Life Insurance at a Crossroads: Innovation, Digital Access, and Economic Impact

Prudential report reveals ASEAN economic boost linked to life and health insurance growth

23 Sep 2025

A Prudential-commissioned study, Beyond Coverage, finds that increasing insurance uptake in six ASEAN countries could boost GDP by over 4% by 2050. Using data from 1999–2019, the report shows that a 50% rise in life insurance could lift GDP per capita by 5.1%, while similar growth in non-life insurance could increase GDP per capita by 3.1%. Insurance promotes economic growth by strengthening the workforce, improving financial stability, and channeling long-term capital into sectors like infrastructure and green energy. Prudential urges policymakers to support the industry through fiscal incentives, regulatory reforms, and public-private partnerships to expand coverage and drive inclusive development. The study highlights insurance not just as a safety net, but as a key driver of resilience and prosperity across ASEAN.

Goose and Assumption Life team up to launch digital life insurance suite

19 Sep 2025

Goose Insurance Services has partnered with Assumption Life to offer a new suite of whole life and renewable term life insurance products via a fully digital platform. The app allows users to purchase coverage instantly, with whole life policies starting at $25 per month, no medical exams required, and tools to manage cash value and support. This partnership aims to simplify life insurance for younger and underserved Canadians, addressing traditional barriers like cost and slow, paperwork-heavy processes. It also reflects a broader trend of insurtech collaborations, combining startups’ digital capabilities with established insurers’ market presence. The initiative could attract new, tech-savvy customers while expanding access to long-term financial protection.

Consumers under 40 are skipping life insurance as they delay traditional triggers such as marriage and parenthood

15 Sep 2025

The 2026 World Life Insurance Report by Capgemini and LIMRA shows that under-40 consumers often avoid traditional life insurance due to high costs, misalignment with life stage, and lack of immediate benefits, despite 68% seeing it as important for financial security. Younger adults prefer policies offering “living benefits,” such as wellness rewards, emergency funds, or fertility coverage, and want digital, flexible, and portable solutions that move with them between jobs. Insurers are urged to innovate products, empower agents with AI tools, and form ecosystem partnerships to make life insurance relevant, accessible, and engaging for the next generation. The report highlights a gap between younger consumers’ expectations and what most insurers currently offer, especially in technology and data-driven advice. Closing this gap is seen as critical to sustaining life insurance adoption as millennials and Gen Z accumulate wealth and delay traditional life milestones.