We deeply value all our clients and the relationships we have built over the years and will prioritize those relationships that allow us to build mutual value. This new strategy delivers a more efficient and focused L&H organization. HOW ARE CHANGING DEMOGRAPHICS AND LOCAL MARKET CONDITIONS LEADING TO OPPORTUNITIES TO DEVELOP NEW LONGEVITY SOLUTIONS? R.M. In markets around the world, the financial industry is facing unprecedented challenges in managing the risks associated with changing demographics and local market conditions. As people live longer, pension funds and insurance companies must navigate the complexities of ensuring they have adequate resources to meet the long-term needs of their pensioners and policyholders. Local market conditions, including the structure and availability of government and employer support, makes a “one-size-fits-all” solution nearly impossible. This is where SCOR can help. SCOR has the skills and expertise required, building on its long-standing longevity business in the UK and local expertise in each market to apply a data-driven approach to develop and bring relevant longevity solutions to our clients around the world. HOW IS SCOR L&H SUPPORTING EFFORTS TO IMPROVE POLICYHOLDERS’ HEALTH THROUGH PREVENTATIVE MEASURES? R.M. SCOR’s L&H teams around the world are exploring different avenues for encouraging preventative measures that help people stay healthy and raising awareness of early intervention. Not only can prevention and early intervention improve health outcomes for policyholders, but they also reduce healthcare expenses for individuals and governments and reduce health insurance claims. By incentivizing healthy behaviors, we’re able to develop and provide more inclusive products and extend coverage to more people. Cancer is one area where prevention can have a particularly important impact on health outcomes and new technologies are opening the door to ever-more innovative solutions. SCOR is exploring the possible implications of innovative cancer detection methods like multi-cancer early detection tests (MCEDT) and liquid biopsies on our strategy and underwriting and claims processes. Research has also linked dementia and modifiable cardiovascular risk factors such as high blood pressure, obesity, smoking, and dyslipidemia. By finding new ways to incentivize policyholders to reduce these risk factors, we can help enable people to stay healthy longer. A focus on prevention supports more resilient societies – by preventing illnesses and premature deaths – and ultimately reduces the overall risk exposure for insurers and reinsurers. SCOR HAS A STRONG FINANCIAL SOLUTIONS AMBITION. HOW DO YOU PLAN TO ACHIEVE THIS? R.M. We have strong partnerships and relationships with our protection clients, offering a full-service proposition, where traditional cover is complemented with other services such as product development, underwriting capabilities and distribution, and claims management. In addition to these services, we can also provide Financial Solutions to serve the needs of our clients, allowing us to, for example, help our clients to manage their capital position. We plan to leverage these strong partnerships and relationships to significantly grow our Financial Solutions business, bringing reinsurance into the capital management strategies of our clients. “Collaboration is key, whether that means working closely with our clients or ensuring strong working relationships among our own teams.” 74 ACTIVITY REPORT 2024
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