Fortitude Re will deploy IBM’s AI technology and automation tools to offer an enhanced experience for policyholders and insurers. Credit: Starmarpro / Shutterstock.com

Bermuda-based Fortitude Re has signed a $450m contract with tech giant IBM to optimise its life insurance policy servicing operations.

Under the ten-year agreement, the reinsurer will deploy IBM’s artificial intelligence (AI) technology and other automation tools to offer an enhanced experience for policyholders and insurers.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Fortitude Re has chosen IBM Insurance Solutions, a subsidiary of IBM, to utilise the worldwide expertise of IBM.

This approach aims to outsource insurance third-party administration (TPA) services for more than four million policyholders.

According to the deal, IBM will carry out the designing and handling of a tailored and optimised solution to manage life and annuity insurance policies.  

It will be responsible for boosting Fortitude Re’s third-party administration activities, augmenting commitment to client-focused service for policyholders and insurers, and cutting operational costs.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Through the partnership, Fortitude Re also intends to optimise the end-to-end insurance customer service operations and comprises efforts such as AI for automation, hybrid cloud and main-frame-as-a-service technology.

Fortitude Re chief operating officer Sean Coyle said: “Combining Fortitude Re’s deep industry expertise with IBM’s technology leadership will enable us to deliver effective and efficient administration solutions as part of our bespoke solution design for our life and annuity customers.

“By partnering with IBM, Fortitude Re will be able to leverage AI technology, automation, and the latest in advanced data analytics to help continue delivering a high-quality service experience for the millions of insurance customers we service, all while reducing operational risk, improving efficiencies, and increasing our analytic capabilities.”

In May 2023, Fortitude Re opened its new representative office in Tokyo, Japan.