22.01.2025 Kuku Radio ‘Buum’ show can be listened to here. Mihkel Mandre, founder of Lyfery:
👉 Global political and economic changes affect us all. With uncertainty high, having well-thought-out plans is essential for individuals and businesses to manage risks effectively.
👉 The life insurance sector needs innovation, fairer pricing, and new solutions. At Lyfery, we are developing life insurance products that complement traditional offerings by emphasizing healthy behaviour and risk prevention. We are honoured to be recognized as Estonia’s Insurance Act of the Year 2024.
👉 Lifestyle and health behaviors strongly influence well-being. Harvard University’s 85-year study found that good relationships significantly improve life expectancy and health quality. Investing in strong relationships pays off at home, among friends, and at work.
👉 While Estonia is a generally safe place to live, environmental and climate-related risks are rising globally, as evidenced by recent wildfires in California. Reinsurance provides strong capacity to cover major catastrophe losses. However, over half of catastrophe-related risks remain uninsured, leaving significant costs to individuals, businesses, and governments. Globally, more than $100 billion is paid out annually in disaster compensation—a figure that continues to grow as events become more severe.
👉 Several insurance tech companies with Estonian roots are driving innovation, including Insly, DriveX, Cachet, Rendin, Inzmo and Zego. These companies enhance traditional insurance offerings with fresh, innovative solutions.
References
(1) Relationships Are Key to Health and Happiness / Social Fitness
https://www.forbes.com/sites/adriangostick/2023/08/15/harvard-research-reveals-the-1-key-to-living-longer-and-happier/
(2) Global Risks Report 2024 Highlights Significant Growth in Climate-Related Risks https://www.weforum.org/publications/global-risks-report-2024/
(3) Overview of Estonia’s FinTech Sector (Including InsTech or Insurance Technology Companies)
https://investinestonia.com/wp-content/uploads/invest-estonia-fintech-market-overview-public.pdf
The project “Technological development, testing, and demonstration of components of a healthy lifestyle scoring model” has received €34,580 in development grant support.
As part of the project, a model was developed to assess healthy lifestyle habits, enabling the cost-effective offering of life insurance that supports healthier living. The goal is to create a scalable, health-promoting product that can be expanded across Europe.
As a result of the project, the Lyfery app now measures lifestyle-related mortality risk on an individual customer basis.