Raiz in tailored approach with Swiss Re

23 October 2018
| By Mike |
image
image
expand image

Mobile-led financial services business, Raiz Invest, has entered an agreement with Swiss Re Life & Health Australia to jointly research and develop tailored and personalised superannuation insurance products using machine learning algorithms.

The arrangement was announced to the Australian Securities Exchange (ASX) this week, with the company saying it would initially cover the Raiz Invest Super product.

The announcement said the research and development process would use predictive modelling technology, powered by machine learning developed by Swiss Re and that it would include co-development of a predictive underwriting model aimed at delivering a simpler underwriting experience for customers.

It said the aim was to develop a risk product inside superannuation that allowed customers to have a personalised product which was simple to apply for online.

Swiss Re is the reinsurer for the group life insurance policy offered inside Raiz Invest Super and both parties have agreed to a five-year exclusivity period.

Commenting on the arrangement, Raiz managing director, George Lucas said a superannuation insurance solution based on predictive modelling would reduce the amount of information that needed to be provided to customers to determine the appropriate premium given the level of cover.

“Our goal is to provide a tailored solution to customers in superannuation in an innovative and efficient way instead of taking the one-size-fits-all approach of many group policies inside superannuation,” he said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

10 months 1 week ago
Kevin Gorman

Super director remuneration ...

10 months 2 weeks ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

10 months 2 weeks ago

The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members. ...

1 day 19 hours ago

Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award....

2 days 10 hours ago

APRA data shows the CFMEU accounted for 28 per cent of super fund industrial contributions, with the shadow treasurer calling for a prompt investigation into the payments...

3 days 14 hours ago