Industry
Insurance
Reinventing the Insurance Industry with a Digital-first Strategy
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Swiss Re, one of the world’s leading providers of reinsurance, insurance, and other forms of insurance-based risk transfer, conducts its business with a clear vision: to make the world more resilient. The company supports its clients with its deep knowledge of risk and its capital strength, and helps the world rebuild, renew, and move forward.
Leveraging risk
A distinctive aspect of Swiss Re’s business strategy is leveraging ecosystems across its different businesses to go beyond conventional reinsurance into new products, services, and even entirely new models for risk business. It is creating new collaborative business models where it partners with corporates to create new solutions with embedded insurance, or with other insurers, reinsurers and even governments to leverage shared knowledge, expertise, and capabilities – protecting more customers, in newer ways.
TCS is helping Swiss Re realise this ecosystem vision in its credit and surety reinsurance business by building a cloud-native, microservices-based end-to-end underwriting platform, including the front-end digital channels and a digital marketplace that offers instant quotes.
Cloud-native
The new platform will leverage cloud-native capabilities to help Swiss Re transform its underwriting processes, using larger and richer datasets, deep analytics, and automation to significantly enhance the underwriting quality, speed, and throughput. This will enable Swiss Re to provide a superior customer experience, offer a broader range of products, and take on more business.
TCS has been a collaborative technology partner in our drive for digital transformation.
Open opportunities
The platform is being architected so that it can be opened up to other insurers or reinsurers, giving them access to new attractive risk pools through Swiss Re’s extensive network of banks and other lenders.
The partnership with TCS will equip Swiss Re with a platform to power future growth by expanding its underwriting capacity to take on new business, while creating an additional revenue stream from the ceded risk distributed to other reinsurers.
Collective knowledge
“Our clients and partners are at the heart of Swiss Re's strategy, and together we make the world more resilient. We offer tech-enabled risk knowledge and data-driven insight to address inefficiencies in the market and support data-driven business decisions. TCS has been a collaborative technology partner in our drive for digital transformation. We are moving into a modern cloud-based landscape which will realize our vision, power our future growth, and solve business and global challenges,” says Florian Maurer, Global Head of Applications, Swiss Re
What Made it happen
With real-time interaction management, TCS’ solution helps clients improve customer relationship management and offer omnichannel customer experience. Learn more.
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TCS’ Underwriting Transformation Solution addresses three key areas: ML-based information extraction, modelled and non-model losses and analytics to estimate probable financial losses, and supply-side disruptions.
