Tokyo and Singapore:
Swiss Re and FWD Fuji Life announced that the insurer has started operating Swiss Re's automated underwriting solution, Magnum, to offer a faster, paperless customer experience.
FWD Fuji Life has seamlessly integrated Magnum into the underwriting process of its leading products, including "FWD Monthly Income Benefit" and recently launched "FWD Cancer Best Gold".
Following FWD Fuji Life's successful installation of Magnum, the insurer is now ready to provide faster, more personalised and more responsive customer experiences to consumers in Japan. When customers purchase new policies, Magnum selects the most relevant underwriting questions based on initial customer responses to shorten the application process.
FWD Fuji Life customers can digitally submit their information and receive initial policy offerings directly at the point of sale, substantially simplifying the customer journey without the hassle of handling paper forms. Applications are automatically checked for any incomplete information to further speed up the process. Customers get their policies on the spot, and they are better protected with the right questions asked via Magnum.
"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,."said Ryuji Kaneda, Chief Technology & Operations Officer, FWD Fuji Life.
The Japanese insurer joins a growing list of Magnum implementations around the world, currently installed by more than 60 insurers worldwide in more than 20 markets and 17 languages. The Magnum suite of solutions 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. 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,said Cathrine Graf, Head Magnum APAC, Swiss Re.
As a Magnum client, FWD Fuji Life gains direct access to Life Guide and its periodic updates, the industry's No. 1 underwriting manual as rated by NMG Consulting. Backed up by Swiss Re's expertise and evidence-based underwriting philosophy, Magnum clients are also well equipped to make accurate, efficient and concise underwriting decisions amid rapidly changing market conditions.
"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," said Steven Hunter, Head of Client Markets, Life & Health Japan, Swiss Re.