Life and Health

In the early days of the COVID-19 pandemic in Kenya, a shortage of personal protective equipment meant that frontline health workers were particularly vulnerable to contracting virus. Many of these workers had either no health insurance or had inadequate cover when they became infected themselves. As a result, a consortium of insurers decided to create a solution to support the government health care professionals who were already coping with the long shifts and the emotional strain of treating COVID patients.

We worked with this consortium to design a basic medical reimbursement cover for inpatient and outpatient treatment, including, but not limited to COVID cover, for approximately 130 000 frontline workers. Under this arrangement, Swiss Re will be the lead reinsurer, while Swiss Re Public Sector Solutions engages with key government stakeholders for alignment and to ensure minimal interference in insurance pricing as well as support for the initiative in line with the key government objective of universal health care.

Such a solution aims to strengthen resilience among frontline workers who have borne most of the burden for the COVID response, while supporting our ambition to provide affordable access to healthcare for underserved populations.

The need for global collaboration to develop solutions against COVID-19 became apparent very quickly as the pandemic spread across the world. Partnerships between the public and private sectors as well as unprecedented sharing of research data during the development of the vaccines succeeded in producing multiple vaccines at record speed. Making sure that all countries have access to these vaccines was and remains a crucial next step in overcoming the pandemic. In 2021, an innovative partnership between Gavi, the vaccine alliance, and the insurance industry helped secure this access for many countries that would otherwise have faced substantial challenges in their national procurement plans

Gavi was founded as a partnership of public and private sector actors who are committed to improving access to vaccines for millions around the world. Following the development of the COVID-19 vaccines, the Geneva-based organisation co-created a vaccine procurement facility called COVAX. The facility bundles demand to purchase vaccines in bulk from manufacturers.

However, only lower and lower-middle income countries can benefit from donor support for their vaccines under the COVAX scheme, while middle income countries must pay for their doses themselves. This is where our partnership supports COVAX: Swiss Re Corporate Solutions, together with other leading insurers, participated in an innovative risk mitigation program arranged by Marsh, a leading insurance broker and risk advisor, to provide protection against the risk of non-payment by 21 self-paying countries across Africa, the Americas, Asia and continental Europe. The insurance coverage allowed those countries to access vaccines and gave Gavi greater confidence to negotiate preferential prices with manufacturers.

This innovative public-private partnership contributes to increased vaccination rates in developing countries, which will have a significant impact in helping them reach their national vaccination targets in 2022.

Swiss Re’s white-label digital insurance company iptiQ entered into a collaboration with Square Health, one of the largest networks of medical professionals in the UK. Since 2021, iptiQ’s clients and their customers in the UK have received digital health benefits such as virtual 24/7 general practitioner (GP) consultations, e-prescriptions, mental health support, bereavement counselling, wellness checks and dietician services.

By providing relevant services throughout a person’s lifetime, our iptiQ division aims to increase customer engagement. We also intend to reduce the amount of time needed to diagnose health conditions and offer customers a way to be more proactive in staying fit and well.

Through the lens of COVID-19, we have seen Square Health play a pivotal role in digitalising GP services. As a result of the pandemic, obtaining routine doctor’s appointments became more challenging. Delivered through an intuitive mobile app, Square Health complements traditional health services by providing additional digital access. The app lessens dependencies on face-to-face consultations, thus protecting some of the most vulnerable.

Furthermore, depression and anxiety were a leading cause of disease burden even prior to COVID-19, with mental healthcare systems often being under-resourced. The pandemic has been associated with an even higher rate of major depressive disorders and anxiety, making the mental health support provided via Square Health especially meaningful.

We are looking to embed the Square Health service across multiple distribution partners, and to launch additional health services depending on the unique needs of our partners and customers.

Many online food delivery platforms rely on a fleet of freelance bike couriers and drivers, many of whom are uninsured. As people stayed in or shifted to working from home during the pandemic, demand for food delivery services boomed in many cities across the globe. As the frequency and volume of deliveries intensified, delivery workers became increasingly exposed to potential accidents resulting in costly medical bills and lost wages.

To provide affordable accident and health protection for workers in the gig economy, Swiss Re worked with insurtech firm Igloo and MSIG Singapore to develop a pilot project on behalf of Foodpanda, a popular food delivery service with operations in over 400 cities across 12 countries. Known as PandaCare, the insurance solution covers a range of benefits including accidental medical expenses, cash for hospital stays, permanent or temporary disability and smartphone damage. The policies are underwritten by MSIG Singapore, with reinsurance backing provided by Swiss Re.

PandaCare is fully embedded into the Foodpanda platform using Igloo’s technology, making it easy to use. After completing an online questionnaire, riders registered with Foodpanda can opt in to one of three monthly plans starting at as little as SGD 9 per month. Riders also have the option to extend coverage to their immediate family members. Submitting claims through the online portal is equally simple.

Such convenient and affordable digital solutions are an effective means to provide workers who enjoy the flexibility of the gig economy, but who might otherwise go uninsured, with peace of mind. Although the product is currently only available in Singapore, the partnership with MSIG Singapore and Foodpanda serves as model for other consumer brands looking to provide protection for their freelance workers.

Over 44 million immigrants live in the US. Each year, they send more than USD 148 billion to their home countries. Many immigrants carry the financial burden of supporting family members back home, especially in the event of an emergency such as a family funeral. Faced with such circumstances, immigrant families and their communities often end up pooling their resources to fund these emergencies out of pocket.