The Life & Health Insurance Inclusion Radar

This study explores three dimensions of inclusivity: the availability, accessibility and affordability of L&H insurance in a sample of advanced and emerging markets. Some common drivers explain variances between these three dimensions in the sample markets. For instance, the availability of a wide range of product types is a main reason in fostering inclusion in advanced economies. And in advanced economies, there are more training opportunities for industry professionals, helping insurers to more easily allocate skilled talent to process and product innovation. There is a fair L&H product range in emerging markets too, but fewer opportunities for workers to upskill.

On average, consumers in advanced markets face fewer barriers to inclusion than in emerging economies, but the typically higher income levels in advanced economies do not necessarily translate to higher levels of affordability. With the exception of Japan, in advanced markets the smallest policy sizes on offer often are too expensive and not relevant for lower-income consumers with modest needs. The opposite is the case in emerging markets, where products with low minimum face values boost participation for low-income communities.

Based on the study findings, we see four main areas where insurers can foster a path to more inclusive insurance. These are to better understand consumer needs across all segments of society; to engage in strategic partnerships to boost diversity in distribution channels; to innovate in underwriting processes and product design; and to engage with regulators to maintain a balance of consumer protection and innovation. Read our report to find out more.