Sustainable Business – Inclusivity in Life and Health Insurance

Sustainability has been defined as "meeting the needs of the present without compromising the ability of future generations to meet their own needs." However, we also ought to be conscious of meeting the needs of subsets of society without compromising the ability of others in our generation to meet their own needs. Tomorrow needs today. Traditional Life and Health insurance products, processes and pricing have been designed around the needs of a specific subset of the population that is not an adequate representation of the wider societal spectrum.
In our presentation, we will discuss inequality as a macro-trend, also how it could be expected to develop due to emerging risks and will share research around the levels of inequality in life and health insurance as well as factors that impact insurance penetration in various markets and across income brackets.
We trust that raising awareness on these matters will equip and encourage the members of the actuarial profession to holistically factor in the consumers requirements into the advice they give and implement across the organisations they work with and for and to improve the level of inclusivity in the insurance industry.
 
Find the Q&A here: Q&A on 'New Approaches to Underwriting and Compensation'