Swiss Re and BNP Paribas Cardif Nordics partner to bring an innovative fully digital underwriting journey to the market
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The market is changing fast and digitalization is happening at high speed. Not least as a result of the Covid-19 pandemic when the need for digitalized solutions increased radically. As part of BNP Paribas Cardif Nordics digitalization plan, a partnership with Swiss Re has been established to accelerate the insurer's digital transformation in Sweden. Underlying this digital transformation is Swiss Re's cloud-based Life & Health underwriting system Magnum Go, which offers a bespoke, fully digitalized insurance coverage application process for banks partnering with BNP Paribas Cardif.
Benefits for the consumer
While having to fill out paper forms during an insurance application process is still common in the Swedish market, BNP Paribas Cardif Nordic's new fully digitalized application process offers a faster, more engaging and interactive insurance journey. A seamless and simple application process will minimize the time spent on buying loan protection, freeing up time for other priorities. Additionally, the automated process will let applicants know immediately that the loan is insured.
Bringing innovation to the loan protection market
The launch of this innovative insurance journey reiterates BNP Paribas Cardif's aim to maintain its position as a leading loan protection provider in the Nordics. Automation allows underwriting to be done at the point of sale, increasing efficiency, thus boosting customer experience both for the insurer’s partners and their customers.
Jacques Faveyrol, CEO of BNP Paribas Cardif Nordics said "We are glad to partner with Swiss Re to develop this new journey and expand our underwriting automation capabilities across the Nordics.We believe this solution, by making the customer experience easier and quicker, will actively help us to make insurance more accessible."
Lars Jensen, Senior Client Manager at Swiss Re said, "We are delighted to have the opportunity to partner with BNP Paribas Cardif Nordic to bring best-in-class digital underwriting experience to Sweden. After a year characterized by uncertainty, as the pandemic raged across Europe, we share BNP Paribas Cardif's notion that we need to make it easy for customers to take insurance coverage, in an engaging, simple and fast way. Magnum Go is the best tool in the market to deliver on this promise."
About BNP Paribas Cardif
The world leader in bancassurance partnerships1 and creditor insurance2, BNP Paribas Cardif plays an essential role in the lives of its customers, providing them with savings and protection solutions that let them realize their goals while protecting themselves from unforeseen events. As a committed insurer, BNP Paribas Cardif works to have a positive impact on society and to make insurance more accessible. In a world that has been deeply transformed by the emergence of new uses and lifestyles, the company, a subsidiary of BNP Paribas, has a unique business model anchored in partnerships. It co-creates solutions with more than 500 partner distributors in a variety of sectors (including banks and financial institutions, automotive sector companies, retailers, telecommunications companies, energy companies among others), as well as financial advisors and brokers who market the products to their customers. With a presence in 33 countries and strong positions in three regions – Europe, Asia and Latin America – BNP Paribas Cardif is a global specialist in personal insurance and a major contributor to financing for the real economy. With nearly 8,000 employees worldwide, BNP Paribas Cardif had gross written premiums of €24.8 billion in 2020.
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1 Source: Finaccord - 2018
2 Source: Finaccord - 2020
Swiss Re's Magnum Underwriting Solutions help insurance companies make better, faster underwriting decisions and provide a simplified and tailored application journey for the end consumer. Designed by underwriters, for underwriters, Magnum offers full-service automation backed by the power of Life Guide – the industry's No. 1 underwriting guide and the go-to resource for the latest research and understanding of biomedical risk.