Swiss Re and TM join forces to facilitate consumer access to life insurance in Iceland
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Swiss Re and TM have joined forces to offer a fast, simple and engaging way for Icelandic consumers to purchase life insurance and other insurance products. In an economy hit hard by the ripple effects of the pandemic, facilitating consumer access to insurance through an innovative sales and underwriting portal has paid off, with the first policy applications coming in just minutes after the portal was taken live. The ongoing flow of applications clearly illustrates a trending consumer preference for digital channels.
To enable this game-changing step, TM has chosen Swiss Re's Magnum Go, a nimble, cloud-based, quick and easy to integrate underwriting automation tool to power TM’s innovative self-service sales and underwriting insurance portal. Through TM's portal, customers can purchase life and other insurance products conveniently through an easy and fully digitalized online process. By responding to a concise dynamic online questionnaire on a mobile, tablet or computer, users can get their policy issued in a matter of minutes, anywhere and at any time.
Efficiency gains have been enormous, and underwriters now recommend applicants to use the portal to finalize their applications, focusing underwriting resources to handle more complex cases faster than before. Magnum Go also provides invaluable customer insights to help TM better understand its customers' needs.
Magnum Go's automated underwriting process is powered by Life Guide, Swiss Re's market leader global underwriting manual, which reflects Swiss Re's more than 150 years of underwriting expertise in its decision rules.
Swiss Re has been at the forefront of innovation in automated underwriting for more than 30 years. It was ranked #1 Reinsurer across Continental Europe in 2020 by NMG Consulting Life & Health Reinsurance study.
“We're very pleased TM chose Magnum Go to automate their underwriting process. In this transforming industry, digitalization of processes is critical for business success. We're honoured to be able to accompany TM in this transformational journey. Together, we can help close the life insurance protection gap and make the world more resilient,“ said Anita Munford, Head Magnum EMEA, Swiss Re.
“We have had a long and prosperous relationship with Swiss Re. Their fully automated underwriting process fits TM's digital strategy perfectly and enables us to introduce one of the most advanced sale and underwriting self-service portal in Europe” said Hjálmar Sigurþórsson CEO of TM.
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.
About Life Guide
Life Guide is continuously ranked as the industry's #1 global underwriting manual based on the NMG Consulting study. Its underwriting philosophy and embedded trainings are backed by Swiss Re experts who monitor the latest medical, regulatory and technological developments. Life Guide helps users understand risks and how they interact with each other through functionality like the cardiovascular risk calculator, which is used, on average, every five seconds by an underwriter seeking to assess heart disease risk. Thousands of underwriters access Life Guide over 23 million times a year.
TM, the third largest P&C insurer in Iceland, has the goal of making insurance simple and efficient by bringing communications between insurance companies and their clients into the 21st century. TM offer facilities such as 60-second claims payment, app-enabled comprehensive car insurance inspection and convenient insurance purchase from the comfort of your couch in the evening.