Insurance Quarterly: Life insurance news and innovation Q2 2022

IQ cover page july 2022

Featuring the latest news and innovations from insurers worldwide, Insurance Quarterly is a great way to be on track of what’s gone on over the last three months in the industry.

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As the dust settles from recent global lockdowns, the issues of customer and agent frustration with lengthy, high-touch, manual life insurance purchase processes are more visible to insurers. To that end, this quarter has seen insurers act. AXA partnered with Verisk to offer to automated health insurance underwriting decisions in China, while Munich Re and Real Vida have implemented a digital underwriting solution to serve the Portuguese life insurance market.

Furthermore, this quarter sees insurers, in various markets, making efforts to address the insurance gap and improve consumer accessibility. Haven Life and Kinly have partnered to make term life insurance more accessible to the Black community in the US, and Prudential, Swiss Re and Klimber have partnered with e-commerce platform Mercado Libre in Brazil to offer life cover within minutes.

Tina Cheah Chief Marketing Officer

Europe:

  • In the UK, Royal London adds underwrite later options to further life plans while Vitality removes medical underwriting for Talking Therapies treatments.
  • Meanwhile, in Romania, Eurolife FFH and Stem Sure launch the first insurance that covers the costs of stem cell transplants for children to treat autism.

Asia:

  • In China, AXA has launched SmartProtect Plus, an accident insurance plan that provides collective protection for a family across generations with a single policy while Chubb has launched a new insurance plan in Hong Kong – My Accident Guard.
  • In Singapore, Everest Insurance expands its footprint and in Indonesia, Prudential launches a dedicated Sharia life insurance business.

North America:

  • In the US, Aflac enhances its group critical illness insurance to include serious mental illness and infectious diseases like Covid-19.

South America:

  • While in Brazil, Swiss Re, Klimber & Prudential launch digital life insurance through Mercado Libre.

Oceania:

  • Finally, Australian MLC Life Insurance launches Vivo Incentive to reward healthier lives.

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