South African global reinsurer Gen Re is launching a new behavioural economics-based insurance policy for mental health.
The insurer is hoping to help change thinking in the space with new practical tools, which are similar to those designed for people living with HIV.
The product is built on behavioural economics research, which claims active engagement with the managed services offered by the insurer, customers can control and improve their health. This will also change the underwriting decisions over the lifetime of the policy.
Gen Re states the key paradigm shift is from the pure biomedical approach, which offers little granularity in the assessment and management of the risk. Instead it involves a biopsychosocial approach. The continuous underwriting will give customers better pricing.
A new tool designed by Gen Re considers psychosocial factors, as well as selected questions from the self-efficacy scale.
Clients will also have access to Gen Re’s network of health tech specialists.
Copyright © 2020 FinTech Global
