Magnum - Swiss Re's underwriting automation solution
by Swiss Reinsurance Company Ltd
Magnum, the recognized market leader in automated risk assessment for life and health underwriting
Magnum at a glance
Can boost your insurance sales growth by up to 10x
Enhances STP up to 95%
Modular offering with capabilities to address the full spectrum of clients' needs
One of the fastest growing AUW solutions
Recognized as a leader by The Forrester Wave among automated underwriting engines
State of the art Cloud technology
What's Magnum?
Magnum is a global life and health underwriting automation platform. It had been recognized by the prestigious The Forrester Wave™ Automated Life Insurance Underwriting Engines Q2-2021 report as an innovative leader among automated life insurance underwriting engines for its innovative edge, technology and data insights capabilities as well as its underwriting philosophy powered by Swiss Re's world-leading underwriting manual, Life Guide.
Who's Magnum designed for?
Magnum is designed to fulfill the needs of the full spectrum of insurers, whether they're just starting or want to further advance their digital journey, all the way to servicing well-established players with more sophisticated automation needs. Magnum's white-labeled platform is modular so insurers can tailor the underwriting automation that's right for them and continue to evolve as their underwriting increases in complexity and sophistication.
How does automated underwriting unfold?
Gathering and capturing risk information into the system - The customer is asked questions about their health or connects to 3rd party systems to access the information automatically. Depending on the responses provided, additional reflexive questions may be triggered to get a deeper understanding of the applicant's health profile.
Assessment of the captured information – in the underwriting automation tool executes various rules to assess the relevant areas of risk, i.e., impairments, sports, financial, family history, habits, non-medical limits etc. After running these rules, the tool issues a decision. The decision can range from accepting the risk to accepting with loadings or exclusions, declining the risk, asking for further evidence or referring the case to an underwriter.
Magnum was designed to facilitate both these steps. Magnum clients define what risk areas are underwritten as part of the Magnum solution configuration. Its data integration capabilities augment datasets so the system can better assess the risk, thus enhancing straight-through processing (STP) rates.
Magnum's applicant user-friendly and engaging interface displays only the questions that the applicant needs to answer. The rules engine drives the interview process and make an underwriting decision. By default, rules are defined following Swiss Re's underwriting manual Life Guide, the world's #1 life and health underwriting resource, but depending on the Magnum product being used the insurer can customize Magnum rules to their underwriting philosophy. Magnum capabilities can also be complemented by A.I. models and advanced analytics.