Instanda, a provider of SaaS (software as a service) platform technology for insurance, has integrated its life offering with Swiss Re’s automated underwriting platform, Magnum.
The firms say the combination and integration of the technologies has enabled the creation of one ecosystem designed to create an all-in-one online customer journey.
This, in turn, they add, will enable the smooth completion of applications, in a short space of time.
The collaboration will initially offer an integrated solution for UK life insurers, ahead of a global rollout of the product line set to follow soon after.
The companies also collaborated with delivery partner, Yovant, on the integration of the two technologies.
Will Wood, director of life and health at Instanda, 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 reinsurers and insurers and their customers.
“It is gratifying to see this collaboration come to fruition, delivering meaningful value to the industry.”
Anita Munford, head of Magnum and life and health 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.”
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.”