The “Insurance Act of the Year” competition, organized by the Estonian Insurance Association (EKsL), recognized a groundbreaking life insurance project by Lyfery and Compensa Life Insurance as the winner. This innovative life insurance product rewards healthy lifestyle choices, setting a new standard in the industry. Swedbank Life Insurance also earned the public’s favorite award for its initiative to provide free insurance to all Tallinn Marathon participants, raising awareness of life insurance benefits.
Mart Jesse, CEO of EKsL, highlighted the significance of this year’s competition, which featured ten candidates contributing to Estonia’s evolving insurance landscape. “These projects showcased achievements in innovation, collaboration, and social responsibility, with some introducing new services and improved solutions for clients. Other projects demonstrated support for vulnerable communities, enhancing safety and mobility to make everyday life more secure,” Jesse commented.
He further emphasized the importance of life insurance projects gaining support from both the jury and the public. “The collaboration between Lyfery and Compensa Life Insurance demonstrates that solutions promoting healthy behaviors can indeed invigorate the life insurance market. Meanwhile, Swedbank won the public’s favor with its charitable effort to insure all participants in the Tallinn Marathon, reflecting a strong commitment to prevention,” Jesse added.
Mihkel Mandre, CEO of Lyfery, spoke to Lyfery’s mission to reshape traditional life insurance by emphasizing preventive behavior and a healthy lifestyle. “We believe that life insurance should celebrate life itself, providing value beyond financial compensation for incidents. Our focus is on supporting healthy behavior, setting us apart from conventional insurance models,” Mandre stated.
Swedbank Life Insurance’s marathon initiative attracted widespread support, receiving 782 votes in the public favorite category. Aet Altroff, CEO of Swedbank Insurance, called it a remarkable project, insuring over 30,000 people at the marathon. “At each of the eight marathon events in September, all participants, including clients from other banks, were insured, promoting life insurance awareness across Estonia. This initiative provided peace of mind and security, with no obligations for those insured,” Altroff explained.
The ten projects nominated for the Insurance Act of the Year award include: Balcia’s traffic insurance initiative; BTA Velomaster’s cycling training tracks for youth; the Estonian Actuarial Society’s international conference; ERGO’s “Help SOS Children’s Village Get Bikes” campaign; Gjensidige’s safe driving guide; IIZI and LHV Insurance’s “Võrukael” personal liability product; Lyfery and Compensa Life Insurance’s health-focused life insurance product; Swedbank’s marathon insurance project; and the MEPS software for property assessment, led by ERGO, If Insurance, PZU, Seesam, Swedbank, and EKsL.
EKsL serves as the primary association uniting insurers in Estonia. It promotes insurance awareness, advocates for risk prevention, publishes industry statistics, and facilitates dispute resolution through its mediation body.
Nominees and winner photos for the 2024 Insurance Act of the Year awards.
Lyfery pakub sulle personaalset ja sinu tervisekäitumisest sõltuvat elukindlustuse lahendust. Skandinaavia pangad seda endale lubada ei saa.
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.