How can insurance create Shared Value?
According to FSG, the consulting firm co-founded by Michael Porter and Mark Kramer, insurance is the ultimate Shared Value industry, where social impact is integral to economic success. By pooling the resources of the middle class, we can create life and health products that bring life-saving treatments to individuals who would not be able to afford the type of health care or post-life support for their family that they need if they were working on their own. Meanwhile, reducing accidents, improving health, and helping organizations better prepare for economic risks all improve the profitability of insurers.
Our work spans multiple areas, from risk prevention to addressing the needs of underserved customers and investing in support systems that help with prevention and protection. Here in Hong Kong, our award-winning critical illness product not only covers financial protection but goes beyond to cover protection for relapse and offers programs for rehabilitation. This helps to alleviate the financial burden on the family as well as on wider society in a more comprehensive way.
AXA also works with emerging customers in markets such as the Philippines and Thailand. Whereas insurance would often be out of reach for such groups, AXA has worked to develop simple, affordable products tailored to their needs to enable them to protect what they have built and reduce the impact of unexpected risks.
Looking beyond products alone, many experts are saying that the COVID-19 pandemic has condensed years of digital transformation and adoption into a matter of months. This has never been more evident than in the huge jump that telehealth made in 2020, when lockdowns and social distancing made routine visits to doctors or hospitals nearly impossible. AXA Asia was able to work with telehealth partners to ramp up their services and offer free teleconsultations to over 10 million people across Asia, both customers and non-customers, including underserved patients in remote, rural areas with limited healthcare access.
With the pandemic disrupting working practices in Asia, a major concern for employers has also been to support employees through this period while preparing for a return to the office after months spent working from home. AXA worked with our medical and psychological experts to produce two guides that would enable any company to safeguard its employees’ mental and physical health. These provided detailed guidance for managers on how to address mental health at work.