IBM announced a new insurance platform on the IBM Cloud in collaboration with MetLife and Majesco.
The IBM Insurance Platform will feature cognitive computing, data analytics and integration and security capabilities designed to help insurers expand access to their products and capture new customers.
Bridget van Kralingen, senior vice president, IBM Industry Platforms, said: “In the case of insurance, carriers will be able to inject innovation and speed into their operating models, and consumers will experience a broader range of products tailored to their individual needs.”
IBM works with 95 percent of the world’s top insurers.
The IBM Insurance Platform — delivered as a service — will help carriers better utilize data sets to improve product mix and customer experience. The IBM platform will also help insurers sense and respond to the market faster while reducing IT infrastructure and maintenance costs.
“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,” said Marty Lippert, MetLife executive vice president and head of Global Technology & Operations.
According to an analysis of A.M. Best Data, the U.S. group benefits market was approximately $140 billion in 2016. Increased customer expectations and new market entrants highlight the need for insurance carriers to bring new offerings to market that attract customers while cost-effectively servicing existing ones.
Majesco, a provider of insurance technology software and an IBM partner, is contributing to the platform with components to enhance underwriting, policy administration, billing and claims.
IBM has also launched specialized industry platforms in other areas including healthcare, regulatory compliance for banking and financial markets.
