How (Re)Insurance can have (more) impact
When developing life and health insurance products with our clients, RGA seeks to maximize positive impacts, whenever possible, on social and environmental sustainability.
Insurance has a fundamental, socially beneficial purpose: to help protect people in their time of need. That said, expanding insurance’s role in improving quality of life remains both a social imperative and a promising business opportunity. RGA has worked with insurers around the globe to support the development of life and health insurance products that have a positive social and environmental impact, in line with our purpose to make financial protection accessible to all. These protection solutions can be categorized into five general themes.
Othmane Akesbi
Vice President Business Initiatives Global Accounts
Hamza Shaiban
Manager Business Initiatives Global Accounts
Targeted offerings that expand access to protection for underserved populations
Examples:
- Income continuation protection for self-employed workers in France, delivered through a digital insurance partner and powered by RGA’s AURA NEXT electronic underwriting platform
- Critical illness protection for older adults (ages 50 to 75) in Portugal and Spain, allowing them to keep their policies until they reach 100 years of age
Inclusive protection products for impaired lives
Examples:
- The first digital insurance product for individuals with Type 2 diabetes in Mexico, offering extensive health management services through an online platform
- Comprehensive insurance protection for applicants with pre-existing conditions in Singapore, covering a range of critical illnesses, total and permanent disability, terminal illnesses, and death
Wellness-linked protection products that encourage policyholders to live healthier
Examples:
- “The first life insurance that pays you for walking;” a Spanish product offers customers gift card rewards based on the number of steps taken each quarter
- A life insurance product in South Africa that encourages customers to lead a healthy lifestyle and rewards them by paying back up to 25% of the premium, based on meeting various health, activity, and financial targets
Green products that incorporate environmentally friendly features
Examples:
- Our partner insurer in Hong Kong launched an insurance product providing various types of coverage and pledged to plant a tree per client after every approved application; as an incentive to reduce carbon dioxide emissions, product pays double indemnity if the insured sustains an accidental injury while riding public transportation
Products that contribute to social betterment
Examples:
- Comprehensive education insurance product in South Africa, offering a fixed annual benefit in the event of the policyholder’s death, disability, or terminal illness, while their child is between the ages of five and 22
A complete article on this subject can be found on RGA’s Knowledge Center »
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