IBM has bagged a 5-year Cloud deal with Majesco, a provider of core insurance software, consulting and services for insurance business transformation.
IBM and Majesco will jointly offer a new cognitive, cloud-based platform to help insurance carriers create new services on IBM Cloud.
The deal is expected to speed up the development of new customer services with predictive data analytics and help insurance providers bring new solutions to their clients.
The joint IBM and Majesco offering, a result of the Industry Platforms business, will provide a secure, global incubator for insurance companies to develop and launch new cognitive products and services via the cloud for clients.
IBM will contribute Watson and other cognitive application programming interfaces (APIs) that will run on IBM Cloud. This will allow insurance companies to analyze, price and understand business risks using new data sources and add an engaging and personalized advisory interface to their services.
“The integration of IBM Cloud and cognitive capabilities with Majesco’s core system for policy, billing and claims will allow for new, innovative products and services for insurers,” said Ketan Mehta, CEO and co-founder of Majesco.
IBM Watson and other cognitive capabilities will also provide insurance underwriters and actuaries with improved insights into both customer and external data to help reduce risks from claim fraud, consolidate and streamline processes to improve pricing and increase the efficiency of underwriters. These advances can help to ultimately drive a more competitive insurance marketplace.
“Our insurance clients are facing huge pressures to modernize their business models, keep pace with the explosion of data, transactions, regulatory requirements, and new expectations for the experience of individuals,” said Bridget van Kralingen, senior vice president, IBM Industry Platforms.
More than 85 percent of insurers ranked in the Global Fortune 500 rely on IBM technology, and another 89 of the top 100 insurers use IBM technology services to run their business.
IBM’s cloud data center presence includes nearly 50 IBM Cloud datacenters in 18 countries on six continents.