Swiss Re has announced that its automated underwriting solution, Magnum, has been adopted by Japanese life insurer FWD Fuji Life Insurance Co.
FWD Fuji Life is the first life insurer in Japan to adopt the solution, which it believes will enable a faster, paperless customer experience.
Using Magnum, customers will be able to digitally submit information and receive initial policy offerings directly at the point of sale.
Swiss Re’s underwriting solution is currently used by more than 60 re/insurers worldwide, and processes more than 15 million applications globally per year.
“We are excited to welcome FWD Fuji Life as the first Japanese life insurer to adopt our future-ready automated underwriting solutions in the market,” said Cathrine Graf, Head Magnum APAC, Swiss Re.
“With this partnership, we have set up a dedicated local team in Tokyo to provide our client with strengthened support throughout the integration and operating processes.”
Ryuji Kaneda, Chief Technology & Operations Officer, FWD Fuji Life, also commented: “It’s our passion to offer simple and easy-to-understand insurance experiences to our customers, especially during the initial application process.”
“Having evaluated Magnum’s core underwriting and data analytical capabilities, we decided to adopt this future-ready automated underwriting solution to continually improve our unique customer experience.”
Steven Hunter, Head of Client Markets, Life & Health Japan, Swiss Re, added: “While Japanese consumers and businesses have long embraced automation in our everyday lives, our automated underwriting solutions are now ready to empower insurers to accelerate the insurance digitalisation that consumers keenly expect in the new normal.”