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Max Life Insurance Company Ltd (Max Life), a private life insurer, has entered into a strategic partnership with Swiss Re, a global reinsurance leader, to integrate the latter’s Digital Health Underwriting (DHU) into its digital operations .
This collaboration significantly enhances Max Life’s underwriting capabilities and provides a seamless and faster customer on-boarding experience.
Swiss Re’s DHU solution automates technical underwriting using advanced technology to analyse multiple stacks of medical records and lab results concurrently. By providing real-time underwriting decisions and faster turnaround times, the solution enables more accurate automated underwriting assessments, thus reducing errors.
Integrating DHU allows Max Life to harness and analyse extensive health data from multiple sources, which will be pivotal in refining risk assessments and policy customisation.
This data-driven approach will optimise Max Life’s underwriting engine, paving the way for innovative product development and personalised offerings.
By aligning technology with its underwriting philosophy, Max Life is setting new benchmarks in operational efficiency and customer service excellence, contributing to long-term business growth.
Manu Lavanya, Senior Director and Chief Operations Officer, Max Life, said: “Our partnership with Swiss Re is anchored in our commitment towards customer-centric innovation, empowering us to streamline underwriting processes, automate decision-making, and reducing turnaround times”.
The integration of Swiss Re’s advanced Digital Health Underwriting solution enhances Max Life’s digital capabilities, marking a pivotal leap in the latter’s digital transformation journey.
“This initiative reinforces Max Life’s position as a digital-first leader in the insurance industry, focused on building innovative, customer-focused solutions,” Lavanya said.
Carl Christensen, Global Head L&H Solutions, Swiss Re, said: ”Insurers are constantly searching for ways to achieve fast, more accurate, and consistent underwriting”.
“We look forward to continuing our work with Max Life to push digital boundaries; and replicating this first-in-market partnership across India and in other parts of the Asia-Pacific,” Christensen said.
Max Life is a joint venture between Max Financial Services Ltd (MFSL) and Axis Bank. In 2023-24, Max Life recorded a gross written premium of ₹29,529 crore.
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