Swiss Re is opening access to its proprietary Life Guide underwriting manual to all life and health insurers for 90 days in response to the Covid-19 pandemic.
Though this offer, the company intends to help life and health insurers manoeuvre the crisis caused by the pandemic by enabling them to better understand the risks they underwrite.
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The move is aimed at providing the insurers confidence in offering coverage in a turbulent period when people are reassessing their financial position.
In this context, Swiss Re cited an internal survey conducted in late March that involved the responses of more than 700 participants across the US and UK.
According to the survey, more people today are likely to reconsider priorities in life and are more actively looking to purchase a life insurance policy.
Swiss Re L&H Products head Paul Murray said: “These are unprecedented times and uncharted waters for life and health insurers, and we recognise the urgent need and value to share our expertise beyond our existing base of registered users.
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By GlobalData“Our priority is to use our experience, leadership and perspective to help insurers continue to write sustainable business and preserve the ability to deliver on those promises.”
The pandemic has posed numerous, unfamiliar underwriting challenges for life and health insurers.
Swiss Re’s Life Guide access offers the ability to reference new, first-time guidance to address the pandemic-related emerging risks as well as other commonly searched risk factors such as cardiovascular disease and cancer.
The company took a similar stance in the past with other emerging risks. Previously, it provided Life Guide’s non-binding underwriting guidance in the wake of HIV, which was once an uninsurable condition.
