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Member, Beacon International Group, Ltd.
Swiss Re Ltd. has teamed with Amsterdam-based software company Backbase to create a digital sales platform for life and health insurance products.
The digital platform, which will be available to Swiss Re’s European insurance partners, will allow insurers to sell health products online. As of now the platform does not have a name.
“The product is not launched yet, but when it is it will have a name reflecting the essentials of what it does” Paul Hately, head of Swiss Re Protection Partners, said Wednesday in an emailed statement.
The platform will allow Swiss Re’s life insurance partners to enter new business areas in the digital space, according to Mr. Hately’s statement. Consumers will be able to gain access to the platform under their insurer’s brand or the brand of the insurer’s distribution partners, he added.
“It has long been part of the reinsurer’s role to support the industry in evolving and adapting to new consumer needs,” Mr. Hately said in a July 14 Swiss Re statement. “Swiss Re is ready to take this forward by helping our clients set themselves up to serve a new generation of life insurance consumer … We chose Backbase because of their ability to easily deliver great customer experiences in the digital world.”
Swiss Re Ltd. can now directly invest in the Chinese market as it has received a Renminbi Qualified Foreign Institutional Investor license, reported Greater Zurich Area.