INSTANDA, a platform that enables carriers and MGAs to create, build and implement complex insurance products, has announced the integration of its Life offering into Swiss Re‘s underwriting platform.
The new product has been developed to create a cohesive ecosystem that streamlines the online customer journey for Life insurance applications.
By integrating INSTANDA’s technology with Swiss Re’s automated underwriting platform, Magnum, the collaboration aims to facilitate quicker and smoother application processes, benefiting both insurers and customers.
The integrated Life creates an all-in-one customer experience. This synergy is designed to accelerate the application process, allowing users to complete their applications in a significantly shorter timeframe.
The solution is initially targeted at UK Life insurers, with plans for a global rollout in the near future.
INSTANDA director of Life and Health Will Wood, said, “For some time, we have been engaged in strategic discussions with Swiss Re regarding the integration of INSTANDA’s no-code technology with Magnum, Swiss Re’s cloud-based underwriting platform. This collaboration marks a significant step toward creating a more efficient and seamless experience for both (re/)insurers and their customers. It is gratifying to see this collaboration come to fruition, delivering meaningful value to the industry.”
The move also includes Yovant as a delivery partner, ensuring a rapid and seamless integration of both technologies. This partnership exemplifies a shared commitment to enhancing the customer experience in the Life insurance market through innovative technology.
Mahender Nagunoori, Chief Digital Officer at Yovant, said, “We are thrilled to be part of a collaboration that can have such a positive industry impact. In collaborations like these, it is essential that the ecosystem feels seamless, with both technologies working in perfect harmony. From the outset, we have observed a strong synergy between INSTANDA and Swiss Re, driving the development of a final product that we are proud to have played a role in facilitating.”
Anita Munford, Head Magnum & L&H Solutions Delivery EMEA at Swiss Re, added, “Embedding Magnum into INSTANDA’s cloud platform is a natural step for Swiss Re. We are excited to collaborate in an end-to-end ecosystem, providing customers with an enhanced experience and benefiting the broader industry with seamless integrations.”
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