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.

14 JULY 2015, ZURICH / AMSTERDAM
Summary
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

About Backbase

Backbase helps financial institutions around the world to become digital leaders and enables them to put digital channels at the core of their business model. Their award-winning customer experience platform helps enterprises create, manage, and optimise digital experiences across any device. Backbase CXP offers a new, omni-channel presentation layer that unifies data and functionality from existing business applications and IT systems into a seamless customer journey.

Backbase was founded in 2003 and is privately funded with operations in New York, Atlanta, Amsterdam and London. For more information see www.backbase.com

Quotes
"We are very excited that Swiss Re has selected Backbase as the platform to deliver its digital services to its many insurance partners. 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." Frank Uittenbogaard, Regional Director of Backbase.
"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. We chose Backbase because of their ability to easily deliver great customer experiences in the digital world." Paul Hately, Head of Swiss Re Protection Partners, and Board Member at iptiQ.
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About Backbase

Backbase is a fast growing fintech software provider that empowers financial institutions to accelerate their digital transformation and effectively compete in a digital-first world.

We are the creators of the Backbase Omni-Channel Banking Platform, a state-of-the-art digital banking software solution that unifies data and functionality from traditional core systems and new fintech players into a seamless digital customer experience. We give financials the speed and flexibility to create and manage seamless customer experiences across any device, and deliver measurable business results. We believe that superior digital experiences are essential to stay relevant, and our software enables financials to rapidly grow their digital business.

More than 80 large financials around the world have standardized on the Backbase platform to streamline their digital self-service and online sales operations across all digital touchpoints. Our customer base includes Al Rajhi Bank, ABN AMRO, Barclays, CheBanca!, Credit Suisse, Fidelity, Hapoalim, HDFC, Hiscox, ING, KeyBank, Legal & General, NBAD, OTP, PZU, PostFinance, Societe Generale de Banque au Liban and Westpac.

Industry analysts Gartner, Forrester and Ovum recognize Backbase as an industry leader in terms of omni-channel banking platform capabilities, and award the company high marks for its deep focus on customer experience management and unparalleled speed of implementation. Forrester named us a leader in the Forrester Wave for Omni-Channel Banking.

Backbase was founded in 2003, is privately funded, with headquarters in Amsterdam (HQ Global) and Atlanta (HQ Americas) and regional operations in London, Mumbai and Singapore.

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