30 April 2012 – United States of America – Swiss Re, in conjunction with PlanetSoft, has launched an Americas first end-to-end underwriting platform that supports the underwriting rules already used in 80% of the life market.
plasma™ marries decades of underwriting experience and leading technology to multiple products lines and distribution channels to create a fully automated underwriting tool compatible with Swiss Re’s Life Guide manual.
Once the consumer has completed an insurance application via plasma, an underwriting decision is instantly rendered and a digital policy contract is issued directly to the policy owner. The plasma experience will be showcased throughout the annual AHOU Conference in Orlando, Florida.
“Today’s consumer is looking for fast results in an intuitive and interactive experience. Carriers will need to be able to meet that technical demand while being confident in their specific risk evaluation process and rules for multiple lines of business and distribution channels. We believe plasma meets the needs of both the consumer and the carrier,” says Jason Bowman, Head Accelerated Underwriting & Data Insights, North America, at Swiss Re.
plasma addresses new business submission challenges by offering a comprehensive on line reflexive application which can be completed via a web browser or an app for mobile devices.
The application recognizes over 6500 medical disclosures through a free-text dictionary and is fully integrated with all data vendors. As the consumer provides the details, plasma determines the next process step and tracks multiple business metrics for intelligent feedback and reporting.
“This is an exciting event that will allow a real time, hands on experience with the mobile application,” says Ash Sawhney, of PlanetSoft. “We have been very focused on solving the technical and business challenges facing our industry and by bringing together the best of PlanetSoft and Swiss Re for this standalone product, and are very confident in the plasma offering.”
The Swiss Re Group is a leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer. Dealing direct and working through brokers, its global client base consists of insurance companies, mid-to-large-sized corporations and public sector clients. From standard products to tailor-made coverage across all lines of business, Swiss Re deploys its capital strength, expertise and innovation power to enable the risk taking upon which enterprise and progress in society depend. Founded in Zurich, Switzerland, in 1863, Swiss Re serves clients through a network of over 60 offices globally and is rated “AA-” by Standard & Poor’s, “A1” by Moody’s and “A+” by A.M. Best. Registered shares in the Swiss Re Group holding company, Swiss Re Ltd, are listed on the SIX Swiss Exchange and trade under the symbol SREN. For more information about Swiss Re Group, please visit: www.swissre.com.
Property-casualty and life and health insurers choose Swiss Re for its innovative reinsurance solutions, capital strength and expertise. Alongside sophisticated risk modelling and a geographically diversified portfolio, Swiss Re’s insurance and public sector clients can benefit from its leadership in insurance-based security solutions and services for comprehensive risk management. For more information about Swiss Re’s reinsurance offering, please visit www.swissre.com/reinsurance.
Incorporated in 1998, PlanetSoft has grown rapidly to be recognized as a major technology provider addressing mission critical processes in the Life and P&C segments of the insurance industry. Focused in the areas of streamlining distribution centric processes, including a seamless transaction of underwriting insurance via web portals and mobile devices, PlanetSoft is accelerating insurance sales and service through technology. For more information about PlanetSoft and its solutions please visit www.planetsoft.com.