Gen Re develops a prototype for mental health insurance
The company, which currently manages US$11bn in premiums and $14.8bn in capital, has chosen to focus on the South African market for its prototype, a country where over 25% of disability claims over the last five years have been related to mental health. In fact, it has actually become one of the leading overall causes of disability.
An unprecedented rise
Given that strains on employee mental health are being aggravated globally by the COVID-19 pandemic, it could be argued that Gen Re’s innovations have come at just the right time.
In its article ‘’, McKinsey & Co’s research found that suicide is currently the tenth most common cause of mortality in the US. 60% of those who do so generally had an underlying mood disorder, and indicates that the pandemic could result in a 50% increase in behavioural health conditions.
The mental health crisis has taken on truly global proportions. Therefore, it could be argued, the onus to address this unprecedented statistical rise in the best way possible rests with both employers and insurance companies.
Gen Re states that it has rooted its new product in “behavioural economics research”. In effect, customers are able to directly impact the underwriting decisions that underpin their policy.
This model, called ‘continuous underwriting’, would allow policyholder cover to change as their health itself changes.
“Research has shown that proactive and early intervention adopting the biopsychosocial approach across the mental health spectrum is a potential gamechanger,” stated Thea Weyers, Senior Underwriter at Gen Re’s Cape Town branch.
“The focus is on keeping people well, intervening quickly when a change is triggered and working hard at the in-claim stage with structured rehabilitation, supported with tool sets, such as our Gen Re-developed Depression Tool.
“Initial feedback from our recent CONNECT client event has been overwhelmingly positive and we are excited about working together with our clients to meet the specific needs of their customers,” she said.
Tribe and APOLLO announce national insurance campaign
Tribe Property Technologies in partnership with APOLLO insurance has announced a national insurance campaign to digitise insurance for condominium owners, renters, landlords, and developers across Canada. The aim of the campaign is to make insurance access easier and faster for owners while improving the coverage and protection of condominiums and rental buildings.
According to several surveys, nearly half of 4.5mn rented houses in Canada do not have tenant insurance protection, meaning those individuals and their families are put at risk of fire and water damage.
What does the national insurance campaign include?
According to Tribe, the company is working with APOLLO to ensure that this type of insurance is easier to access. It aims to achieve this by introducing a direct connection to APOLLO's insurance technology from both Tribe's strata and condo management platform and rental software to allow for increased education and awareness for owners into insurance risks and options.
It also includes the future ability for notifications for mid-term cancellations, and plans to offer protection from potential strata/condo corporation deductibles, Tribe said.
"We are excited to partner with APOLLO to bring accessibility, visibility, and education around insurance options to our communities and reflect the current lifestyle expectations of condo owners and residents while protecting the value of their biggest assets", said Joseph Nakhla, Chief Executive Officer of Tribe.
Nakhla added: “This agreement with APOLLO is just the first step under our Digital Services & Partnerships revenue pillar. We will continue to layer on services to drive revenue for Tribe, and bring convenience and savings for our users, with the goal of being able to offer a one-stop-shop to our development partners and the over 100,000 residents in Tribe-managed communities”.
APOLLO uses technology as a channel between insurance brokers, carriers, and their mutual clients, offering insurance options from multiple companies on one integrated online platform.
"We like that Tribe is taking a fresh approach to condo living and building smart homes through tech-enabled service, and an integration with their Community Platform supports our goals of making insurance more accessible and supporting the needs of communities”, said Jeff McCann, Chief Executive Officer of Apollo.