ICMIF Supporting Member Swiss Re is one of two pioneers to have a digital product tested and successfully certified by the Digital Trust Label, the first-ever label for digital responsibility launched by the Swiss Digital Initiative. With the Swiss Digital Trust Label users can easily identify trustworthy digital services, and providers of digital services can now declare their digital responsibility in a credible manner. Swiss Re has successfully certified Magnum Go, an automated L&H underwriting solution.
Awareness of digital risks and demand for more digital transparency and accountability are in full force says Swiss Re. Providing digital trust and giving reassurance that data will be handled responsibly are prerequisites for realising the full potential of digital technologies.
The reinsurer believes that, given the complexity of digital technologies, transparency alone is not enough to build trust. Recognised standards will also play an important role to help boost trust among users of digital technologies. Created in Switzerland in a collaborative and inclusive way, the Digital Trust Label was designed from a user perspective and offers organisations a unique opportunity to convey their commitment to digital responsibility.
Moses Ojeisekhoba, Chief Executive Officer Reinsurance and Member of Group Executive Committee at Swiss Re said: “We strongly believe in digital responsibility as well as recognised standards and we fully support the Swiss Digital Initiative. The financial services industry needs to further implement and promote rigorous standards of digital governance. We consider data protection, privacy and security to be key to ensure the trustworthiness of digital services for our clients.”
Swiss Re has successfully certified Magnum Go, an underwriting automation engine that insurers can integrate into their sales platforms to enhance the life insurance buying experience by simplifying its application process. Magnum Go is a leading software as a service solution (SaaS) for underwriting and the Digital Trust Label helps assure Swiss Re’s clients that the offered solution is trustworthy, and the underwriting process of their sales journey is accredited and can be relied upon.