Thinking ahead to meet life’s challenges
In a period of fundamental change, the global leader in life and health reinsurance helps its clients grow.
Life and health reinsurance accounts for nearly a quarter of the USD 227 billion global reinsurance market. Swiss Re is the market leader, with USD 10,1 billion in premiums earned; the company expects this business to grow by 2,9% annually over the next decade. Demographic and medical trends are evolving quickly – as are consumer and regulatory demands. Swiss Re supports its clients so that they can grow profitably while adapting their business models to change.
Leading expertise based on almost 150 years of experience
In a changing market, profitable growth depends on product innovation. Here Swiss Re, with its expert knowledge and risk transfer capabilities, provides essential support. Swiss Re’s clients all benefit from deep, global insight into demographic and medical trends. They gain access to leading research and underwriting knowledge, provided by over 200 life and health underwriters and medical experts. Insurance professionals in ninety countries rely on Life Guide, Swiss Re’s on-line life and health underwriting manual. Introduced in 2004, Life Guide’s expertise-driven, evidence-based format has helped extend the limits of insurability, making it possible for more people with illnesses like cancer and serious heart conditions to buy life insurance.
Technology is also essential to profitable growth in a competitive environment. Insurers in sixteen countries now use Magnum, Swiss Re’s automated life and health underwriting tool, to get more business on their books quickly and efficiently, maintaining consistent standards while improving customer relationships and reducing costs through a straightforward underwriting process at the point of sale.
Innovative ideas to for growth: Teleunderwriting
Recently, Swiss Re applied its life and health expertise to tailor a tele-underwriting solution based on Magnum for clients Latin America. Developed by Swiss Re and its partner Advance Medical, this solution helps clients achieve higher acceptance rates and process large volumes of business quickly and efficiently. Life insurance can be underwritten without the need of expensive medical evidence, reducing the time required to issue a policy from weeks to just a few hours. Tele-underwriting allows clients to apply more sophisticated underwriting (and therefore risk selection) techniques, while still keeping costs low – a clear net benefit and another example of how Swiss Re helps to turn risk into profitable growth.