Qorus Innovation in Insurance Awards 2024

Lyfery - Prevention Driven Life Insurance

20/02/2024 Insurance Innovation


We reward health behaviour and lifestyle with reduced cost and risk for life insurance, calling it 'health dividends.' With customizable wellness services and personalized roadmaps, both clients and society benefit.

Innovation presentation

Lyfery backround

Lyfery is an insurtech company based in Estonia, founded 1.5 years ago by individuals with extensive experience in the life insurance industry, ranging from 25 to 30 years per person. Leveraging their backgrounds, they have played crucial roles in developing and establishing market-leading bancassurance companies in the regional market. Now, after an extensive preparation period, they are launching Lyfery and aiming to drive even greater transformation and innovation within the industry.


Mihkel Mandre 25+ years of experience in the insurance industry. Previous Swedbank Life and non-life Insurance long term board and management roles within business, strategy, sales, product, IT, innovation areas.

Indrek Holst 30 years of experience in the insurance industry. Long term CEO at SEB Life & Pension for ca 20+ years. (established from greenfield). Public sector experience working as general director at State Social Security Fund. Owner of well functioning family business. A father

of four.

Veikko Tamlak - 25+ years of experience as an previous Chief Actuary at Swedbank Life Insurance. Excellent with numbers. Long term products and as well technology experience. Passionate about travelling and sports. A father of two.

Customer problem:

Customers' healthy habits lack recognition. Life insurance is expensive, backward looking and too standardized especially for those with responsible health behaviour. For instance, in many Central and Eastern European (CEE) countries, claims versus premiums ratios are as low as 20%, implying that customers are paying millions of euros to offset inefficiencies within life insurance product offerings.

Macro & larger-scale problems:

Global life protection gap $100+ trillion (Swiss Re);

Aging without an increase in healthy years;

Rising insecurity affects financial, mental, social well-being;

Increasing out-of-pocket health costs;

19 of 23 health drivers, mainly lifestyle factors, lie beyond healthcare systems. (McKinsey)

Life insurance, often “death insurance” requires innovation

Lyfery insurance product solution:

We reward health behaviour and lifestyle with reduced cost and risk for insurance, calling it 'health dividends.' With customized wellness services and personalized roadmaps, both clients and society benefit.

The Lyfery product is essentially constructed from the following building blocks:

1. A life insurance component based on a net attractive base price, assuming lower-than-average claims due to a different target customer profile;

2. Selectable wellness and prevention services designed to decrease mortality and morbidity risks in the long term;

3. A pricing and scoring model that rewards healthy behaviors and lifestyle efforts,

4. Guidelines, information, and personalized wellness roadmaps aimed at keeping you on track for long-term wellness.

The impact and customer win:

1. Fair, attractive price: Insurance & Wellness

2. Responsible habits are recognized: Health dividends (price decrease)

The impact and Insurer win:

1. Lower risks

2. New business volumes

The impact and B2B2 distribution and co-operations partners win:

1. New business volumes and revenues

2. Funding for their community initiatives and common good

Uniqueness of the project

1. Entire business model and value proposition transitioning from protection to prevention.

2. Lyfery is developing a Wellness Score and Health Dividend model to allocate portfolio profits based on individual lifestyle and preventive efforts, impacting mortality estimates. Health dividends are provided based on data from relevant lifestyle categories such as physical activity, utilization of preventive services and screenings, risk behaviors (e.g., smoking), sleep quality, mental well-being, nutrition, etc.

3. Distribution model involves the development of an entirely new B2B2C distribution approach, with a focus on selection impact. This means establishing new partnerships and creating innovative B2B2C digital distribution channels, including various sports and wellness clubs, communities, and retailers.

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