Tech-giant IBM and insurance companies MetLife and Majesco have joined forces on what they claim an industry-first insurance platform.
IBM Insurance Platform, built on the cloud in partnership with both MetLife and Majesco, intends to enhance the processes and economics for new product development, underwriting, and benefits delivery.
The platform features IBM’s cognitive computing, data analytics and integration and security capabilities which can help insurers in providing access to their products, while capturing new customers.
IBM said it works with 95% of the top insurers in the world and by combining its insights and with deep industry expertise of MetLife, the IBM Insurance Platform can help carriers tap into their expansive data sets to improve product mix and customer experience.
Delivered as a service, the new platform can provide insurers with sense and help 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.
"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 implement 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.
"It brings together the best of MetLife's insurance expertise and capabilities with leading IBM technology into a single, highly scalable, low cost insurance industry solution."
As a long term partner of IBM, Majesco will be contributing to the platform with components to enhance underwriting, policy administration, billing and claims.
Image: IBM CHQ in Armonk, NY. Photo: Courtesy of Treesmittenex/Wikipedia.org.