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Magnum™ stands as the industry’s leading automated life insurance underwriting rules engine, while EIS serves as a leading customer-centric SaaS platform for the protection market – supporting insurers to transition from static, policy-driven models to dynamic, eCommerce-style businesses.
This collaboration will bring greater speed and accuracy to underwriting and meet the need for increased capacity by getting the policy application decision into the hands of each customer far quicker.
In today’s rapidly evolving consumer and regulatory landscape, life insurers face mounting pressure to meet the demands of modern, digitally savvy customers. They must do this, while managing a dynamically changing risk landscape and maintaining operational efficiency.
This challenge is exacerbated by legacy systems and manual processes in key areas like underwriting and claims, creating significant constraints that stifle growth and result in suboptimal customer service.
Life insurance companies have been asking for a connection between Magnum™ -the industry’s leading automated life insurance underwriting rules engine – and EIS’ industry-leading SaaS policy administration platform to offer an end-to-end platform capability.
Rob Onoufriou, Head of Solutions Sales, UK & Ireland at Swiss Re Reinsurance Solutions, says: “The result of our collaboration with EIS is an exciting proposition that offers a comprehensive solution for ambitious life insurers seeking growth from innovation-led expansion. By streamlining processes throughout the lifecycle (quote to claim and everything in between), we help insurers embrace digital innovation, enhance operational efficiency, and provide exceptional customer and adviser experiences.”
EIS experts and the Swiss Re Reinsurance Solutions team decided to collaborate, recognizing an industry need to streamline processes, enhance efficiency, and boost satisfaction of digital transformation teams in the UK and Ireland.
Jonathan Phillips, Head of Protection EMEA at EIS, says: “The collaboration between EIS and Swiss Re brings together two industry leaders to transform underwriting. Swiss Re’s advanced automation will significantly accelerate the underwriting process, while EIS will unlock that value by ensuring insurers can get personalised policies and pricing into the hands of customers in real-time.”
Sound benefits
The EIS and Swiss Re Reinsurance Solutions offer a flexible solution, by combining the most modern, Customer Centric Life and Health insurance Platform available on the market today with the recognised industry leader in underwriting automation technology. Both architected cloud native, data driven and built with provider self-sufficiency in mind.
One standout benefit of integrating EIS and Swiss Re is eliminating the need to coordinate with multiple parties during digital transformation projects. This seamless integration enhances project management, reduces delays, and significantly boosts the underwriters’ job satisfaction.
By streamlining processes throughout the lifecycle – from quote to claim – this proposition empowers insurers to embrace digital innovations, enhance operational efficiency, and deliver exceptional experiences to customers and advisers.
Magnum™ will significantly optimise underwriters’ resources, efficiency, and time to process each case, with automation scope ranging from 60-95%. Furthermore, it can process an application within 4 mins and achieve up to 90% straight-through processing.
The initial focus of this collaboration is targeting both group and retail insurers. We are leveraging the growing recognition of protection’s importance, both as individual and family security and as a valuable employee benefit.
To find out more about underwriting automation: Life and Health Underwriting Solutions | Swiss Re
About Swiss Re
Swiss Re Reinsurance Solutions offers a powerful suite of tools and services spanning the entire insurance value chain. From our bespoke consulting to leading software solutions as well as advanced data and insight capabilities, we are here to help your business work to be efficient as the industry landscape, as well as your firm’s, changes.
About EIS
EIS is a leading SaaS platform provider to the insurance industry and first choice for ambitious insurers building the customer-centric insurance ecosystems of tomorrow.
Our open, API-rich, event-driven architecture enables insurers to break free from inefficient, inflexible legacy systems and siloed organizational design, and enter a world where technology enables organizational excellence and world-class customer service.
Digital by design, EIS delivers the flexibility and agility needed to meet the dynamic demands of today’s modern insurance market, with the built-in adaptivity to orchestrate the transformations of the future.
Our cloud-native platform liberates insurers to enter new markets, develop new products, and build engaging experiences, while eliminating unnecessary costs, boosting retention, and delivering the self-sufficiency to accelerate your path to innovation, automation, and growth.
Headquartered in San Francisco, EIS is at the core of some of today’s most ambitious insurers. For more information, visit www.eisgroup.com.
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