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Speaker(s): Zoe Woodroffe (Gen Re)
Evolution in the work place and the rise of entrepreneurship has led to an increased need for individual disability insurance. Despite this penetration is low in many markets including the UK. This talk will cover the perceived barriers to sales including lack of consumer awareness and affordability for those who need cover the most.
Developments in the UK market have attempted to address these issues. As a result there has been a modest increase sales in traditional markets recent years, alongside an increase in availability in the manual occupation space.
Using the UK, and other markets as case studies, we will consider how to grow and engage the market for disability insurance, via innovative product design and consumer engagement. We will also study the particular risk management challenges of a living benefits product, where the impact of a constantly evolving work place and associated welfare state are significant. We will demonstrate the importance of claimant engagement and the impact of behavioural techniques on outcomes in claims management.