Swiss Re and Backbase have partnered to offer a new digital platform for insurers to sell protection products online.
The 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.
Paul Hately, head of Swiss Re Protection Partners, said: “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.”
Frank Uittenbogaard, regional director of Backbase, said: “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.”
John Woolhouse, senior partner at independent financial advisers Furnley House said: “Anything like this that would help engage with the online generation, is a good thing and may hopefully help to reduce the life protection gap that exists.
“However, without professional face-to-face advice they run the risk of having policies not suited to their circumstances; not fully understanding the cover they have signed up for; still leaving themselves underinsured; not answering any relevant medical questions correctly; signing up for inferior products; plans written in trust etc.”