A new agreement between a reinsurance firm and fintech operator will use machine learning to deliver personalised superannuation insurance.
The agreement between Swiss Re Life & Health and Raiz Invest will see the two company’s jointly research and develop tailored and personalised super insurance products using machine learning algorithms.
The products will use predictive modelling technology and will form the basis of the Raiz Invest Super product.
The predictive technology will give Raiz Invest Super the ability to offer tailored life insurance for each customer which would be continuously assessed to deliver an improved experience.
Raiz managing director George Lucas said that superannuation based on predictive modelling would reduce the amount of information a customer needed to provide.
“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.
Mr Lucas said that this innovative approach went away from the one-size-fits-all approach of many group policies.
“This will be a first in Australia – an innovation for the market. Highly personalised superannuation insurance product solutions through the Raiz App will be as simple as answering a few easy questions,” he said.
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