Despite the efforts of life insurers to implement rehabilitation, prevention and awareness programs consumers have been slow to reassess their needs and are still underestimating the risks they carry, according to a senior staffer within a global reinsurer.<\/p>\n
Swiss Re, Head of Life and Health, Alison Martin<\/strong> said gap between the amount of insurance people need and what they currently have has not closed and said the insurance sector has not done a sufficient job of showing consumers their levels of risk and helping to close the gaps.<\/p>\n \u201cBehavioural economics has shown us we need to look at the context and content of people\u2019s actions and we see that life insurance becomes relevant to people when certain events take place, such as when they have a dependent to care for,\u201d Martin said.<\/p>\n \u201cDespite this being a common occurrence we still only see a small percentage of consumers starting discussions around life insurance needs. They still see it as a grudge purchase that is transactional and in which they don\u2019t get anything in return and they hope they don\u2019t need it in the long term.\u201d<\/p>\n Martin said health and wellness programs were having a greater impact and were improving the levels of persistence in policies but she questioned how widespread the programs could spread beyond early adopters and those naturally inclined to take up the programs.<\/p>\n \u201cPeople don\u2019t get much gratification from their life insurance but they are seeing benefits within the eco-systems of these programs. It is shifting mindsets but the impact has been small so far and the percentage of people impacted by the programs has been limited,\u201d Martin added.<\/p>\n \u201cThere has been a positive impact on costs for life insurers with wellness programs and so far the small percentage who have been sold on them tend to be people who are fairly evangelical about it.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" Despite the efforts of life insurers to implement rehabilitation, prevention and awareness programs consumers have been slow to reassess their needs and are still underestimating the risks they carry, according to a senior staffer within a global reinsurer.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8294,4],"tags":[],"class_list":["post-34210","post","type-post","status-publish","format-standard","category-claims","category-products"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/34210","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=34210"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/34210\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=34210"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=34210"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=34210"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}“…we still only see a small percentage of consumers starting discussions around life insurance needs.”<\/h6>\n