I work in the life (re)insurance industry. Every day I come into work, walk up the stairs (yes I wear a Fitbit) and go about my daily calls and meetings with clients and colleagues; getting fully immersed the in details of the various transactions and initiatives I'm working on.
But at the end of each day, I head home to my wife and young son – and that's where my job really takes on new meaning and significance.
For the past 30 days, stakeholders in the industry, including Swiss Re, have been shouting from the proverbial rooftops about the importance of life insurance and the protection and peace of mind it can provide for our families.
Swiss Re estimates that the US is underinsured to the tune of a staggering $22 trillion, which is close to $400K per family. Millennials, the largest population group in the US, account for $4.9 trillion of that life insurance protection gap. Herein lies a great opportunity for the industry. Our recent protection gap paper focuses heavily on Millennials – check it out here.
So when we started planning for Life Insurance Awareness Month – we actually have a cross-functional 'protection gap' team at Swiss Re – we came together as colleagues but also has fathers, mothers, siblings and as caregivers. We wanted to showcase how we can partner with our clients to reach those elusive consumers.
We created a tailor-made LIAM landing page which houses a lot of information that hopefully illustrates our commitment to closing the gap. From submitting by-line articles on behavioral economics and big data to videos, information on our new marketing cloud venture and Open Minds blogs on 'flipping the script' on life insurance, we've been hard at work, joining the chorus of groups calling for more attention to be paid to something that can cost so little yet provide so much.
The industry organization, Life Happens, has been doing a tremendous job promoting the value and need for life insurance. We're a proud supporter of the Life Happens' 2015 Life Lessons Scholarship program. This initiative is near and dear to us as it assists students seeking a college education who are struggling financially because of the death of a parent or guardian who had little or no life insurance.
Cameron Hillebrand was the student we supported this year. His story is heartbreaking. Which brings me back to why when I go home every night, my job takes on real meaning. When you get right down to it – Cameron – is why we do what we do. He and others are at the heart of every transaction we complete, every new product we create, every claim payment we make.
We won't be waiting for next September to roll around to continue to promote, innovate and collaborate with our clients around closing the protection gap – it's just too important. #LIAM15
Category: Funding longer lives: Health/medicine, Longevity risk, Pension/retirement