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Brona Magee, Executive Board Member at Hannover Re, joined a panel at Insurtech Insights 2025, Europe’s largest insurtech conference. Brona spoke alongside panel moderator Lorcán Hall, Senior Adviser to the SDG Academy, United Nations Sustainable Development Solutions Network (SDSN), and Dr. Danilo Raponi, Group Head of Innovation at Generali.

Lorcán opened the discussion by framing the panel’s theme around the four pillars of sustainable development: economic prosperity, social inclusion, environmental sustainability, and good governance. While much of the industry’s sustainability discourse focuses on compliance, disclosure, and risk management, he emphasised that insurers must also innovate to drive transformational change across all four dimensions. This theme was underscored by a nine-month research project by the SDSN, which identified a key challenge: the insurance industry lacks sufficient investment in sustainability-related innovations. The research highlighted the need for product innovation and partnerships to make insurance more available, accessible, affordable, and effective at reducing risks.

The discussion focused on four key themes from the research: the protection gap, prevention over cure, data and digital technologies, and transformational partnerships. The speakers shared real-world initiatives, with Generali mainly covering property and casualty (P&C) solutions and Hannover Re addressing life and health insurance innovations that support Sustainable Development Goals, including SDG Target 3.4 aimed at reducing premature mortality through prevention and treatment and SDG Target 3.8 focused on expanding access to healthcare and insurance. Both perspectives highlighted the crucial role of partnerships in achieving sustainable outcomes.

Lorcán discussed the increasing reliance on government support as fiscal space tightens due to climate shocks and unexpected shocks like the COVID-19 pandemic, emphasising the need to address protection gaps for vulnerable populations. Brona highlighted the importance of public-private partnerships in closing these gaps. A prime example is the Natural Disaster Fund (NDF), backed by the UK and German governments, Hannover Re, and managed by Global Parametrics. The NDF provides parametric risk transfer solutions, covering more than 40 million people in over 70 countries, including more than 35 million poor and vulnerable individuals, to manage climate-related risks like extreme heat.(1)

This includes the Mahila Housing Trust in India for which the NDF provides parametric coverage for 26,000 vulnerable women during extreme heat, allowing them to stay home safely without income loss.(2) Last year, a heatwave triggered the policy, providing payouts to the eligible beneficiaries. Brona emphasised that this initiative highlights the power of public-private partnerships – governments and businesses working together rather than tackling these issues alone. While this is a P&C cover, the benefit also serves as a disability provision, reducing the need for women – often primary caregivers and earners – to work in hazardous conditions and enabling them to prioritise their health without financial strain.

The discussion moved on to the importance of prevention over cure. Brona explained how Hannover Re is innovating to prevent, reduce, and proactively manage risks. Life and health insurers have a vested interest in their policyholders' wellbeing, but for solutions to be sustainable, they must work for all parties – policyholders, insurers, and publicly funded healthcare systems. One example is Hannover Re’s partnership with GalenusRx in the US, which uses genetic testing to predict how individuals metabolise medications. Their advanced analytics help avoid adverse reactions, ensures treatments are effective, and prevents unnecessary healthcare costs.

Prevention can also drive impact for both in-force and new business customers. Take GenePlanet: using genetic testing and lifestyle data, it delivers personalised health insights on sleep, diet, exercise and other key health factors. Our pilot results showed how people engage more when they receive tailored advice from a trusted source.

For new policyholders, adding preventative features to products enhances outcomes. In South Africa, Hannover Re partnered with a pharmaceutical company to develop a life insurance rider that provides a lump sum if genetic testing confirms an effective targeted therapy for cancer treatment. This improves survival rates and reduces death claims, benefiting both the customer and the insurer. Prevention requires collaboration. Insurers alone can't achieve these outcomes – it takes partnerships with pharmaceutical and healthcare companies to create impactful solutions that drive better health and financial security.

Data and technology were central to the conference, driving transformation by improving efficiencies and making insurance more accessible and affordable – a theme explored in preparation for this panel. One example is our collaboration in Australia, where we integrated real-time, verified health data into underwriting, enhancing risk evaluation, decision-making, and making insurance more accessible and affordable.

A recent pilot revealed that over half of customers were willing to share their existing medical data, enabling a deeper understanding of risk and more personalised coverage. Additionally, by obtaining electronic health records (EHR), we were able to offer terms to over 50% of previously ineligible customers. This approach not only refines our underwriting but also makes coverage available to individuals who were previously uninsurable. As these advancements demonstrate, data and technology are vital not only for refining insurance offerings but also for fostering stronger collaborations.

Partnerships, as we’ve seen, play a crucial role in enabling the impactful use of data and digital tools to address key challenges and drive innovation. As a central theme of the discussions, the panel closed on the speakers’ standout examples, with Brona highlighting Hannover Re’s collaboration with Discovery Limited, the parent company of the Vitality wellness programme. Hannover Re partners with Discovery to expand access to these benefits in target markets, introducing them to insurance clients to improve health and wellness access. Leveraging our experience with emerging Vitality programmes, Hannover Re collaborates with clients and Discovery to tailor the shared value model for each market.

Via Vitality Global, Discovery and Hannover Re have expanded this concept to a growing number of markets. The current Vitality membership now covers over 42 million lives in more than 41 markets. While scaling the programme has made it more accessible to smaller markets, its key differentiator lies in its shared-value model. Unlike competitors that offer wellness services as an added expense, the Vitality shared-value insurance model ensures that engagement-driven health improvements create value for both policyholders and insurers, making it a more sustainable solution.

Brona emphasised that the partnership’s success stems from a shared belief that the wellness programme helps policyholders to lead healthier lives. For some markets, where we reinsure the business and Vitality can provide access to the programme, Hannover Re has gathered data on the clinical efficacy of these programmes to demonstrate their positive impacts on health outcomes and savings. We assist Vitality in finding suitable partners and applying our market knowledge to ensure the programme is tailored for each territory.

The partnership demonstrates the importance of co-creation partnerships – not transactional, client-vendor type relationships but those where organisations, public and private, pool their complementary resources – expertise, finance, networks, and technologies – to generate transformational innovations.

As the panel highlighted, partnerships, data, and innovation are key to reshaping insurance for a more sustainable future. Hannover Re’s commitment to sustainability goes beyond environmental practices, focusing on lasting recovery and resilience in communities through tailored solutions and innovations that drive meaningful, long-term impact.

You can watch the full recording of the Insurtech Insights 2025 panel discussion on Sustainability as an innovation & growth opportunity here: https://www.youtube.com/watch?v=Rs2xyx-Nfd0

(1) Protection / Impact / Scale: NDF Impact Report — CelsiusPro

(2) News & Stories - Natural Disaster Fund — Natural Disaster Fund

Lisa Balboa, Head of Life & Health Digital Business Accelerator at Hannover Re, joined a panel at Insurtech Insights 2025, Europe’s largest insurtech conference. Lisa spoke alongside, Ali Hasan, Commercial Director at AXA Health, Gourab Mukherjee, Co-Founder & CEO at Aktivo Labs, Matthew Battersby, Global Head of Research & Development at RGA, Amir Kaplan, Founder & CEO at ifeel and Samarth Shekhar, Regional Manager, EMEA at SixThirty Ventures.

The panel discussion opened on several key drivers that have intensified the focus on preventative healthcare in recent years. One of the most significant factors is the rising cost of healthcare, which has become increasingly difficult for insurers to manage. The post-pandemic landscape has further accelerated cost pressures, making preventative healthcare a more urgent priority.

Beyond financial considerations, there is growing interest from employers, workplaces, and individuals in proactive health management. Healthier populations contribute to improved productivity, reduced absenteeism, and long-term sustainability in healthcare spending. If preventative healthcare is done right, it benefits everyone – customers, companies, and insurers – by making healthcare more timely and accessible while enhancing overall wellbeing.

Mental health also emerged as a critical focus area, particularly in the context of technological advancements and evolving care pathways. With rising claim costs, early intervention and effective triaging have proven to be valuable. Ensuring individuals receive the right support at the right time not only reduces long-term costs but also enhances user experience and strengthens customer retention.

Focusing on physical health in preventative healthcare, Lisa highlighted that chronic disease now accounts for more than 70% of deaths worldwide, underscoring the urgent need for early intervention.(1) By addressing health risks before conditions become severe, preventative healthcare can alleviate pressure on already overstretched health systems. While COVID-19 may feel like a distant memory, its impact persists. Globally, healthcare systems remain underfunded and strained. In the UK alone, more than 7 million people are currently on NHS waiting lists, meaning approximately 1 in 10 individuals are waiting for treatment.(2) This presents a significant opportunity to reshape the future of healthcare by providing services that help people earlier.

From a technology perspective, now is the time to act. Health technology has evolved beyond just wearables – while advancements in devices can detect conditions like atrial fibrillation and sleep apnea, smartphones now offer powerful tools for improving access to care. With more than half of the global population owning a smartphone, there is great potential to leverage digital solutions without requiring additional technology.(3) Precision healthcare is also advancing rapidly, particularly in genetics. For less than USD 200, individuals can now assess their genetic risk for diseases such as cancer and mental health conditions, enabling more personalised and effective treatment.

Ultimately, three key factors drive the need for change: the growing burden of chronic disease, the strain on healthcare systems, and, on the optimistic side, the technological innovations that can revolutionise healthcare like never before.

The conversation then moved on to the current state of the market and the adoption of preventative healthcare technologies. While we are still in the early stages, there is increasing evidence that these initiatives are making a positive impact, particularly in disease and lifestyle management. The impact is observed quicker in disease management compared to lifestyle management where the full benefits may take time to materialise, particularly when it comes to helping someone change their diet and exercise, although early results show improvements in mortality and morbidity outcomes as well as a better understanding of the lifestyle factors that influence health.

The economics of wellness and prevention programmes were also discussed, with a focus on the importance of targeting the right population for maximum impact. Blanket wellness initiatives often lead to low engagement and unclear benefits, whereas a more targeted approach can yield stronger results. Insurers benefit not only from improved health outcomes and claims reductions but also from a selection benefit: attracting health-conscious individuals who are more likely to engage in preventative care. This, combined with improved customer retention, plays a critical role in the long-term value of preventative healthcare initiatives.

A question from the audience shifted the conversation towards the changing dynamics of pricing power in insurer negotiations with healthcare providers since COVID-19. Lisa explained how healthcare costs are not a singular issue; they are made up of various components tied to where money is being spent and how much is being paid to providers. To effectively manage and reduce these costs, insurers need to break down the individual drivers behind healthcare spending. Identifying which customers to target and determining the right interventions are crucial, especially when addressing provider costs. The key lies in scaling the business and offering early interventions to prevent critical claims, ultimately reducing long-term costs for insurers.

Another audience question raised the topic of how insurers can better integrate these services into their products, rather than simply adding them as supplementary features. Lisa drew upon a couple of examples to highlight the importance of integrating digital solutions with a human element. She explained that digital mental health solutions are most effective when they involve an occupational therapist checking in with the individual, ensuring the right support is accessed rather than just providing access to the digital service itself.

When discussing cancer care, Lisa pointed out that precision health solutions are fundamentally changing the way insurance approaches healthcare. After purchasing a policy, individuals can receive genetic testing to assess their risk of cancer, followed by personalised advice based on their specific risks. For instance, someone at high genetic risk for skin cancer may need to monitor changes in their skin, while another at risk for bowel cancer may require early screening. The human element comes into play when a cancer claimant is assigned a cancer navigator, helping them access biopsies and explore potential precision therapies.

By combining cutting-edge data and technology with a human-in-the-loop and personalised care, insurers can enhance health outcomes, reduce claims costs, and provide better support to policyholders.

Concluding this panel, Lisa provided one key takeaway for insurers considering taking up the role of preventative healthcare:

“Think creatively. The challenge lies in building trust – why would people want to share their data with insurers? There are global examples where insurers have successfully used data such as electronic health records, mental health data, and physical health data to create products that genuinely support customers. The focus should be on addressing customer trust and exploring how we can leverage this data to develop meaningful products that benefit the people we serve."

You can watch the full recording of the Insurtech Insights 2025 panel discussion on "Preventative healthcare – the growing role of insurers as health carers" here: https://youtu.be/UkIEt6u4bEU

(1)Noncommunicable diseases

(2)NHS waiting list declines to 7.43 million - Health & Protection

(3)Majority of the world’s population now owns a smartphone | Total Telecom

Tim Smith, Head of UK Protection at Hannover Re, joined a panel at Insurtech Insights 2025, Europe’s largest insurtech conference. Tim spoke alongside Elena Rasa from AXA, Massimo Cavadini, Willis Towers Watson Insurance Consulting and Technology, Aditi Subbarao from Instabase and panel moderator, Kevin McLoughlin from MTech Capital.

The panel moderator opened the discussion on whether Generative AI (GenAI) will be the technology that revolutionises granular pricing. Speakers had differing perspectives, with some seeing its potential, while others felt a true revolution is still some way off, especially to reach the level of disruption other industries have seen.

Traditional AI works well with structured data so the industry today still relies heavily on spreadsheets and manual processes. GenAI can process complex, unstructured data – enhancing risk assessment, enabling automation, and opening up opportunities for more efficient underwriting and claims handling, and better data analysis.

Tim offered a slightly different perspective, highlighting the unique dynamics of life and health (L&H) reinsurance, and the long–term nature of the products. With pricing locked in for 20 to 30 years, any mispriced trends or inaccurate assumptions cannot be quickly corrected, making precise risk assessment and pricing crucial. Rather than a revolution, AI in L&H has been a continuous evolution and the analytical techniques available to the industry today help to refine pricing accuracy and improve our ability to detect and interpret emerging trends.

For example, when analysing a decade of new business, it may appear that experience is improving with each year of business written. It can be difficult to tell whether this is newer policies performing better, or older policies deteriorating over time. More sophisticated analytics techniques help uncover these underlying trends and pinpoint the real drivers of experience.

Tim noted that current applications for GenAI in pricing remain limited. While it has made waves as an accessible and seemingly intelligent tool, “traditional AI methods are still king.” The excitement around GenAI stems from its ability to generate plausible responses to a wide range of queries, but this does not necessarily equate to expertise. In L&H pricing, more conventional AI methods remain the preferred approach for now.

Others felt that there was potential for GenAI in building a more granular understanding of risk and customers. These tools help uncover hidden patterns, identify proxies, particularly for highly regulated markets where we cannot use all of the risk factors that we might like to, and explore the interconnections between factors that traditional methods might miss.

Tim also highlighted GenAI’s potential in medical underwriting, particularly its strength in summarising large volumes of information. When faced with 200 pages of medical records, GenAI can assess the risk far more quickly than a human. While it will not always be right, neither would a person doing the same task. Measuring the margin of error is key, and the results then become a question of risk tolerance. Ultimately, there are significant efficiency gains to be had by embedding this technology.

As technology evolves rapidly, one of the challenges we face is envisioning the endgame. With GenAI becoming more accessible to both companies and individuals, the panel explored the industry's comfort level in adoption. Will insurers implement GenAI for underwriting and pricing themselves, or will we see independent companies develop these capabilities and offer their services to insurers?

GenAI's appeal lies in its easy accessibility, especially with the introduction of ChatGPT. As Tim noted, however, it does not always deliver the right results. Another speaker explained how in the enterprise space, companies initially believed OpenAI could solve their problems independently, only to realise that large-scale, regulated organisations require extensive pre- and post- work for meaningful business value and outcomes. Technology adoption relies on strong partnerships, and the speakers emphasised that insurers should focus on their core business – technical risk – while finding the right partners and technology to accelerate solutions and distribute them effectively.

Tim highlighted the risks of blindly following the data. As he noted, "Technologies can become a bit of a black box, generating answers that are followed without question." Some methods may force fit trends to the data, even if the trend is not strong. It is crucial to understand that these techniques are not a substitute for truly understanding the market, customers, and wide societal factors that will impact the risks we take. If you observe a trend, you must be able to explain it to confidently price with it, otherwise, you have no way to assess whether it is going to stop tomorrow or carry on for the next 30 years.

The panel closed with reflections on whether we should take a more cautious approach to GenAI, particularly in light of the reputational risk of using personal data in a way that our customers do not understand. Tim explained that it is not necessarily about dialling down the use of AI, but conducting ourselves transparently. He acknowledged that as an industry, we struggle with consumer trust, and there is potential to further erode this if customers feel their data is being used against them. However, we can mitigate this if we are clear about our pricing methods and ensure customers understand why they get the price they do. While it is a reputational challenge, the more transparency we offer the more customers will feel they have received an equitable outcome.

Comparably, one speaker mentioned that the banking industry struggled with trust issues post–financial crisis, particularly regarding customer confidence and moral responsibility. Today, the banking sector has advanced in digital transformation and technology adoption, offering valuable parallels and lessons for our industry, especially in managing risk, controlling data usage, and monitoring positive outcomes for customers and society.

Ultimately, it is the outcomes we deliver to customers that matter, and the key to success lies in integrating business context with technology, as highlighted earlier as a key consideration for the life and health insurance industry.

You can watch the full recording of the Insurtech Insights 2025 panel discussion on "Beyond traditional factors – Advancing precision pricing in risk assessment" here: https://www.youtube.com/watch?v=rVAS1EXArmU

Tim Smith, Head of Protection at Hannover Re UK Life Branch, and Matjaž Petrovic, Vice President of Sales at GenePlanet, presented at Insurtech Insights 2024, Europe's largest insurtech conference. Their collaboration began with a pilot study in 2022, aiming to integrate genetic testing with health monitoring for life and health insurance. They have since pioneered preventative healthcare, demonstrating how genetics can shape insurance policies for mutual benefit.

The integration of genetic insights supports the natural alignment of interest between the insurer and the policyholder. Offering genetic testing to policyholders as a value-add benefit after they have purchased their cover enables affordable access to genuine health insights. This empowers customers to make informed decisions, regarding health and lifestyle changes or early healthcare interventions, ultimately contributing to reduced morbidity and mortality rates.

A member of the audience asked what approach insurers should take to avoid identifying cohorts of people who may become uninsurable due to genetic traits with high risks. In most markets, the results of genetic testing cannot be used for medical underwriting except in very specific circumstances. Indeed, the use of genetic information in underwriting in the UK is subject to regulations and ethical considerations to ensure fairness and protect individuals’ privacy and rights, according to the Association of British Insurers (ABI) code of practice on genetics. The integration of preventative genetic testing envisaged in the pilot does not change this but is provided to policyholders once the policy is inforce, with no recourse to adjust premiums in light of the results. The opportunity for the policyholder and the insurer is that genetic insights lead to health improvements in the long term.

The pilot conducted with Hannover Re UK Life Branch employees aimed to assess the effectiveness of preventative healthcare technology and its integration into insurance products. It also aimed to evaluate the engagement and usability of the platform and identify opportunities for innovation in insurance products, and the potential for improvements to health and ultimately a reduction in claims.

Unlike traditional genetic tests that focus on specific genes or regions, GenePlanet's solutions utilise Whole Genome Sequencing (WGS) to provide comprehensive insights into individuals' genetic predispositions across factors such as sports performance, nutrition, health, and disease risks. This technology served as a powerful tool for the pilot study and preventative healthcare overall, enabling personalised adjustments in diet, sleep, exercise, and health risks through lifestyle analysis. Additionally, the study utilised health scoring to track health status, expert consultations for personalised guidance, blood reports to monitor markers and their health significance, and health analysis for detecting potential disease risks.

Despite the pilot's artificial setting with Hannover Re employees, engagement exceeded expectations, with 90% favouring the recommendations. This resulted in noticeable lifestyle improvements, such as dietary and exercise changes, along with a greater inclination towards seeking medical advice. Notably, 98% recognised the potential of genetic testing to boost insurance sales, while nearly all participants agreed on its ability to retain customers within their insurers.

The pilot insights highlight the potential of genetic testing as a value-added proposition, capable of driving sales, improving customer satisfaction, and boosting retention rates when marketed effectively. If insurers articulate that they are utilising genetic data to support preventative healthcare and dispel any misconceptions regarding its misuse against customers, they can strengthen trust and ultimately, enhance overall policyholder health. This, in turn, minimises the need to claim, thus reducing insurance costs.

In today's evolving healthcare landscape, the insurance industry is shifting its role from risk mitigation to steering health engagement platforms, taking a holistic approach to customer care.

This shift was explored in a panel session "From Insurers to Carers: How Incumbents are Shifting Roles with Health Engagement Platforms," held at InsurTech Insights 2024, Europe's largest insurtech conference. The panel of industry experts, including our very own Lisa Balboa, Head of the Digital Business Accelerator Life & Health, explored the transformative capabilities digital health platforms can offer.

Overall, the conversation underscored a shift in how insurance is perceived – from a transactional and traditional model of risk coverage to a dynamic partnership centred around proactive health management. Central to this transformation is the value digital platforms bring, both to insurers and customers alike. These platforms facilitate new business opportunities, promote healthier lifestyles, and create sustained value for customers throughout their lifetime. More importantly, they can improve customer retention by catering to the health-conscious and even share rewards, such as health discounts and incentives based on wearable data. This proactive approach not only benefits individuals but also leads to reduced claims and improved risk management for insurers, helping to strengthen their position in an increasingly competitive market.

As the digital age reshapes consumer behaviours, insurers face growing pains in targeting a new generation of health-conscious, digitally savvy individuals. While the complexity of human behaviour, coupled with AI and behavioural science, presents challenges, preventative health remains a key opportunity. Targeting and personalisation are key strategies for navigating this changing landscape, offering tailored solutions, such as addressing mental health issues, and triaging customers to better manage mortality risk.

Addressing behavioural challenges in a competitive marketplace remains a hurdle. Market research ideals often diverge from actual behaviours, highlighting the importance of designing solutions aligned with customers' true concerns and realistic aspirations.

We often hear the term "lifespan" but perhaps we should shift our focus to "healthspan" – the measure of the quality of life enjoyed in good health – as expressed by Peter Ohnemus, founder and CEO of digital technology health platform Dacadoo.

Looking to the future, insurers must adapt to changing demographics and healthcare needs. This includes utilising passive health engagement platforms, integrating with healthcare systems, and addressing gaps in wellness and preventative healthcare services. Initiatives promoting personal health, like tobacco reduction programs, also extend to climate change benefits. Communicating a holistic view, particularly when it comes to planetary health, could be key to engaging with younger generations.

In the rapidly evolving landscape of increased digital sophistication, the strategic collaboration between Hannover Re and Fortiro has not only transformed claims assessment but also earned the prestigious "Global Development" award from Protection Review 2023. Protection Review, a leading authority on the UK's health and protection insurance industry, recognises global advancements made in life and health insurance. This new award category celebrated the collaborative efforts driven by the team at Hannover Life Re of Australasia Ltd (HLRA), acknowledging the transformative impact of Fortiro's technology on claims strategies and fraud mitigation. Tim Smith, Head of Protection at the Hannover Re UK Life branch represented the team at the Protection Review awards ceremony held at the Landmark Hotel in London on Wednesday 6 December 2023.

Traditional claims assessment processes often grapple with complexity and time constraints, making it challenging to detect fraudulent documents. Fortiro's innovative technology "Protect" addresses this issue head-on by automating the verification of financial documents, streamlining the claims assessment process, and helping to significantly reduce the risk of fraud.

In October 2022, HLRA conducted a proof of concept (POC) using Fortiro's technology on 84 historical claims documents. These documents were categorised into three groups: those with previously detected fraud, suspected but unproven fraud, and genuine claims. The results were remarkable – within just 30 seconds, Fortiro's technology identified suspicious flags in 13 documents, leading to the confirmation of three instances of fraud and potential alterations for three more claims. This translates to a potential annual saving of AUD 450,000, showcasing the efficiency and effectiveness of Fortiro's fraud detection technology.

Driven by the success of the POC, HLR Aus has implemented Fortiro's advanced fraud detection technology across their life insurance portfolio and has also demonstrated sufficient scale and applicability for cedant portfolios.

Sean Quagliani, CEO Fortiro reflected "Fortiro exists to prevent document fraud and friction, so we are excited to partner with Hannover Re. Insurance fraud is a global challenge, and with the proliferation of digital tools, fake documentation is easy to create and very difficult for assessors to recognise. The POC with HLRA has shown incredible potential for HLRA to protect the business, cedants and society from fraudsters, and to further streamline and digitise the underwriting and claims assessment processes."

The potential and opportunities with Fortiro continue to evolve, demonstrating success and efficiencies for other markets. HLRA envisions extending the use of fraud detection technology across the entire insurance value chain. This includes reviewing financial documents during the underwriting stage, increasing straight-through-processing rates, reducing customer touchpoints, and exploring further development to detect fraud in medical reports, death certificates, and identification documentation.

Hannover Re's successful integration of Fortiro's cutting-edge fraud detection technology has helped to safeguard their business from fraudsters whilst placing them at the forefront amid the evolving landscape of digital sophistication. The recognition from Protection Review underscores the positive impact of Fortiro's document authentication technology, "Protect," in enhancing fraud detection within the life insurance industry.

Amy Sworden, Head of Claims Operations, HLRA, reflected on this achievement, stating "Hannover Re are proud to be partnering with Fortiro to bring this technology to the life insurance industry, and to be raising awareness of the ever-increasing risk of fraud."

The integration of technology and health monitoring offers various options that unlock potential opportunities within the insurance value chain. This integration not only enables insurers to gain a better understanding of risks and enhance customer experiences but also empowers individuals to take charge of their health and well-being.

Monitoring health through wearable technology

Technology is making a significant impact through wearables, such as smartwatches and health-tracking rings.

"There's a wide range that's starting to be developed here. The wearable smartwatch is now going beyond steps and tracking things like the heart rate and blood oxygen" said Hannover Re's Lisa Balboa, who was discussing how the insurance industry leverages technology to better understand people's health and well-being on the Practical Protection podcast.

The expansion of these devices is especially valuable for the ageing population as they can also detect fall risks, alerting caregivers to potential issues and giving families peace of mind.

New devices like wearable patches are also emerging, which can replicate vital signs monitoring and transmit medical information to healthcare providers, potentially enabling patients to be discharged from hospital sooner as their vital signs can be monitored remotely from the comfort of their own homes. Ongoing research is assessing these medical devices for certification.

Transdermal optical imaging technology

An exciting alternative to wearing health monitoring devices is transdermal optical imaging technology which uses smartphone cameras to track health indicators, such as heart rate, blood flow, and potentially even blood pressure and blood glucose levels. Capturing a 30-second video selfie with this technology detects early health issues, enabling early diagnosis and intervention.

Genetic testing and predictive analytics

Another promising area in health and insurance is genetic testing. Insurers are partnering with companies to provide predictive genetic tests that help individuals understand their genetic risk factors for various health conditions. This information empowers individuals to make lifestyle changes or seek early medical intervention. For example, if someone is genetically predisposed to a certain type of cancer, they might undergo early screening or someone at high risk of cardiovascular disease might monitor their blood pressure more closely.

Data privacy and consent are vital in technological developments, especially when collecting genetic data; this data is protected and is not shared with insurance companies. Instead, insurers can promote this technology to empower customers to understand their health risks and take proactive steps to support their health and well-being.

With numerous technological developments in the health sector and their synergy with the insurance industry, this podcast provides a lot of thought-provoking and valuable learnings.

To find out more, you can contact lisa.balboa[at]hannover-re.com or listen to the full podcast episode here:

The latest developments in machine learning and AI potentially have a huge role to play all across the insurance value chain, from advice at point of sale to claims. Possible applications when purchasing a new insurance policy include making financial advice more readily accessible to consumers of all incomes, and helping customers evaluate the complexities of insurance contracts.

"Perhaps there's an opportunity to use AI to enable more people to have access to financial advice right across the socioeconomic pool," said Hannover Re’s Lisa Balboa, who was discussing digital trends in the life & health insurance industry on LCP's Insurance Uncut podcast.

There are also opportunities to use AI to support existing customers. For example, insurers could use data analytics to better understand customers' evolving needs. This might enable insurers to offer products that adapt to customers' changing financial and health protection needs throughout their lifetimes. In health management, predictive analytics could be used for more tailored disease prevention approaches. At the point of illness, the combination of analytics and new medical technologies could also be used to create more personalised treatment and recovery support pathways for diseases such as cancer.

Developments in wearables and genetic testing are beginning to make huge inroads into healthcare, and insurers are becoming increasingly aware of the benefits of these products. But how far should the insurance industry go in promoting these solutions? How can we work with established healthcare systems to ensure there is a balance between giving people insights into their own health and avoiding causing them unnecessary distress through early warnings around potential disease risks?

Lisa also highlighted that new consumer-facing AI technologies, such as ChatGPT, are still in their very early phases of development. When exploring opportunities to embed new technologies into insurance, it's important to be aware of the risks and limitations. For example, it's critical to ensure information provided is highly accurate, data protection principles are upheld and that the use of this technology is anchored around ethical AI principles.

Mental health is another area where insurers can make a difference, and as a volunteer with the Institute and Faculty of Actuaries, Lisa discussed the role the industry can play in further improving access to insurance for those affected by mental health conditions.

With many fascinating insights into technological innovations in preventative healthcare, genetic applications and generative AI, this podcast offers lots of food for thought. To find out more, you can contact lisa.balboa[at]hannover-re.com or listen to the full podcast episode here.

Protection gaps are a significant issue globally, with their severity and focus varying by region and local context. While many aspects are similar around the world, each market faces its own challenges. In the UK, protection insurance is mainly sold through financial advisers to middle and higher-income individuals, leaving a significant proportion of the population uninsured. This gap affects younger and less affluent families but also older individuals who could benefit from long-term care cover. Meanwhile, certain markets such as Japan have a growing protection gap among older lives due to an aging population. In parts of Latin America, Africa, and Southeast Asia there's an emerging opportunity to open up the Protection insurance market to the rising middle-income group.

Working towards closing these gaps and expanding the insurance market benefits society in numerous ways, including improved access to healthcare and a reduced burden on healthcare systems.

Technology-led developments such as wearables, smartphones, and electronic health records, as well as medical advances, create significant opportunities to develop products for underserved customer groups to better protect their financial futures. Exploring new solutions and partnerships is key to making a positive impact on society and growing the market for the benefit of all.

To find out more, you can contact tim.smith[at]hannover-re.com or lisa.balboa[at]hannover-re.com or listen to the full podcast episode here.

Similarly, wearable technology can be used like a dashboard to send people warning signals about potential personal health problems, said Hannover Re UK Life Branch's Tim Smith in a speech at InsurTech Ireland in January 2023.

Improving health and wellbeing is one of the UN's Sustainable Development Goals and life insurers have a key role to play in terms of facilitating and promoting good self-care. Through partnerships with organisations like LifeQ, Hannover Re can alert people to possible early indications of health problems. While most wearable products track basic fitness levels and prompt people to exercise, LifeQ, which specialises in biometrics and health information, has taken this model to the next level. Its technology can already pick up markers for 40 conditions, including respiratory, cardio and even some mental health conditions. Early detection and treatment of sleep apnoea, for example, can have a significant effect on mortality rates resulting from this insidious condition.

The potential for such innovations is huge. By embedding wearable technology into their products, insurers can encourage proactive healthy behaviour that is in everyone's interest. This can reduce the number or severity of claims, with the potential to drive cost savings for customers. Not only that but the data collected can have implications for rehabilitation processes and future product design. There is a natural alignment of interests between insurance companies and their customers in that the end goal of both is to enable long and healthy lives.

To find out more about these developments or to get access to the full recording of his presentation, contact tim.smith[at]hannover-re.com.