Swiss Re has partnered with Backbase to develop a new digital platform for selling and servicing life and health products online.
The solution includes Swiss Re’s know-how and Backbase’s technical and customer experience expertise. The new platform will broaden Swiss Re’s client capabilities in the life and health insurance market, which already includes Swiss Re’s market-leading automated underwriting system, Magnum; an insurance carrier iptiQ; and proposition development capabilities.
The digital platform will be available to Swiss Re’s European insurance partners, and will enable online delivery of simple protections products, such as critical illness or term-life products.
"It has long been part of the reinsurer’s role to support the industry in evolving and adapting to new consumer needs. Swiss Re is ready to take this forward by helping our clients set themselves up to serve a new generation of life insurance consumer. This helps to close society’s protection gaps and meet the needs of the self-service generation," says Paul Hately, Head of Swiss Re Protection Partners, and Board Member at iptiQ.
Backbase is specialist in developing digital channels for financial services companies. It was selected to begin developing the digital platform because of its strong focus on delivering a superior customer experience, and its proven track-record in the insurance industry.
"We are very excited that Swiss Re has selected Backbase as the platform to deliver its digital services to its many insurance partners," says Frank Uittenbogaard, Regional Director of Backbase. "
Swiss Re’s Reinsurance Business Unit consists of two segments, Property & Casualty and Life & Health. It operates globally, both through brokers and directly with clients, and provides a large range of solutions for risk and capital management.
Clients include insurance companies and mutual as well as public sector and governmental entities. In addition to traditional reinsurance solutions, the Business Unit offers insurance-linked securities and other insurance-related capital market products in both Property & Casualty and Life & Health.