From embedded insurance to super-aged societies and mental health to diabetes, we’ve witnessed innovation-driven advancements in life insurance across RGAX, RGA, and our network of partners. To celebrate a great year and prepare for the next, we're rounding up the lessons we've learned from these experiences in 2022, to help you gear up for an innovative new year.
#1: Embedded insurance can help carriers reach underserved and untapped markets, such as millennials and people in developing parts of the world. See the work Inclusivity Solutions is doing to reach people in Africa.
#2: Speaking of, embedded insurance is estimated to be a $70B market opportunity by 2025. RGAX’s partner SixThirty Ventures shared how applications of embedded insurance in the P&C space can help life insurers tap into this opportunity.
#3: A super-aged society is one in which 20% or more of the population is over 65. Companies such as Sompo Holdings are using technology to increase efficiencies and improve the health and well-being of their senior customers.
#4: Increasingly more people are the primary caregiver for an ill or elderly loved one. TCARE’s founder Ali Ahmadi turned his personal experience into a thriving business and an opportunity for insurers.
#5: Just as the pandemic motivated people to focus more on health and wellness, it has spurred insurers to develop solutions encouraging healthy behavior. RGA team members looked at how COVID-19 changed the process of creating insurance-linked wellness programs.
#6: Managing chronic conditions is an important aspect of wellness. Amae is a digital insurance solution that helps individuals and their families navigate and access information and support when faced with a type 2 diabetes diagnosis.
#7: Technology will continue to play a vital role in the future of managing wellness. We were fascinated by Binah.ai’s demonstration of how a 60-second face scan can provide information including heart rate, oxygen saturation level, stress level, and blood pressure.
#8: Amid the growth in wellness solutions, creating platforms that change behaviors and create lasting healthy habits has proven a challenge for insurers. To combat this, RGA created a toolkit that helps insurers plan, design, and evaluate their digital wellness programs based on how people really behave.
#9: The global market potential of insurance for women is estimated to be around $1.7 trillion, yet women represent an underserved group for protection. With emerging economies expecting to account for over 50% of the total market, microinsurance presents an encouraging alternative for women in low-income countries to utilize their scarce assets more productively and manage risk.
#10: Millennial women are another pocket of the underserved female demographic that represents an untapped commercial opportunity. By zeroing in on this specific segment, RGAX developed Plan V Care, a cancer-only product built for women in the millennial generation.
#11: Digital mortgages and life insurance go hand in hand. According to Kate Lyons, Head of RGAX U.K., a “layered approach” to sales can help improve the buying experience and increase conversions.
#12: Supporting the long-term economic sustainability of people worldwide requires a focus on alternative distribution methods and amplifying financial literacy. Simon Bell discusses RGA’s efforts to get more than 160 million migrant workers worldwide the life and health insurance protection and thus the financial resiliency they need.
#13: In the U.K., people search for life insurance on Google every 18 seconds. RGAX leveraged its in-house digital brands to experiment with ways to bring buyers from interest to conversion.
#14: RGAX used Life Design Sprints to help its partners accelerate innovation in 2022. Along the way, we honed a few techniques for spurring creativity.
#15: Venture capitalists play an important role in the insurance innovation ecosystem. We spoke with three who are active in the insurance industry to get their perspectives on current trends and opportunities.
#16: Consumers want products that create social impact. Dennis Barnes explored what products and solutions that do good for the world could look like with SØNR.
#17: Despite a 40-50% increase in online sales over pre-pandemic levels, life insurance is still a tough sell for most carriers. Digital life insurance advisor PolicyMe and life insurer Canadian Premier collaborated to find ways to increase conversions.
#18: The COVID-19 global pandemic required many carriers to adapt quickly to a new normal. We took a look back at how carriers responded and the lessons learned.
#19: To help health insurers meet the increased expectations of their customers, RGA partnered with RoadtoHealth to create Heidi, a fully integrated digital health ecosystem.
#20: In the first year of the pandemic, cases of anxiety and depression increased by an estimated 25% worldwide, and their levels are still elevated. Due to its close connection to carriers, RGA has a front-row seat to the challenge and can provide guidance for how insurers can help.
#21: According to LIMRA, around 100 million Americans either don’t have life insurance or don’t have enough to meet their family’s needs. RGAX partnered with Pendella Technologies to help close the ga
#22: Insurers should look outside the industry for inspiration and ways to increase consumer engagement and drive conversions. RGAX talked with AWS about how creating a frictionless customer experience can help people make the best choices.
From all of us at RGAX, we hope you will finish the year strong. We’re looking forward to innovating with you in 2023!