With little or no underwriting involved (applicants may be asked for nothing more than a declaration of good health), the key issue with such products is distribution. Hannover Re understands which sales channels attract acceptable risks, how to design viable simplified issue policies, and, crucially, how to price products to make them both affordable and profitable. We also understand the imperative of keeping application processes short and simple to maximise conversion rates.
Simplified issue products enable mass market B2C product and service providers to leverage existing distribution capabilities to offer entry-level life and health insurance products, and so create future up-sales opportunities. Products like online life insurance can also bring providers valuable new revenue and client relationships - provided they are well designed and distributed.
The depth of understanding and experience Hannover Re brings to the simplified issue market makes us a competent partner for any provider entering or extending their product offer in this fast growing market segment. We understand in detail how to create products that combine adequate pricing and risk selection with a compelling price point and a streamlined sales process.
Clients additionally benefit from our exceptionally open and flexible approach to new ideas in the simplified issue space: we are looking beyond standardised solutions to innovative products that can help our partners profit from untapped market segments. Hannover Re is always ready to back new products by sharing in the risk as reinsurers.