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Strong Local Commitment Produces Holistic Client Solutions

RGA solidified its position as a product development leader in the Asia Pacific region, harnessing our full spectrum of capabilities to move our clients and the industry forward.

Innovation in product development has long been a core strength and a differentiating factor in why clients choose to partner with RGA Asia Pacific. Our teams leverage a strong local presence in every market we serve to get to know our clients and to understand their business needs in depth. We then combine our core reinsurance expertise with advances in digitalization, data analytics, and new ways of thinking to create holistic, consumer-focused solutions.

Below are two examples among many from 2021 that illustrate how RGA solidified its position as a product development leader in the Asia Pacific region, harnessing our full spectrum of capabilities to move our clients and the industry forward.

Innovation Leads to More Innovation – and More Business – in Korea
In recent years, RGA Korea has partnered with one of the market’s leading insurers on a range of innovations. In 2021, RGA built on that partnership and is currently developing two innovative risk scoring models, IRS (Insurance Risk Score) and HRS (Health Risk Score), for that client. RGA combines underwriting and data analytics expertise with external data such as credit information and medical checkup records. We expect the new risk scoring models will help the client achieve sustainable business growth by providing a more predictable risk management framework and increasing sales through a streamlined underwriting process.

Based on this success, along with extensive market research conducted by RGA to identify emerging opportunities for our client, we formed a strategic “bulk deal” partnership in which RGA will serve as co-creator of our client’s future innovation projects. As part of the arrangement, RGA will reinsure new and recurring business as well as renewable in-force business as it becomes available.  

RGA Changes the Game for Retirees in Singapore
The RGA Southeast Asia team sought to address a growing market need in Singapore: the uncertainty of post-retirement medical insurance and the cost of premiums. The solution was dubbed the “Retirement Game Changer,” a hybrid life and medical product that provides policyholders:

  • A safety net for medical expenses after retirement by drawing down on mortality cover.
  • Peace of mind about future medical premiums via a limited premium-paying period.
  • Death and terminal Illness coverage, with deferred medical benefits starting from customers’ selected retirement age. 

Because the product was a novel proposition, RGA supported our clients in all aspects of implementation, including advising on risk controls for hybrid life and accelerated medical risks. We brought market insights and concept validation by conducting our RGA Future of Retirement Product Survey in Singapore and by applying RGA’s behavioral science expertise. The result was a comprehensive protection solution that enabled insurers in Singapore to strengthen its population’s retirement planning.