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2018 Corporate Responsibility Report

Driving digital insurance solutions

Our customers are seeking quick, intuitive and streamlined digital experiences in order to make their lives safer and healthier. This is a far-reaching phenomenon, and the demand for such services is affecting the entire insurance value chain. While it enables us to deliver value directly to our customers, technology also provides us with new opportunities to close existing and potential protection gaps, which often widen due to lack of affordability, awareness, trust or complexity.

Driving digital insurance solutions, meeting room table with lots of papers, tablets and phones (photo)

Our response

Swiss Re’s main response to these new opportunities is clustered under three proof points: big data/data analytics, the digital consumer and the digitisation of insurance.

At Swiss Re, our goal is to use data to promote better access to insurance. For example, good data can help streamline processes, which eventually leads to more customer-friendly access to insurance and increases the uptake of insurance products. It can also be used to filter out fraud, increase insurability and make prices fairer. Furthermore, the efficient use of data allows us to get closer to risk and offer risk cover in a much more efficient manner. This will make insurance more affordable and can give even underprivileged people access to coverage. As a result, we will be able to offer risk cover to a greater number of individuals.

Secondly, end consumers now receive an increasing number of services online. They consequently expect a better experience when purchasing insurance; moreover, there are ample opportunities to help them become aware that insurance cover is available. Customer-driven digitisation is beginning to translate into new product offerings that are simple and easier to compare.

And finally, although insurance is a complex sector that involves substantial administrative duties, many of these duties can be digitised. Examples thereof include sales, underwriting and contract handling, as well as investment, finance and claims management. At Swiss Re, we can assist customers in simplifying the insurance value chain in all these areas.

With our Top Topic Driving digital insurance solutions we want to connect the dots, and engage our audiences with our expertise and risk knowledge in this area.

Notable achievements in 2018

  • We co-sponsored a Human Centred Design study to develop a client risk journey for healthcare in Ukraine, Russia and Morocco. The study will provide consumer insights (risk diary) which will be linked back to the digital insurance value proposition for telecoms clients.
  • We launched a digital campaign around the Top Topic Driving digital insurance solutions in developed markets in Europe and the US to raise awareness of Swiss Re’s digital expertise and solutions.
  • We continued to invest our expertise in helping people drive more safely. We partnered with BMW to develop an Advanced Driver Assistance Systems (ADAS) risk score algorithm, which will be available from 2019. The use of vehicles equipped with ADAS has the potential to reduce motor accident frequencies significantly.