Insurance Guarantee Fund has selected IBM to develop a sophisticated information system giving motor insurance providers the opportunity to check and verify online all necessary information regarding Motor Third Party Liability (MTPL) insurance in Bulgaria.
The new system, based on IBM software, hardware, services and business analytics technologies will enable local and international motor insurance agencies to improve the efficiency of motor insurance processes.
The automated system will lead to more accurate and rapid decision making, reducing costs, improving customer service and reducing the number of fraudulent claims.
According to statistics, currently about 25% of all insurance MTPL policies in Bulgaria are duplicated or falsified, by providing a consolidated view of data, the smarter computing solution will reduce the possibility of fraudulent and abusive claims while improving and accelerating customer service.
IBM’s DB2 database software forms the heart of the new data warehouse solution. IBM Cognos software for business intelligence and financial performance management will be used to analyse an individual’s driver and insurance history in order to better manage processes and calculate insurance premiums.
IBM InfoSphere Warehouse and IBM WebSphere Enterprise Service Bus will help to ensure the effective integration and interconnectivity of systems across all engaged insurance companies and government institutions.
The deal also includes IBM Power Systems, IBM System Storage DS8300 and IBM BladeCenter servers to create a robust infrastructure for mixed workloads on distributed systems, offering unparalleled efficiencies for staffing and storage.
Under the terms of the agreement, IBM will also provide integrated technology and maintenance services.