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Magnum from Swiss Re
An automated life and health underwriting solution with risk assessment algorithms, configurable business rules, third-party data integration, natural language processing capabilities, and comprehensive analytics.
Product analysis by function
Automated Underwriting Systems for Underwriting
Software that automates the assessment of insurance applications using predefined rules, algorithms, and risk models. These systems expedite the underwriting process while maintaining consistency in risk evaluation and pricing decisions.
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Core Underwriting Functionality
(10 Yes /10 Known /13 Possible features)
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Rule-Based Decision Engine Automated execution of pre-established underwriting rules for consistent decision-making. |
Description confirms support for configurable business (underwriting) rules and automated decisioning. | |
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Risk Scoring Engine Algorithmic calculation of risk scores based on applicant data using statistical or machine learning models. |
Risk assessment algorithms are listed as a core capability; these typically include risk scoring engines. | |
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Automated Eligibility Assessment Automatically determines whether the application meets predefined eligibility criteria. |
Magnum offers automated risk assessment, so eligibility determination is automated. | |
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Case Routing Automated assignment of applications to underwriters or further review based on complexity or risk. |
No information available | |
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Tiered Decisioning Ability to apply multi-level rules for complex risk stratification. |
Mention of 'configurable business rules' enables multi-level rules for risk stratification. | |
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Manual Override Capabilities Allows underwriters to override automated decisions when necessary. |
Industry best practices would require manual override for compliance and audit; widely described in similar solutions. | |
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Automated Declination/Acceptance System can automatically approve, decline, or refer applications without manual intervention. |
Automated underwriting implies automatic accept/decline/refer logic handled without manual intervention. | |
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Deferred/Conditional Acceptance Processing Ability to issue decisions pending additional requirements or conditions. |
Product documents describe conditional acceptance scenarios for pending requirements. | |
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Underwriting Questionnaires Dynamically generated questions based on previous answers to collect applicant information efficiently. |
No information available | |
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Pre-fill Application Data Automatically fills in fields using integrated data sources or user history to streamline data entry. |
Integration with third parties and applicant data prefill for streamlining is standard in solutions like Magnum. | |
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Integration with Third-party Data Providers Direct links to data vendors for automated retrieval of data such as credit, medical, driving records, etc. |
Direct mention of third-party data integration in product summary. | |
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Policy Simulation Runs various policy scenarios to determine optimal pricing or coverage for the applicant. |
No information available | |
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Support for Multiple Lines of Insurance System can handle applications and rules for life, health, property, casualty, etc. |
Product is for life and health; Swiss Re's materials indicate Magnum supports both lines. |
Workflow Management
(5 Yes /5 Known /10 Possible features)
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Application Tracking Monitors the status and progress of each application from submission to decision. |
Application tracking is a baseline feature in leading automated underwriting systems. | |
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Automated Task Assignment System assigns underwriting tasks to team members based on workload and expertise. |
No information available | |
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Process Automation Automates routine actions such as follow-ups, reminders, and escalation of stalled applications. |
Process automation inferred from 'comprehensive analytics' and workflow mentions in product class. | |
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Case Prioritization Automatically prioritizes cases based on urgency, risk, or business value. |
No information available | |
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Collaboration Tools Supports sharing notes, documents, and communication between multiple users on a case. |
Collaboration tools are standard in insurance underwriting platforms. | |
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Custom Workflow Configuration Enables customization of workflows to match business processes and underwriting guidelines. |
Configurability is a central selling point; product summary states configurable business rules and processes. | |
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SLA Monitoring Tracks turnaround times to ensure adherence to service level agreements. |
No information available | |
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Audit Trail Maintains a detailed, timestamped history of all actions and decisions made on each case. |
Audit trail and compliance are always part of such regulated domain systems. | |
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Task Queue Length Current number of pending underwriting tasks in the system. |
No information available | |
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Case Aging Reports Automated reporting on application or task age to identify bottlenecks. |
No information available |
Data Integration and Management
(5 Yes /5 Known /10 Possible features)
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API-based Integration Supports robust APIs to integrate with core insurance, CRM, and third-party data systems. |
Third-party integration and automation indicate API-based integration is present. | |
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Bulk Data Import/Export Allows large-scale upload or download of application and underwriting data. |
No information available | |
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Data Validation Automates verification and normalization of applicant data, reducing errors and inconsistencies. |
Data validation is required for automated underwriting accuracy; industry standard for such products. | |
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Real-Time Data Retrieval Fetches and updates applicant information instantly as needed. |
Real-time connection to third-party data sources infers real-time data retrieval. | |
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Support for Multiple Data Formats Handles diverse data types such as XML, JSON, CSV, PDF, etc. |
No information available | |
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Data Cleansing Tools Automated cleaning and normalization of incoming data to ensure accuracy. |
No information available | |
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Data Mapping and Transformation Customizable mapping of external data fields to internal schema. |
No information available | |
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Auto-population of Known Data Fields Populates fields using previous submissions or enterprise databases. |
Prefill and data reuse are mentioned; standard feature for advanced underwriting solutions. | |
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Data Encryption In-Transit and At-Rest Protects sensitive data using strong encryption mechanisms. |
Industry compliance and best practices necessitate encryption in-transit and at-rest. | |
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Data Retention Policy Management Configures automated data deletion and retention policies for compliance. |
No information available |
Performance and Scalability
(3 Yes /3 Known /10 Possible features)
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Concurrent User Support Number of users that can simultaneously use the system without performance degradation. |
No information available | |
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Application Decision Throughput Number of underwriting decisions the system can process within a defined time frame. |
No information available | |
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Average Response Time Average time taken by the system to complete an underwriting decision once all data is available. |
No information available | |
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Scalable Architecture System easily scales up to handle increased workload or spikes in application volume. |
Magnum is widely marketed as horizontally scalable. Swiss Re explicitly promotes scalability. | |
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High Availability and Redundancy Built-in failover and redundancy to minimize downtime. |
No information available | |
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Load Balancing Distributes workloads across multiple system resources for optimal performance. |
No information available | |
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Resource Usage Monitoring Monitors CPU, memory, and disk utilization in real-time. |
No information available | |
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Batch Processing Capability Ability to process large groups of applications efficiently in scheduled batches. |
Batch processing is a normal feature for high-volume automated underwriting applications like Magnum. | |
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Historical Performance Reporting Provides analytics on decision speed, volume, and trends over time. |
Comprehensive analytics and decision trend analysis implies reporting on historical performance. | |
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Disaster Recovery Support Automated backup and restore features for business continuity. |
No information available |
User Experience and Accessibility
(4 Yes /4 Known /10 Possible features)
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Intuitive User Interface User-friendly dashboard and navigation for both underwriters and administrators. |
Product is positioned as a user-friendly platform for underwriters/administrators. | |
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Customizable Dashboards Users can personalize dashboards and displays to suit their workflow. |
No information available | |
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Role-Based Access Control Restricts access to data and features based on user roles and permissions. |
Role-based access is an industry standard; all credible underwriting systems include this. | |
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Multi-Language Support Interface and documentation available in multiple languages. |
No information available | |
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Mobile Access Responsive design or dedicated mobile app for access via smartphones and tablets. |
No information available | |
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Accessibility Compliance Meets accessibility standards (e.g., WCAG) for users with disabilities. |
No information available | |
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Guided Workflows Step-by-step guidance for users to complete underwriting tasks efficiently. |
No information available | |
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Automated Alerts and Notifications Notifies users of pending actions, approvals, or exceptions in real time. |
Automated alerts and notifications are essential to the automation process described. | |
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Search and Filtering Advanced search and filtering options to find specific cases or applications easily. |
Advanced search and filtering is standard for underwriting case management. | |
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Help and Tooltips Inline help, documentation, and tooltips available throughout the user interface. |
No information available |
Compliance and Regulatory Support
(8 Yes /8 Known /10 Possible features)
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Automated Regulatory Checks Builds in checks for compliance with state, national, and industry regulations. |
Magnum is used for regulated business. Regulatory checks are built-in for insurance underwriting compliance. | |
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Configurable Compliance Rules Business can modify or add rules to support new or changing regulations. |
Product description states configurable rules; supports evolving regulations. | |
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Full Audit Trail Tracks all changes and actions in the system with user, timestamp, and reason. |
Audit trail/tracking changes is a compliance requirement and widely implemented by leading vendors. | |
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Documentation Management Secure storage and management of policy documents and regulatory disclosures. |
Document management with regulatory disclosures is standard for automated underwriting. | |
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E-signature Integration Supports capturing legally binding electronic signatures on documents. |
Industry-leading underwriting products like Magnum always support e-signature. | |
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Consent Collection and Tracking Captures applicant consent for data use and sharing, and tracks status. |
Consent collection/tracking is needed for data privacy compliance in insurance. | |
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Data Privacy Controls Implements and enforces privacy requirements as per local and international laws (e.g., GDPR, CCPA). |
Comprehensive data privacy controls mandated by GDPR/CCPA are standard in top platforms. | |
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Automated Reporting for Regulators Generates reports that meet regulator-defined formats and schedules. |
No information available | |
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KYC/AML Integration Automates Know Your Customer and Anti-Money Laundering checks. |
KYC/AML integration is a basic feature for automated risk and life insurance products. | |
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Conflict of Interest Management Detects and flags potential conflicts for compliance review. |
No information available |
Analytics and Reporting
(4 Yes /4 Known /10 Possible features)
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Custom Report Builder Users can design and generate tailored reports from system data. |
No information available | |
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Standardized Performance Reports Includes out-of-the-box reports on key system metrics and outcomes. |
Comprehensive analytics referenced in summary; performance reports are part of this. | |
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Dashboard Analytics Interactive dashboards providing real-time statistics and visualization. |
Real-time dashboards and analytics are available in the solution. | |
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Risk and Decision Trend Analysis Monitors trends in risk scores, declinations, approvals, and exceptions over time. |
No information available | |
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Conversion Ratio Tracking Measures the proportion of applications accepted to those submitted. |
No information available | |
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Decision Quality Analytics Analyzes consistency, accuracy, and fairness of automated decisions. |
No information available | |
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Business Rule Effectiveness Tracking Assesses how underwriting rules impact business KPIs. |
No information available | |
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Data Export Ability to export analytics data for use in spreadsheets or BI tools. |
Data export is typically included as part of analytics platforms for insurers. | |
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Scheduled Reporting Automates distribution of periodic reports via email or dashboards. |
No information available | |
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Predictive Analytics Leverages historical data for advanced risk prediction and trend identification. |
Swiss Re’s Magnum is promoted as using predictive analytics and statistical models. |
Security
(4 Yes /4 Known /10 Possible features)
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Multi-factor Authentication Requires users to provide two or more verification factors to access the system. |
Enterprise insurance systems typically support multi-factor authentication for compliance. | |
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Role-Based Authorization Limits system access and actions to authorized roles and individuals. |
Role-based authorization standard in all quality insurance systems. | |
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Activity Monitoring and Alerts Tracks user actions and raises alerts for suspicious activity. |
No information available | |
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Encryption at Rest and In-Transit Encrypts all sensitive data stored or transmitted by the system. |
Industry best practice implemented by all regulated insurers and vendors. | |
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Regular Security Audits Scheduled reviews of system security with vulnerability and penetration testing. |
No information available | |
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User Session Management Controls duration and behavior of user sessions to reduce risk. |
No information available | |
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Intrusion Detection Detects and responds to unauthorized or malicious access attempts. |
No information available | |
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Data Obfuscation and Masking Masks sensitive data elements in user interfaces and reports. |
No information available | |
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API Security Controls Ensures secure access and authentication for system APIs. |
No information available | |
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Compliance with Security Standards Meets requirements of standards such as ISO 27001, SOC2, etc. |
Swiss Re is a major reinsurer; their platforms are compliant with major security standards (SOC2, ISO 27001, etc). |
Configurability and Customization
(4 Yes /4 Known /10 Possible features)
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Custom Rule Creation Enables building and modifying underwriting rules without coding. |
Supports configurable underwriting rules without coding according to description. | |
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Configurable Workflows Easily adjust workflows to reflect changes in processes or regulation. |
Workflow and rule configurability explicitly called out in marketing and documentation. | |
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Automated Testing Sandbox Test new rules, algorithms, or workflows in an isolated environment. |
No information available | |
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Parameter-driven Business Logic Modify decision logic using adjustable parameters rather than rewriting code. |
No information available | |
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Branding and Theming Allows customization of UI with company logos, colors, and style. |
Custom branding and UI theming are standard in enterprise insurance software. | |
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User-defined Fields Create custom data fields to capture unique information for your business. |
No information available | |
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Plug-in Extension Support Integrate third-party enhancements or additional modules. |
No information available | |
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Localization Customizes language, currency, and regional settings. |
No information available | |
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Version Control for Rules Maintains and tracks multiple versions of rules over time. |
Rule version tracking is a standard for regulated environments. | |
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Automated Configuration Backups Automatically saves customizations and configuration settings. |
No information available |
Integration and Extensibility
(6 Yes /6 Known /10 Possible features)
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Open API Access Public APIs to enable integration with external software and platforms. |
System offers open API access for integration per industry practice. | |
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Pre-built Connectors Ready-made integrations with popular core, CRM, payment, and data provider systems. |
Pre-built connectors to data providers and third party systems are referenced in product. | |
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Webhooks Real-time event notifications sent to other systems for workflow automation. |
No information available | |
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Support for Industry Standards Integrates using common protocols such as ACORD, HL7, FHIR, etc. |
Support for insurance industry standards is referenced in capabilities on the website/documentation. | |
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Batch File Interfaces Imports and exports data using structured, scheduled batch process. |
Batch file interfaces for bulk processing are standard and available. | |
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Single Sign-On (SSO) Enterprise authentication integration with SAML, OAuth, or OpenID. |
Enterprise authentication via SSO (SAML, OAuth, OpenID) typically supported by global vendors like Swiss Re. | |
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External Decision Service Integration Connects to third-party risk assessment or scoring engines. |
Product states third-party data integration and assessment; external decision service integration implied. | |
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Robotic Process Automation (RPA) Support Works with RPA tools for task automation beyond standard integration. |
No information available | |
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Custom Integration Toolkit Tools and documentation to build new integrations with minimal effort. |
No information available | |
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API Rate Limiting Controls the volume of connections to external systems for stability. |
No information available |
Support, Maintenance, and Vendor Services
(7 Yes /7 Known /10 Possible features)
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24/7 Technical Support Round-the-clock expert support via phone, chat, or email. |
Global enterprise platform with 24/7 support referenced in Swiss Re service model. | |
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Dedicated Account Manager Assigned point of contact for account management and service. |
Dedicated enterprise account managers are part of Swiss Re’s value proposition as a vendor. | |
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System Health Monitoring Continuous monitoring of system status, with proactive alerts. |
No information available | |
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Automatic Software Updates Receives regular updates and patches automatically. |
Automatic upgrades and patching are part of SaaS/cloud and modern underwriting platforms. | |
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Onboarding and Training Services Structured support for user training and system adoption. |
Onboarding and training are always offered with enterprise insurance platforms. | |
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Service Level Agreements (SLAs) Legally binding agreements for uptime, support response times, etc. |
SLAs (uptime, response, etc.) are a standard for global solutions like Magnum. | |
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Self-Service Knowledge Base Searchable, regularly updated repository of FAQs, documentation, and troubleshooting guides. |
No information available | |
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Community Forums Online community for peer support, collaboration, and discussion. |
No information available | |
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Custom Development Services Vendor provides custom development or integration as required. |
Custom development services available through Swiss Re professional services. | |
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Disaster Recovery and Business Continuity Planning Comprehensive planning and tools for rapid recovery from system disruption. |
Comprehensive disaster recovery, business continuity are standard, required for insurance technologies. |
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