IptiQ's proposition goes beyond just bringing products to market. We can integrate solutions across the value chain and a range of distribution channels, digital insurance platforms, digital sales platforms, optimisation services and customer servicing portals.

We take a modular approach to product design. This allows us to quickly configure and adapt propositions, products and customer experiences according to the partner's capabilities and needs.

In 2023, iptiQ continued its growth story. Our gross premiums written increased by 29.3% to USD 1.1 billion for 2023, with products and propositions delivered by an expanding digital platform capability. This allowed us to make significant progress in our goal to break even in 2025.

Highlights in 2023

iptiQ's proprietary technology allows non-insurers to offer insurance solutions to their customers. One of our strategic projects in 2023 was the partnership with automotive dealer Emil Frey, one of the largest car retailers and providers of mobility financial services in Europe. iptiQ's partnership allows Emil Frey to embed a digital insurance solution seamlessly into the car sales process and the Emil Frey digital dealership management system. Customers can now buy their vehicle and insurance together in one purchase, significantly streamlining the process.

iptiQ can also modernise legacy platforms. In March 2023, iptiQ worked with Zurich Insurance – one of Swiss Re's longest standing clients in Switzerland, to launch a fully automated medical underwriting platform. Zurich's customers can now purchase an individual term life insurance policy within 15 minutes. Medical underwriting decisions are made instantly and customers can access their policy documents straight after purchase.

iptiQ also helps insurers reach new market segments. In the UK, we enhanced the distribution partnership announced in 2021 with Clark UK by introducing new life insurance products. Under the Tom and Polly brands, Clark UK provides life insurance to fathers and mothers, respectively. iptiQ is integrated into Clark UK's existing distribution platform, providing a state-of-the-art customer experience. Using the same technology, the Winston brand provides an "over 50s" life insurance product for people up to the age of 80. The onboarding process combines cutting-edge technology and personal advice, combining traditional insurance values, such as advice, with modern platform technology.

Outlook

According to a global survey conducted by Swiss Re Institute in 2023 [1], more than 40% of consumers in advanced markets and 50% in emerging markets have bought insurance online. We strive to improve and simplify the insurance-buying experience for consumers and thereby support Swiss Re's mission to close protection gaps.

[1] See sigma No. 5/2023: The economics of digitalisation in insurance (swissre.com).