Swiss Re has announced its white-labelling digital insurance platform iptiQ will become a standalone division.
The company will now report to the Group CEO as of January 202 to enable greater focus on the business.
iptiQ is a digital B2B2C platform which provides partners with digital processes and customers with valuable protection products. The company builds strong partnerships to sell insurance through trusted brands.
Swiss Re Group CEO Christian Mumenthaler said, “The changes announced today will position Swiss Re well for the next chapter of the Group’s strategic development. Having grown dynamically over the past years, iptiQ is on track to becoming a leading player in its field.
“And being part of Corporate Solutions will open further growth opportunities for elipsLife. In underwriting, we will continue to evolve our capabilities through cutting-edge research, access to more and better data and advanced analytics.“
In addition to this, the insurance firm has named Thierry Léger as its new chief underwriting officer. Léger will take over the position from Edi Schmid, who decided to step down for personal reasons and take an advisory position.
Léger will begin working on September 1 2020.
Walter B. Kielholz chairman Swiss Re said, “On behalf of the Board of Directors I would like to thank Edi Schmid for his dedication and an enormous contribution to Swiss Re over nearly three decades.
“We are grateful that he will continue to share his expertise and knowledge with the Group in an advisory capacity. We are also pleased that Thierry Léger has accepted this new challenge after achieving many milestones during his time at the Life Capital Business Unit.
“His expertise in underwriting, technology, data and innovative solutions will be a big asset in furthering the development of Swiss Re’s leading position in underwriting.
Prior to the new role, Léger had lead the Life Capital Business Unit, which combines Swiss Re’s elipsLife and iptiQ businesses.
The insurance firm also announced elipsLife, its life and health insurance solution and service to corporate clients, will move to Corporate Solutions at the end of 2020. Corporate Solutions is a tool suite of insurance solutions.
Earlier in the month, Swiss Re Life Capital CFO Brian Rosenblum explored the pursing of digital transformation during the coronavirus.
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