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The race to provide the best digital insurance is here! Are you in?


After driving back from Sweden, where I spent holidays with my wife and three kids, I decided that I needed to do something about my overindulgence and went for a run in the forest behind my house.

I was surprised to find that many of the paths, which the Swiss take great pride in keeping well-manicured, were blocked by debris and trees that were literally split in half by a fierce storm that had struck while I was away.

I just about managed to complete my running circuit through a mixture of Olympic jumps and guerrilla tactics, and while it may have been good for my belly, I was not very relaxed given all of the obstacles in the way.

I wondered if this experience provides a clue about why so few customers buy life insurance online: maybe we are putting up too many barriers. This might explain why we see the vast majority of people who begin the process online drop out sooner or later.

Why is this happening?

Sure, some customers will always prefer to talk to a real person when it comes to getting life insurance cover because it feels like a complex, long-term decision.

But what about those digitally-savvy customers who are ready and prepared to buy online? Why do they also have such high drop-off rates?

I believe it is because most insurers and their intermediaries are not providing a straightforward digital experience. In other words, they are placing too many trees and debris in the way of a purchase.

It is clear that many players in the industry are investing a lot of time and energy in order to find the perfect online path that allows end consumers to easily purchase life insurance online. However, many of us have spent years on this momentous challenge, and while great progress has been made, we recognize that the journey has only just started. In order to pick up speed, we need to find ways to significantly accelerate our learnings.

Imagine if it was not only me or you running through the forest, but if we could leverage the experience of others. Some would select different ways to tackle the obstacles, others would have jumped like me, and still others would have walked under or beside the obstacle. At the end of the run, we could check our tracking devices and learn which method worked best.

This is ultimately the approach we at Swiss Re have selected for iptiQ EMEA Life & Health. This white-label solution enables any party to use their brand to promote their own life insurance products and profit from iptiQ’s experience. We tailor the solution specifically for our partners’ needs, and most importantly by doing so, we are all part of the echo-system which learns collectively how to solve the challenge of selling insurance through digital channels.

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