In partnership with Covéa Life, a U.K. life and critical illness insurer specializing in innovation in the life sector, and Direct Life and Pensions, a leading provider of protection technology and outsource services, RGA has developed a direct-to-consumer proposition specifically tailored to meet the needs of female millennials.
“Research has shown that women – millennial women in particular – are underserved by today’s insurance market,” said Kate Lyons, Head of RGAX UK. “As they age, begin thinking about starting families, buying homes, and growing their income, the need for health-related insurance benefits becomes increasingly important. Yet there are not currently life insurance brands that deliver both a product and experience specifically tailored to their life situation, age, and gender.”
RGA research revealed that cancer is the top concern for women ages 28-38, and by using these insights and its global expertise, RGA partnered with health tech specialists to develop Plan V Care. Until now, the complicated nature of critical illness and cancer-only products has been a barrier to selling directly to customers. However, over the past year, RGAX and RGA have worked closely to develop an innovative, direct-to-consumer cancer product supported by UnderwritingPal (UWPal), the companies’ recently launched, cloud-based digital underwriting service.
“Plan V Care is about more than tapping into the Generation Y female market to sell insurance solutions,” added Lyons. “Our work to develop this product, along with the data and insights gathered during the development process, will serve as a model that can be scaled with our clients and leveraged across other target segments to continue to expand protection to underserved markets.”
Source: RGA
