ARMONK, N.Y., Oct.
11, 2017 /PRNewswire/ -- IBM (NYSE: IBM) today announced
it is building an industry-first insurance platform on the IBM
Cloud that aims to improve the processes and economics for new
product development, underwriting, and benefits delivery.
Built in collaboration with MetLife (NYSE: MET) and Majesco
(NYSE MKT: MJCO), 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.
"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,"
said Bridget van Kralingen, senior
vice president, IBM Industry Platforms. "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."
IBM works with 95 percent of the world's top insurers. By
combining insights from those engagements, and with deep industry
expertise contributed by MetLife, the IBM Insurance Platform will
help carriers better harness their expansive data sets to improve
product mix and customer experience. Delivered as a service, the
platform will also help insurers sense and respond to the market
faster while reducing IT infrastructure and maintenance costs.
"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," said Marty Lippert, MetLife executive vice president
and head of Global Technology & Operations. "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."
MetLife will pioneer the use of this industry-first, end-to-end
digital solution, beginning with its small business customers.
MetLife will have the ability to tailor and scale its benefit
offerings from quote to claim. Through a new digital experience,
customers and brokers will have access to a broader selection of
affordable group benefits, including: life, dental, vision,
disability, voluntary and other products.
"Small business is an attractive growth segment for MetLife. We
know from speaking to many business owners and brokers that they
believe employee benefits are important in attracting, retaining
and engaging talent. We're excited this platform will give our
customers greater access to the benefits they need through a
simpler, affordable experience," said Michel Khalaf, MetLife's president of U.S.
Business and EMEA.
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 multinational provider of insurance technology
software and an established IBM partner, is contributing to the
platform with components to enhance underwriting, policy
administration, billing and claims.
As IBM advances the platform, new capabilities will be added
including the ability to integrate with blockchain networks to
provide trusted, highly secure, permissioned transactions, and the
option to incorporate regulatory compliance data and third-party
software.
The IBM Insurance Platform represents another important
expansion of IBM's Industry Platforms business, formed to deliver
comprehensive offerings for specific industries. IBM has also
launched specialized industry platforms in other areas including
healthcare, regulatory compliance for banking and financial
markets.
About IBM Industry Platforms
IBM Industry Platforms
provides a range of strategic technologies to remove much of the
cost and complexity of delivering core business functions. By
delivering cognitive, analytics, security, blockchain and cloud
technology as a service, and in a complete platform tailored to the
needs of each industry, IBM helps clients become more
customer-centric, balance costs and mitigate risk.
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates
("MetLife"), is one of the world's leading financial services
companies, providing insurance, annuities, employee benefits and
asset management to help its individual and institutional customers
navigate their changing world. Founded in 1868, MetLife has
operations in more than 40 countries and holds leading market
positions in the United States,
Japan, Latin America, Asia, Europe
and the Middle East. For more
information, visit www.metlife.com.
About Majesco
Majesco (NYSE MKT: MJCO). Majesco
serves over 150 insurance Property and Casualty and Life, Annuity
and Group carriers worldwide by supporting their transformation
journey with enabling software and service solutions. The software
solutions include policy management, new business / underwriting,
rating, billing, claims management, distribution management and a
complete digital platform for customer engagement. For more details
on Majesco, please visit www.majesco.com.
IBM Contact:
Christina Trejo
IBM Media Relations
Christina.trejo@ibm.com
848-702-4607
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SOURCE IBM