Advanced automation through Magnum

In today’s global markets, many consumers want to access insurance products in a fast, straightforward manner. And, of course, insurers require support for their worldwide strategies across many sales channels.

Timely and cost-efficient

“Modern technology can help improve the insurance consumer’s experience, providing the solution is timely and cost-efficient,” Paul Hately of Swiss Re explains, “and an automated underwriting system can really add value to a life and health insurer’s business.

“What’s more, a quality system will provide vital data and management information to help an organisation develop their underwriting and wider business strategies.”

Swiss Re has recently enhanced Magnum, its renowned automated underwriting system. There are many advantages, such as a “free-text matching” dictionary to guide the consumer through the underwriting process and reduce the number of referrals to an underwriter. Plus, the system provides strategic information to help businesses in an increasingly competitive world.

20 year evolution

“The system’s evolved over the last 20 years with a focus on consumer needs,” Paul continues, “and it’s been developed by underwriters to ensure that it’s easy-to-use.

For example, the advanced drag-and-drop technology allows the user to adapt the system to their own underwriting rules in a simple way, reducing the need for IT support.

“Fast, innovative technological solutions are becoming essential in responding to consumers’ needs. Magnum ensures that our clients will be at the forefront of this exciting climate.”