Automatic Issue Offer

There is a significant L&H protection gap in Asia. However, often insurers face a number ofchallenges when trying to offer additional insurance coverage to under-protected customers.

Using inforce to increase sales

Behavioural Economics

Low sales

Unsatisfiedcustomers

To help solving this problem, Swiss Re has gone through a journey to develop the right solutionfor you. With a combination of AI, BE and our risk knowledge, we can provide a seamless, automated way for you to offer additional insurance coverage to your customers, improving youruser experience without compromising on risk.

Redundant process

High cost Low coverage

Unsuitable offers

Full UW SIO GIO AIO

Artificial IntelligenceOur artificial intelligence engine runs predictive models using inforce data. It enables you to identify the right customers, increase the relevance of your product offerings, and avoidredundant and costly underwriting processes.

With our expertise in risk, we will support you in underwritingand pricing processes.

We use behavioural economics to help you understand yourcustomers’ decisions. Our BE experts will tailor all aspects ofyour customer journey, increasing the offer’s appeal and take-uprate to maximises your sales and revenue.

Challenges to increase sales

Our solution - Automatic Issue Offer

Risk Knowledge

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Background

There was an underlying inefficiency in client’s UW process. The client approached Swiss Re hoping that we could support them in streamlining their UW process by creating a better risk segmentation. They were keen to build a predictive UW solution, aiming tosimplify their current process and further increase sales.

Our approach

Given the available inforce data, we helped our client build two models: one for existing customers, one for new customers, topredict the probability of an individual having low/high risk.

We then worked with various teams, including underwriting and pricing on the model calibration, in order to further customise it to client’s risk appetite.

With our solution, the client was able to automatically issue an offer to their customers, based on what was already known. And thecustomers were able to be accepted with no or very few UW questions.

Swiss Re supported a leading insurer in Asia in offering additional policies to both their existing andnew customers, leveraging our solution AIO.

Results

To know more of how we can help you in increasing sales, please contact your Swiss Re Client Manager.

Offer to 36% of existing customers with no question or very

few questions

0% price loadingto fully underwritten rates for existing customers

Mary is an existingcustomer

Our model identifies her as aprospect and her unmet needs

Her data obtains a high scorein our risk assessment model

Automatically issue anoffer to Mary with no or very few UW questions

Lower price

Simplified processes

Customised offerings

Benefits for your customers:

Increased sales and revenue

Lower operation cost

Digital ready

Benefits for you:

An example of AIO customer journey

Case study