IBM has teamed up with insurance companies MetLife and Majesco to launch an insurance platform that will initially focus on end-to-end core processing for group benefits.
To be offered “as a Service” on the IBM Cloud, the new IBM Insurance Platform, intends to improve the processes and economics for new product development, underwriting, and benefits delivery.
The platform features IBM’s cognitive computing, core insurance systems (Majesco L&A and Group Suite), data analytics and integration with third-party providers and security capabilities to enable insurers expand access to their products and capture new customers.
By combining its insights with top insurers and with deep industry expertise of MetLife, the IBM Insurance Platform can empower carriers to tap into their expansive data sets to improve product mix and customer experience.
The new platform also enables insurers to respond to changes in markets faster, while reducing IT infrastructure and maintenance costs.
IBM industry platforms senior vice president Bridget van Kralingen said: “Our Industry Platforms are designed in collaboration with our clients and partners and intended to dramatically improve traditional business models using deep industry expertise and advanced technologies such as AI, cloud and blockchain.
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“In the case of insurance, carriers will be able to inject greater innovation and speed into their operating models, and consumers will experience a broader range of products tailored to their individual needs.”
MetLife will deploy this end-to-end digital solution, starting with its small business customers and is expected to tailor and scale up its benefit offerings from quote to claim.
The digital solution can provide its customers and brokers with access to a wide range of group benefits, including: life, dental, vision, disability, voluntary and other products.
MetLife executive vice president and global technology & operations head, Marty Lippert said: “This new direction provides us with the opportunity to introduce to the market a unique business model unlike any other.
“The strategy represents innovation in our approach to growth and is a testament to the reality that every company needs to become a technology company in order to survive.”