Social output analysis for Life Capital

Increasingly, stakeholders are asking companies to provide information on their social output, impact and social value. In response to this development, we launched a pilot project to assess the “social output” of our Life Capital Business Unit, which is responsible for developing Swiss Re’s primary life and health business. Looking at the results of particular activities such as policies sold and number of people reached, social output analysis sets the preliminary stage for measuring “social outcome” (which is defined by the changes achieved in the target population’s lives) and, ultimately, “social impact”, or the progress made towards pre-defined goals.

The analysis showed that Life Capital scores well on several output indicators as it is growing, eg in terms of employment and partnership opportunities created, number of policyholders and claims paid. Research conducted by third parties also showed that Life Capital protects a certain number of customers that belong either to a “financially stretched“ or “urban adversity“ socio-demographic group. In the two books assessed, these groups represented approximately 30% of the total. Providing insurance to them is likely to help reduce the risk of falling into the poverty trap.

Building on this data, we plan to establish a methodology to assess social impact, ie the overall value that insurance creates for individuals – socially vulnerable ones, in particular – and to apply this where possible.