Partner Insight: How can the insurance industry help society?

Value-added services can facilitate a preventative approach, says Sarah Teehan

clock • 1 min read
Sarah Teehan, Head of Protection at Pacific Life Re
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Sarah Teehan, Head of Protection at Pacific Life Re

Traditionally the insurance industry has only offered a claims service at the time of need. However, with growing demands for a sustainable approach to life insurance, this approach is ripe for change.

Insurance and, in particular, reinsurance have a role to play in making society more resilient. If we really think about our purpose and how to make society more resilient, there is so much more we can do.

The other way we believe value-add services can improve sustainability is through improved persistency. By creating a valuable service rather than just a product, we believe that customers will be less likely to lapse their policy.

Preventative healthcare has proven to be immensely effective in this respect. It started with managing smoking status, BMI and activity management, but now full health checks can provide detailed information to consumers to better manage their health.

For more on how the industry can improve the health of society, watch our exclusive An Audience With interview with Sarah Teehan

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