Press Release, 14 July 2015

Swiss Re to offer new digital platform for insurers to sell protection products online

Swiss Re has partnered with Backbase to develop a new digital platform for selling and servicing life and health products online. The solution includes Swiss Re’s insurance know-how and Backbase’s technical and customer experience expertise. The new platform will broaden Swiss Re’s client capabilities in the life and health insurance market, which already includes Swiss Re’s market-leading automated underwriting system, Magnum; an insurance carrier iptiQ; and proposition development capabilities.

The digital platform will be available to Swiss Re’s European insurance partners, and will enable online delivery of simple protections products, such as critical illness or term-life products.

“It has long been part of the reinsurer’s role to support the industry in evolving and adapting to new consumer needs. Swiss Re is ready to take this forward by helping our clients set themselves up to serve a new generation of life insurance consumer. This helps to close society’s protection gaps and meet the needs of the self-service generation,” says Paul Hately, Head of Swiss Re Protection Partners, and Board Member at iptiQ. “We chose Backbase because of their ability to easily deliver great customer experiences in the digital world.”

Backbase is specialist in developing digital channels for financial services companies. It was selected to begin developing the digital platform because of its strong focus on delivering a superior customer experience, and its proven track-record in the insurance industry.

“We are very excited that Swiss Re has selected Backbase as the platform to deliver its digital services to its many insurance partners,” says Frank Uittenbogaard, Regional Director of Backbase. “Swiss Re has a strong vision and they realise digital in an omni-channel world is essential. Backbase CXP will bring Swiss Re all the capabilities to quickly on-board new partners, combined with the ability to completely tailor and customise the user experience.”

About Swiss Re Reinsurance

Swiss Re’s Reinsurance Business Unit consists of two segments, Property & Casualty and Life & Health. It operates globally, both through brokers and directly with clients, and provides a large range of solutions for risk and capital management. Clients include insurance companies and mutual as well as public sector and governmental entities. In addition to traditional reinsurance solutions, the Business Unit offers insurance-linked securities and other insurance-related capital market products in both Property & Casualty and Life & Health. Property & Casualty includes the business lines property, casualty including motor, and specialty. Life & Health includes the life and health sub-segments. For more information about Swiss Re’s reinsurance offering, please visit www.swissre.com/reinsurance