Magnum Go and iptiQ
New technologies are changing the way life insurers write business, handle sensitive data and engage customers. At the same time, these technologies are also shifting customers’ expectations when it comes to their life insurance buying experience. They want more convenient transactions, customisable products, faster decision-making and less intrusive underwriting practices.
Embracing this transformation, we have developed Magnum Go, an online life insurance solution. It helps small and medium-sized insurers respond to digitalisation and their customers’ changing buying demands by providing a simple and standardised approach to automated underwriting. This cloud-based digital solution ensures data security, reduces operating costs and improves regional customers’ access to life insurance products. Magnum Go has been integrated into a French insurer’s existing online presence, enabling them to benefit from an easy-to-use, flexible and personalised consumer experience, which delivers instant underwriting decisions that previously would have taken weeks.
Helping our life insurance clients take advantage of the benefits of underwriting automation, as well as removing lengthy paper-based application processes and reducing errors and omissions, Swiss Re’s Magnum Go allows for a leaner and more efficient distribution approach. Ultimately, this scalable digital solution increases ease of access to life insurance, thereby helping to close the protection gap and contributing to better individual and social welfare.
Our Life Capital Business Unit was created in January 2016 and is dedicated to developing Swiss Re’s primary life and health business. It operates through three wholly owned subsidiaries in three lines of business: ReAssure for closed books, elipsLife for Group L&H insurance and iptiQ for individual L&H and P&C insurance. (On 6 December 2019, Swiss Re announced the agreement to sell ReAssure to Phoenix Group Holdings plc. The transaction is expected to close in mid-2020, subject to regulatory and antitrust approvals.)
iptiQ reflects Swiss Re’s commitment to introduce more people in society to the benefits of financial protection against life’s uncertainties – in particular to closing the gap between the amount of savings or insurance that someone has, and the amount needed in the event of misfortune. iptiQ works in partnership with established and trusted brands, combining Swiss Re’s vast experience and expertise in designing protection products with the partner companies’ own know-how.
Our partners can choose from numerous product configurations in order to get easy-to-understand protection products with clear and transparent pricing. By entering the P&C market in 2019, iptiQ expanded its L&H products offer from term life, whole life, critical illness and disability to a broad P&C proposition including, for example, property cat, cyber, private liability and household insurance.
iptiQ has grown strongly since its creation in 2016. To illustrate, our inforce policy count has increased from 175 000 to 377 000 from 2018 to 2019 (core business), supported by an increase from 19 to 29 distribution partners between year-end 2018 and year-end 2019.
iptiQ’s overriding goal is to offer simple, streamlined, digital solutions that remove the traditional hurdles to purchasing protection and thereby protecting a larger amount of people.