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Raiz in tailored approach with Swiss Re
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.
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