Samsung enters partnership to help close the Middle Market protection gap
Samsung Electronics Ltd. has entered into a strategic partnership with iptiQ Americas (iptiQ) in order to support the insurer’s goal to close the $26 trillion life and health insurance protection gap, which currently impacts more than 61% of Americans – primarily the middle market.*
The key mission of this partnership is to help consumers live healthier lives. Samsung is testing solutions to better inform consumers, improve healthy behaviors, and potentially identify and prevent serious health conditions, such as heart disease. “Bringing our health and wellness solutions to iptiQ’s insurance solutions will be a catalyst for enhancing the quality of life for their policyholders,” said Taher Behbehani, Head of Mobile B2B Division, Samsung Electronics America.
“We’re thrilled to be partnering with Samsung. Our collaboration represents our common mission to close the protection gap by making insurance more accessible and affordable, and encourages consumers to take up a healthy lifestyle,” said Phil Walker, CEO iptiQ Americas.
Through the partnership, Samsung and iptiQ are looking at ways to improve the relationship between insurers and consumers. By switching from a transactional to a more collaborative relationship, both parties can become equally invested in enabling active, healthy lifestyles. Together, this will help millions of Middle Market consumers have better access to life and health insurance—a timely message aimed at educating Americans about the importance of life insurance during Life Insurance Awareness Month.
“Industry forecasts indicate that the insurance protection gap will widen in the coming years if current insurance market purchase trends continue. Insurance plays an important role in protecting people against hardship, and – together with Samsung – we are exploring different ways to help close the protection gap,” said Niels Keuker, Chief Marketing and Sales Officer of iptiQ Americas.
*Swiss Re Institute, September 2018.