In the insurance industry, biometric risk generally describes the risk of an insured person's life or livelihood being affected. It is an essential branch of the insurance industry, makes a significant contribution to coverage and is thus of great economic importance. At the micro level, there are numerous insurable risks and the associated insurance products that cover the risk. In our view, three factors play a special role here. Firstly, the insurance mix and secondly, the insurance conditions of the individual products. The insurance mix means the composition of the insurance cover. Of course, the budget can play a role here, since one cannot or does not want to spend an infinite amount of money on insurance cover, but also the physical and mental constitution as well as pre-existing conditions, since certain insurance products can no longer be purchased if certain pre-existing conditions exist. The third design factor is the desire or need for coverage. Because of these limitations, it is important to put together the best mix individually.
The second factor, the insurance conditions, play a prominent role in insurance products such as occupational disability insurance, health and long-term care insurance and daily sickness benefits. But of course also for the other products. Since it is well known that hardly anyone reads through the so-called "small print", many people are not even aware of the different quality of the insurance conditions. Insurance is not just insurance. The years of our work have shown this.
In the following, we would like to show you the insurable risks and briefly present the insurances that cover them.
