Swiss Re has partnered with software company Backbase to develop a new digital platform for selling and servicing life and health products online.
Backbase said 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.
The new platform will also broaden Swiss Re’s client capabilities in the life and health insurance market, which already includes Swiss Re’s automated underwriting system, Magnum; an insurance carrier iptiQ, and proposition development capabilities.
Paul Hately, head of Swiss Re Protection Partners, and a board member at iptiQ, said: "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."
Frank Uittenbogaard, regional director of Backbase, said: "Swiss Re has a strong vision and they realise digital in an omni-channel world is essential. Backbase CXP will bring Swiss Re all the capabilities to quickly on-board new partners, combined with the ability to completely tailor and customise the user experience."
Backbase was founded in 2003 and is privately funded with operations in New York, Atlanta, Amsterdam and London.