Magnum Data Insight: For a deeper understanding of risk

In this new world of big data, advanced client insights can give your business a competitive advantage.

Magnum is about much more than underwriting. It can provide you with a level of detail that can help your day-to-day and strategic business. The Magnum Data Platform (MDP) links new business information – including channel, customer and medical information – with what actually goes in force and how that performs in terms of persistency and claims.

Whether it’s a high level overview or a deep dive to understand what’s driving your results, Magnum gives you the opportunity to thoroughly analyse your protection business.

Increasing efficiency

The data insights enable risk portfolio steering, focused on increasing efficiency, outcome allows analytics to be performed that will benefit all steps along the insurance value chain.

Real time information on distributor performance identifies underperforming agents and provides insight on areas requiring attention. You can also identify your highest performing agents and where to target bespoke product distribution.

Understanding policyholder behaviour

Analysing mortality, morbidity and lapse experience by different factors allows for insight into policyholder behaviour and its effect on policy outcome. The real-time nature of Magnum aids learning from experience and enhancing underwriting rules, philosophy and pricing in the most efficient way.

Improving the customer journey

Advanced statistical techniques could improve straight-through processing rates, optimising the use of medical evidence, and insight into the adequacy of ratings. Using MDP data together with data from other sources, business can be profiled by factors such as the applicants’ life stage and affluence. It can then be compared with the population to better quantify protection gaps or identify target markets.

Data analytics at Swiss Re turns data into knowledge to deepen the understanding of risk.

For more information on how Magnum Data Insights can help your business please contact your client manager or local Magnum team by using the contact forms at the top of this page.