Proposal for a comprehensive retirement insurance solution (CRIS) to mitigate retirement risk based on theory of change

The aim of the paper is to propose a new comprehensive retirement insurance solution (CRIS) that, by offering appropriate modules, can be flexibly adapted to customers' needs during the accumulation of funds and entitlements and during retirement. Technically, the product is life-insurance-based and includes insurance for sickness and in-capacity, long-term care (LTC), work activation expenses, hospital stays, and tontine and Luxembourg policies. Due to consumers' changing expectations and needs, the technical dimension of this solution is based on a three-layer insurance product in which individual parts of the protection are supplemented by several additional benefits (types of assistance) that improve the quality of life of insurance participants and allow the ongoing use of the product. The basis for considering such a new insurance product is the theory of change (ToC), which makes it possible to build considerable flexibility into such a solution. A SWOT analysis was used to position the proposed solution in relation to other insurance products and social security offered by the state.