A subsidiary of reinsurance giant Swiss Re, iptiQ Americas, has entered into a strategic partnership with Samsung Electronics Ltd. designed to close the $26 trillion life and health (L&H) insurance protection gap.
According to analysis by the Swiss Re Institute in September 2018, the huge life and health protection gap impacts over 61% of Americans, primarily in the middle market.
The new partnership between Swiss Re’s iptiQ, a “white label” life and health insurance provider, and Samsung, is primarily designed to help consumers live healthier lives.
According to an announcement on the agreement, Samsung is testing products to better inform customers, improve healthy behaviours, and potentially identify and prevent serious health conditions.
“Bringing our health and wellness solutions to iptiQ’s insurance solutions will be a catalyst for enhancing the quality of life for their policyholders,” said Taher Behbehani, Head of Mobile B2B Division, Samsung Electronics America.
The pair are looking at ways to improve the relationship between insurers and consumers and state that by switching from a transactional to a more collaborative partnership, both entities will be equally invested in enabling active, healthy lifestyles.
It’s expected that this will help millions of middle market consumers have improved access to life and health insurance.
Phil Walker, Chief Executive Officer (CEO) of iptiQ, said: “We’re thrilled to be partnering with Samsung. Our collaboration represents our common mission to close the protection gap by making insurance more accessible and affordable, and encourages consumers to take up a healthy lifestyle.”
Niels Keuker, Chief Marketing and Sales Officer of iptiQ, added: “Industry forecasts indicate that the insurance protection gap will widen in the coming years if current insurance market purchase trends continue. Insurance plays an important role in protecting people against hardship, and – together with Samsung – we are exploring different ways to help close the protection gap.”
