Raiz Invest has partnered with Swiss Re Life & Health Australia to jointly research and develop bespoke superannuation insurance products.
The partners will leverage predictive modelling technology, powered by machine learning developed by Swiss Re for research and development process which will also focus on co-developing of a predictive underwriting model for offering a simpler underwriting experience to customers.
Initially, the personalised superannuation insurance plan will cover Raiz Invest Super product.
Using predictive modelling, Raiz Invest Super will provide a customised life insurance plan for each customer even with the least information of the customer.
Swiss Re will act as the reinsurer for the group life insurance policy offered inside Raiz Invest Super. Both the companies have agreed for an exclusive partnership for a period of five-year.
Raiz managing director George Lucas said: “A superannuation insurance solution based on predictive modelling will reduce the amount of information that needs to be provided by our customers to determine the appropriate premium for a given 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.”
Lucas further said that the product will be a first in Australia and buying superannuation insurance product solutions through the Raiz App will be as simple as answering a few easy questions.