who have previously been left out of the equation.
COVID Keepers: accelerating automation
COVID precautions and restrictions meant that underwriters had to adapt quickly, finding new ways to identify and understand risk using new forms of data and news ways to assess, automate and streamline the process. As we emerge from the pandemic, we should not roll back some of the transformational changes we have adopted.
Make life simple: Availability, accessibility, affordability with Smart Access
When it comes to closing the protection gap, simplicity wins. The easier life insurance companies can make it for consumers to get coverage, the more likely they will be to purchase life insurance. Swiss Re's Smart Access is a game-changing solution that provides increased access to insurance - even for those with a medical history.
Progress together: outlook for the future
Our outlook for the future? It's all about meeting our customers' needs – and making the world more resilient. COVID lockdowns and the uncertainties of the pandemic intensified the issue of mental health. Reinsurance solutions can help improve links to insurers’ existing support networks and ultimately, provide the needed help consumers need most.