Swiss Re has selected Backbase, a technology company that develops digital channels for financial services companies, to develop a new digital platform for selling and servicing life and health products online, Swiss Re said.
The platform will be available to the insurer’s European insurance partners. It is intended to facilitate the online delivery of critical illness, term-life and other simple protection products, Swiss Re said, and broaden Swiss Re's client capabilities, which already include Magnum, the insurer’s automated underwriting system’ the insurance carrier iptiQ; and proposition development capabilities.
"It has long been part of the reinsurer's role to support the industry in evolving and adapting to new consumer needs,” said Paul Hately, head of Swiss Re Protection Partners and Board Member at iptiQ. “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. We chose Backbase because of their ability to easily deliver great customer experiences in the digital world."
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