The landscape of insurance is on the precipice of a profound transformation, driven by groundbreaking developments in human longevity science and technology. As more and more money is poured longevity and health span each year, with results and improvements coming think and fast, this is now a science that cannot be ignored any longer. As researchers make huge strides towards, with the ultimate view of achieving longevity escape velocity (this essentially implies that one is growing younger faster than growing older), the impact for insurance products and services are nothing short of revolutionary. In this article, we will explore the tangible impacts of recent scientific breakthroughs, the evolving role of insurance in this new era, and the exciting possibilities that lie ahead.
Scientific Marvels: Turning the Clock Back on Aging
Recent research spearheaded by institutions like Harvard and companies like Altos Labs and Calico has illuminated the path to extending human lifespan. Dr. David Sinclair's groundbreaking work in cellular rejuvenation at Harvard University, including the rejuvenation of an aging mouse (*1) and restoring vision in non-human primates (*2), underscores the promise of these technologies. These studies are not mere science fiction; they are legitimate, peer-reviewed breakthroughs that are reshaping our understanding of aging and health. Even Elon Musk has got involved in the conversations on X from a recent breakthrough and asked for more information.
Longevity Science and Insurance: The Inevitable Convergence
As humanity moves into a future where living healthier for longer is becoming reality, the insurance industry, including the insurtech and insurance software, must learn to adapt. Health and life insurance, in particular, will undergo significant changes. Insurers will need to reevaluate their risk models, pricing structures, and product offerings to accommodate individuals who are not just living longer but enjoying extended periods of good health.
To highlight the science progress, there has been much progress in the last few years, culminating with a large number of clinical trial to determine which chemicals can positively slow or even reverse human ageing. To name but a few immediate candidates we have: NMN (*7), Rapamycin (*4), Metformin (*5), and different combination of the Yamanaka factors (*6). These studies are all looking at either cellular rejuvenation, slowing down epigenetic ageing, halting ageing or reversing ageing!
We are seeing a shift in how people look at their health and want to make improvements. Many supplements can be purchased online, with more and more people looking to change their dietary, sleeping and even eating habits.
Prominent longevity scientists have not only contributed to groundbreaking research but have also, recently, been asked to advised insurance companies on the challenges and opportunities posed by increased human lifespans. Their insights and forecasts underscore the importance of considering the longevity revolution in insurance strategy. (*3)
Beyond Health and Life Insurance: The Ripple Effect
The implications of longevity breakthroughs extend far beyond health and life insurance. Other insurance sectors will feel the impact as well. Here are some examples:
Property Insurance: Longer life may lead to different housing needs, impacting property values, and insurance requirements.
Auto Insurance: Extended lifespans might influence driving behaviours, vehicle preferences, and accident rates.
Gadget Insurance: As people live longer, the longevity of personal electronics and the need for coverage may change.
Travel Insurance: An aging population may alter travel patterns and health-related insurance needs for tourists.
Retirement Planning: Retirement insurance products may need to adapt to support longer periods of retirement.
The Tech-Driven Future of Insurance
In a world where data is abundant and technology is advancing rapidly, insurance companies have an opportunity to harness these tools to adapt to the longevity revolution. AI and big data analytics can aid in risk profiling, personalised policy offerings, and even predicting health outcomes through the growing field of health-tech and wearable devices. The ability to leverage vast datasets will empower insurers to offer more tailored, competitive, and responsive services.
Pioneering a New Era of Insurance
The future is bright for both humanity and the insurance industry. The potential for humans to live longer, healthier lives is an exciting prospect for everyone. However, it also demands a proactive approach from insurers. Embracing Insurtech, AI, and big data will be essential for staying competitive and relevant in this rapidly evolving sector. The time for insurance companies to prepare for the era of extended lifespans is now. Insurance companies that adapt will not only thrive but also play a crucial role in safeguarding the financial future of longer-lived, healthier individuals, as well as leading the charge on ethical and inclusive underwriting. The race to insure a better, longer life has begun, and those who embrace the change will lead the way.
Cooper Rose Digital would be a pivotal partner to work with for anyone looking into these technological or scientific challenges, as a forward thinking business for not only InsurTech, but also exploring the opportunities in AI. For any insurance or even bespoke project, please reach out to us to find out how we could help.