iptiQ Americas, a subsidiary of reinsurance major Swiss Re, has joined forces with South Korean technology giant Samsung Electronics to close the $26 trillion life and health (L&H) insurance protection gap.
The massive life and health protection gap affects more than 61% of Americans, primarily in the middle market, according to analysis by the Swiss Re Institute in September last year.
Currently, Samsung is piloting solutions to better inform consumers about their health, boost healthy behaviours, and recognise and avoid serious health issues, such as heart disease.
Additionally, both Samsung and iptiQ will work to educate Americans about the importance of life insurance and enable them to access life and health insurance.
Commenting on the partnership, Samsung Electronics America head of mobile B2B division Taher Behbehani said: “Bringing our health and wellness solutions to iptiQ’s insurance solutions will be a catalyst for enhancing the quality of life for their policyholders.”
iptiQ Americas CEO Phil Walker said: “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.”
iptiQ Americas chief marketing and sales officer Niels Keuker said: “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.”