RGA launches Plan V Care
Global life and health reinsurer RGA , together with their global accelerator RGAX , announced the launch of Plan V Care, a digital cancer-only product designed for women. In partnership with Covéa Insurance , a UK life and critical illness insurer specializing in innovation in the life sector, and Direct Life and Pensions, a provider of protection technology and outsource services, RGA has developed a direct-to-consumer proposition specifically tailored to meet the needs of female millennials.
“Research has shown that women – millennial women in particular – are underserved by today’s insurance market. As they age, begin thinking about starting families, buying homes, and growing their income, the need for health-related insurance benefits becomes increasingly important. Yet there are not currently life insurance brands that deliver both a product and experience specifically tailored to their life situation, age, and gender.” – Kate Lyons, Head of RGAX UK.
RGA research revealed that cancer is the top concern for women ages 28-38, and by using these insights and its global expertise, RGA partnered with health tech specialists to develop Plan V Care. Until now, the complicated nature of critical illness and cancer-only products has been a barrier to selling directly to customers. However, over the past year, RGAX and RGA have worked closely to develop an innovative, direct-to-consumer cancer product supported by UnderwritingPal (UWPal), the companies’ recently launched, cloud-based digital underwriting service.
“Plan V Care is about more than tapping into the Generation Y female market to sell insurance solutions,” added Lyons. “Our work to develop this product, along with the data and insights gathered during the development process, will serve as a model that can be scaled with our clients and leveraged across other target segments to continue to expand protection to underserved markets.”