Industry

Industry-first insurance platform built on cloud looks to improve process and economics

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Insurance platform process economicsIBM works with 95 percent of the world’s top insurers, so it makes sense that the company teamed with MetLife and Majesco to build a new, industry-first insurance platform built on IBM Cloud.

The new platform seeks to foster new product development, underwriting and benefits delivery by improving insurers’ processes and economics by reducing IT infrastructure and maintenance expenses for carriers, while helping those companies respond more quickly to market changes. To do that, it combines cognitive computing, data analytics, and integration and security capabilities.

Marty Lippert, MetLife executive vice president and head of Global Technology & Operations, said, “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 be the first to use the platform, focusing on its small-business customers to start.

“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,” said Bridget van Kralingen, senior vice president, IBM Industry Platforms.

To find out more, read the full article at Reinsurance News.

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