Francis Blumberg on how Swiss Re’s digital underwriting tools aid take up rates
29 Jun 2016
The Head Strategy and Client Services Swiss Re, gave a presentation on the on the topic of “Improving the onboarding of a customer’s journey“ at the Next Generation Insurance Customer 2016 conference at the Swiss Re Centre for Global Dialogue.
Click here to find out more about the event.
Read the text version of Francis Blumberg's interview here:
“We have insights because we are working with many clients across the world and then we can share the insights that we have there. I think that is a good first step in creating awareness in that and then we have specific tools that we can help in putting in place. We have an underwriting tool, Magnum, we have predictive analytics that we can do. All kinds of services. Generally, we'll adapt to whatever the needs of the company is to see where we can help.
There are four steps. First we digitise the information itself. We try to connect it, to connect up all the pieces. Once we have that we can analyse, this is the third step. Out of the third step hopefully will be some learnings and improvements that we can implement and then change in the process already.
Digital underwriting platforms help by making the journey easier and smooth and all in one go. I think if the customers have a good and smooth process then take up rate should also go up. We've seen that particularly in the United States, take up rates have gone down. The industry is selling less life insurance policies to the middle aged segment than they did twenty years ago, which is quite alarming given that wealth of the country has gone up. This digital platform should be a big help in that, and to bring this up again.”