Starting today, everyone in Estonia has access to life insurance with a price dependent on their health behaviour.

Press release | April 2, 2024

Two outstanding executives with more than twenty years of experience building and running life insurance businesses, Mihkel Mandre, at Swedbank and Indrek Holst, at SEB Life and Pension Insurance, have publicly launched their new company Lyfery Insurance OÜ. Their new venture aims to offer people who practise excellent health behaviour life insurance at a fair price, which promises to be half as much as other life insurance companies operating on the market are offering.

The primary barrier preventing the life insurance industry from creating new value lies in the fact that profits stemming from unrealized risks are not shared with customers. Lyfery will now begin revealing to its customers their risk price, and the profits resulting from reduced risk will be redirected to those customers who genuinely contribute to minimizing risks through their health behaviour.

The company has an ambitious roadmap. Estonia will serve as a test market, and the aim is to use the lessons learned here as the foundation for further expansion in larger Europen markets, both in central and eastern Europe. Lyfery was founded in 2022 and, following substantial preparation and the establishment of an experienced core team, is now ready to share its initial offering with Estonian customers.

“What we have created is far from being just another life insurance product with better pricing. This is a future-oriented solution rewarding and giving back to people who care about themselves and their families and the community in general. Lyfery’s product will not only reward them with better price and health dividends but also offer the best selection of services available to mitigate one’s health risks”, according to Mihkel Mandre, Lyfery’s founder and CEO.”

“We have 150,000 active life insurance policies in Estonia as of today, and we are convinced that the owners of tens of thousands of them have excellent health behaviour. We aim to draw attention to and bring into the limelight the ones who have good health behaviour. Traditionally, insurance products are offered to deal with the consequences of health issues, not to contribute to mitigating the factors that cause them. It doesn’t matter whether the costs are borne by the individual or by the state, if we collectively have better health, our society benefits. We all need to look at prevention rather than cure. This is why we have placed health behaviour and its benefits on all levels at the very centre of our services”, added Indrek Holst, co-founder of Lyfery.