Awareness of digital risks and demand for more digital transparency and accountability are in full force. Providing digital trust and giving reassurance that data will be handled responsibly are prerequisites for realising the full potential of digital technologies.
Given the complexity of digital technologies, transparency alone is not enough to build trust. Recognised standards will also play an important role to help boost trust among users of digital technologies. Created in Switzerland in a collaborative and inclusive way, the Digital Trust Label was designed from a user perspective and offers organisations a unique opportunity to convey their commitment to digital responsibility.
Moses Ojeisekhoba, Chief Executive Officer Reinsurance and Member of Group Executive Committee at Swiss Re: “We strongly believe in digital responsibility as well as recognised standards and we fully support the Swiss Digital Initiative. The financial services industry needs to further implement and promote rigorous standards of digital governance. We consider data protection, privacy and security to be key to ensure the trustworthiness of digital services for our clients.”
Swiss Re has successfully certified Magnum Go, an underwriting automation engine that insurers can integrate into their sales platforms to enhance the life insurance buying experience by simplifying its application process. Magnum Go is a leading software as a service solution (SaaS) for underwriting and the Digital Trust Label helps assure Swiss Re’s clients that the offered solution is trustworthy, and the underwriting process of their sales journey is accredited and can be relied upon.
Press conference
A virtual press conference by the Swiss Digital Initiative to accompany the launch of the Digital Trust Label takes place tonight, 18 January 2022, at 6.00 pm CET.
Log-in for journalists:
Please click the link below to join the webinar:
https://us06web.zoom.us/j/87287055312
Webinar ID: 872 8705 5312
International numbers available: https://us06web.zoom.us/u/ktBD7sRlf
About the Digital Trust Label
The Digital Trust Label is owned by the independent foundation Swiss Digital Initiative. It indicates the trustworthiness of a digital service, such as a website or an app. Digital services are tested based on 35 criteria along four dimensions: security of the digital service, data protection, reliability of the digital service and fair user interaction, which includes notifying users about the use of automated decision-making. The criteria catalogue was created under the leadership of École polytechnique fédérale de Lausanne (EPFL) and a dedicated Label Expert Committee, further developed on the basis of feedback from public consultations, which allows for independent auditing. The label was awarded under Swiss law and does not imply compliance with any other laws or jurisdictions. What distinguishes the Digital Trust Label is that it does not only focus on B2C services, but also considers B2B2C services.
About the Swiss Digital Initiative
The Swiss Digital Initiative (SDI) is an independent, non-profit foundation based in Geneva, founded in 2020 by digitalswitzerland and under the patronage of Federal Councillor Ueli Maurer. The SDI pursues concrete projects with the aim of securing ethical standards and promoting responsible conduct in the digital world. It brings together academia, government, civil society and business to find solutions to strengthen trust in digital technologies and in the actors involved in ongoing digital transformation.
About Magnum
Magnum is Swiss Re's suite of automated underwriting solutions that leverages innovation and cutting-edge technology to help insurance companies make better, faster underwriting decisions; optimise their businesses with data-driven insights; while offering an engaging application journey to the end consumer. Designed by underwriters, for underwriters, Magnum is powered by Life Guide – an industry leading L&H underwriting manual, trusted by underwriting professionals in over 100 countries. Discover more: SwissRe.com/Magnum.
About Swiss Re
The Swiss Re Group is one of the world’s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk – from natural catastrophes to climate change, from ageing populations to cyber crime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally.
