Insurance Platform

Key takeaways on the IBM Insurance Platform

Share this post:

At the IBM Think 2019 session, Drive Differentiating Value and Fill Critical Gaps with the IBM Insurance Platform, Noel Garry, Global Offering Manager, IBM Insurance Platform, and Ed Ossie, Chief Operating Officer, Majesco, discussed the current state of the platform and illustrated how it works. 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.

Garry opened the session with this simple definition, “In its essence, a platform is the coming together of at least two participants in an ecosystem.” The IBM Insurance Platform offers insurers the ability to operate on the cloud, in a secure, integrated and scalable platform. It brings together everything needed for day-to-day operations of an insurance business. Insurers participating in the ecosystem will have access to a menu of options such as email automation, billing chatbot and a weather alert system. And, it is provided as-a-service to enable variable-cost and flexible insurer business models. Insurers can “effectively pay on a per policy basis,” Garry noted.

Ossie described Majesco’s offerings, “Majesco does one thing, insurance software for property, casualty, life, annuity and group, but not health. Its core applications are ready out of the box, designed for the IBM Cloud and easily updated.” Core processing elements include claims, enterprise billing and policy administration. “Insurers can start anywhere. The principles of platform thinking make it easy, portable, fun, accessible anywhere on any device,” Ossie added.

 

The first IBM Insurance Platform

The first instance of the IBM Insurance Platform is being created with MetLife, using Majesco’s core systems, underpinned with IBM Cloud and IBM Security, which delivers an extended level of security. Plus, IBM is building digital front ends, or portals, for MetLife’s agents and employees and employers using microservices and APIs. It is configured for nine different group benefits products: life, AD&D, critical illness, accident, disability, dental, vision, hospital and legal.

Momentum is building for the platform. In addition to the MetLife group benefits platform, ERGO, as well as a North American reinsurer and Techniker Krankenkasse, a German health insurance company, are building on the IBM Insurance Platform to digitally transform, innovate and cost-effectively deliver new products and services.

Journey to platform

Not all insurers are moving full-speed to platform technology. Garry observed from his conversations with insurers, that they are using “different entry points to moving to platform. They’re considering subsets of the platform to get started.” And, “the platform offers a future roadmap for each customer.”

Ossie emphasized the uniqueness of the platform for each insurer saying, “To conquer the changes and challenges in insurance, new partnerships, platforms and technologies are the building blocks that enable winning strategies and growth. The IBM Insurance Platform, inclusive of Majesco’s core and digital solutions, offers insurers the ability to start the journey on their terms.”

The platform in action

Insurers could see how the platform works and experienced the user interface. The platform demo showed Watson, natural language processing, Majesco software and weather data:

  • Email automation using Watson Natural Language Understanding
  • Billing chatbot using Watson Speech-to-Text and Watson Text-to-Speech
  • Lifestyle alerts using IBM Weather Company Alerts service

Billing chatbot demo

IBM and Majesco

IBM and Majesco have created an insurance-specific industry platform which brings a differentiating advantage, speed to market and lower total cost of ownership to insurers. The platform enables new models, new channels and stronger customer relationships. Working together, recognizing the unique skills, strengths and resources that each bring to building insurance technology solutions, Majesco and IBM launched an industry-first insurance platform for P&C and L&A and Group Benefits.

 –>View the presentation

Watch the IBM Insurance Platform – bring innovations to market faster.

 

–>Learn more about the IBM Insurance Platform solution

WW Web Managing Editor, Banking, Financial Markets & Insurance

More Insurance Platform stories

To energize innovation in financial services, take it outside

Financial companies have always been innovators. But in this age of digital transformation, innovation in financial services is more important than ever to stay competitive. Innovation processes, traditionally limited to product development, are now spreading throughout the entire organization. Many companies, however, are not yet well-positioned to reap the benefits. When researchers from the IESE […]

Continue reading

Four ways to stem the growth of financial crime in insurance

Insurers have long understood that the ability to quickly detect fraudulent claims not only stems losses, but also minimizes the impact to legitimate customers as well. But as more complex financial crimes like money laundering, employee fraud, and corruption have gravitated toward insurers more recently, many don’t have the programs in place to combat these […]

Continue reading

How can insurers stay relevant when insurance ceases to be mandatory?

Insurance and insurers have been around for millennia, with modern insurance starting in the U.K. more than 300 years ago. For much of this time, incumbent insurers have been protected from competition by four big barriers: regulation, the law of large numbers, the trust nature of insurance, and, last but not least, the inertia of […]

Continue reading