Business challenge

The pressure to innovate and control costs has never been higher in the insurance industry. Executives navigate a stream of technical advances and determine which can provide return on investment, with low cost of ownership and data security - all while meeting changing customer expectations.

Solution approach

IBM industry platform solutions with insurance analytics, AI and cloud models can unlock the future. Innovate at lower cost, modernize and meet regulatory requirements.

Drive change in your organization
Insurance industry platforms and blockchain are changing the way insurers do business, respond to customer expectations and develop new product offerings. We provide the solutions and guidance to facilitate change and innovation, control costs and transform your business.

IBM Insurance Platform
Thrive in a disrupted marketplace. The IBM Insurance Platform brings together everything you need to reduce costs and develop true risk value. Engage new customers, optimize operations and scale on cloud.

Blockchain
Understand blockchain and become familiar with technology that helps automate smart contracts. Reduce administration in a secure, permissioned environment between two partners or within an insurance consortium.

No insurer wants to make the news about risk and security shortcomings. Inefficiency also poses risks to profit.

Insurers need to focus on basic security and a defense strategy to predict where the next attack could occur. No longer just a problem for the CSO, security is a key concern for the board and CEO. IBM cybersecurity solutions help predict cyberattack timing and scenarios, which allows you to provide answers to your stakeholders.

IBM Security
IBM Security solutions work together to prevent and repair the damage cyber attacks can impose on your enterprise.

Robotic process automation (RPA)
Automate and optimize any business process that has structured digital data by using RPA. Learn what RPA is and how it help insurers. 

Digital transformation is the order of the day

Everything from core modernization, cognitive underwriting and cloud acceleration to data center transformation is part of engineering competitive advantage for large and small insurers.

Financial crimes insight for insurance
Digitization means there is more opportunity for fraud but also better processes to counter it. Detect and prevent fraud to help your bottom line with analytics on a platform capable of learning.

Customer insight can drive engagement

Expand what you know about customers and how you can serve them with cognitive capabilities for sales and service including virtual agent, call center and mobile solutions.

Watson Expert Assist from IBM
Your data. Our AI. Give your team spot-on sales intelligence. Learn how AI is transforming insurance sales and scaling expertise to keep your sellers better connected to your customers.

Insights on Insurance

Prudential Singapore puts Watson AI to work to increase sales agent performance

Prudential’s askPRU chatbot was designed to handle a high volume of commonly-asked questions. Within six months from launch, call volumes have fallen dramatically.

Transforming an industry, one automated action at a time

 

Six degrees of separation – how six different areas of tech are transforming the insurance industry.

Addressing a serious challenge in insurance today

Artificial intelligence allows insurers to compete and solve some of their biggest challenges.

Building trust in insurance through blockchain

At InsureTech Connect 2018, the power of blockchain was front and center in building trust in the industry. Our coverage of the IBM-led discussion here.

AAIS and IBM begin new chapter of blockchain in insurance

When it comes to blockchain in insurance, we may have just witnessed the perfect confluence of timing with people, process and technology – we explain.
 

Blockchain use cases continue to emerge

The application of blockchain in the insurance industry is just now starting to be explored. We take a look at some of the most suitable uses.

IBM and global insurer ERGO Group agree on new platform service

IBM and ERGO to jointly develop a system to manage closed books on the IBM Insurance Platform.

Insurers are catching up with a platform world

Platform models offer innovative products in a digital ecosystem and are disrupting traditional businesses.

Groupama and IBM find opportunity through disruption

IBM and the Italian insurer worked together to form a new digital insurance ecosystem.

Digital transformation in the insurance industry: Part 1 – Data is the new natural resource

 

Part 1 of our 4 part series on the digital transformation journey in the insurance industry, on data has become the newest national resource.

The platform-fueled insurance future

The new IBM IBV study, “The platform-fueled future: New ways to differentiate in a changing insurance industry,” details how platforms enable insurers to differentiate on what they do best: manage, mitigate and price risk.

How insurance platforms can accelerate new digital ecosystems

How will insurers continue to connect and build ecosystems that will enable new business models while creating great client value? We explore some answers.

Digital transformation in the insurance industry: Part 1 – Data is the new natural resource

The first edition in our four part series on the journey to digital transformation in the insurance industry, on data has become the newest natural resource.

The platform-fueled insurance future

The new IBM IBV study, “The platform-fueled future: New ways to differentiate in a changing insurance industry,” details how platforms enable insurers to differentiate on what they do best: manage, mitigate and price risk

How insurance platforms can accelerate new digital ecosystems

How will insurers continue to connect and build ecosystems that will enable new business models while creating great client value? We explore some answers.

Building trust in insurance through blockchain

At InsureTech Connect 2018, the power of blockchain was front and center in building trust in the industry. Our coverage of the IBM-led discussion here.

Making sense of big data in insurance

A recap of a panel discussion at InsureTech Connect 2018 covering the challenges and pitfalls big data presents to insurance.

IBM at InsureTech Connect 2018

A front row seat to the thriving insurance technology industry.

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.

—Bridget van Kralingen, Senior Vice President of IBM Industry Platforms

Trending

EXECUTIVE REPORT
Innovating Insurance: Lessons from the most successful insurance organizations.

WEBCAST
Compliance does not guarantee security. Learn from this webcast to build risk strategies that help you navigate new security and regulatory requirements for insurance companies.

Solution finder

Blockchain

IBM Blockchain is the only fully integrated enterprise-ready blockchain platform designed to accelerate the development, governance and operation of a multi-institutional business network.

• Blockchain for Insurance
Blockchain is doing for transactions what the internet did for information. Create efficient processes with one partner or an insurer consortium using distributed ledger technology that records the history of transactions among clients, partners and suppliers.

Break the traditional insurance mold

Blockchain - Innovation for insurance

Insurance companies are looking for ways to streamline operations, create cost efficiencies and build greater trust in a new digital ecosystem. One of the ways they're doing that is by using blockchain technology.

See how it works

• AIG, Standard Insurance and IBM partner to create a multinational insurance policy

Learn how AIG and Standard Chartered are using IBM Blockchain technology to strengthen transparency, increase trust and reduce cost and friction.

Watch the video

• Building trust in insurance: Blockchain to the rescue

Blockchain technology has the potential to help restore trust in the insurance industry, which is still recovering from the global economic crisis of 2007-2008.

Analytics Platform

Use advanced analytics techniques to transform your data into valuable customer insights.

• Analytics Platform
Collect, organize and analyze your data, uncovering insights that improve business processes and ideas that drive game-changing outcomes while enabling compliance.

Learn more

• Enterprise Content Management - ECM
Put business content to work to improve customer insight, manage risk and fraud with better claims processing and compliance and create new business opportunities. Learn more.

Business Innovation

The IBM Insurance Platform a cloudbased, security-rich platform that supports modernization across your business.

• Insurance Platform for Group Benefits
Operate your group benefits insurance business on a security-rich integrated cloud platform that supports day-to-day operations, provided as-a-service. Enable variable-cost and flexible business models and equip yourself with new technology to reach new markets.

• IBM Cloud for Financial Services
Get the building blocks for developing financial services applications. The IBM Cloud for Financial Services is an integrated platform of
developer tools, APIs and a 3rd-party ecosystem to build, operate, and monetize next generation financial services apps.

Learn more

• Watson IoT
Take insurance policyholder protection to the next level with the Internet of Things. Provide holistic protection personalized to the consumer to shift the very nature of risk. Learn more.

• Weather
Leverage Weather Solutions for Insurance and strengthen policyholder relationships by providing risk prevention, not simply claims payment.

Core Application Improvement

Replace, modernize or transform the primary systems that process and issue life insurance policies.
 

• Mobile Claims Adjuster
Provide your field-based adjusters everything they need to document damage, complete assignments and prioritize tasks using their iPad with the IBM iOS mobile application, Mobile Claim Adjuster. Improve adjuster engagement and productivity while enhancing customer experience.

Core on Cloud

Cloud computing speeds business transformation. Cloud technologies can help you develop services and act on insights ahead of the competition.

• Core Insurance-on-Cloud
Core Insurance Platforms integrated with cognitive and non-cognitive assets, offered as-a-service in partnership with leading product vendors.

Learn more

• Cognitive Underwriting
Incorporate insights from unstructured data to make smarter decisions with IBM Cognitive Underwriting.

Learn more

IBM Z for insurance

Insurers must manage security risk and comply with changing regulations while delivering highly personalized digital experiences for customers. The right infrastructure can simplify compliance, provide the world’s best security, lower costs and meet rising demands for innovation.

• Financial Crimes Insight for Insurance
Identify fraud, waste and abuse with the frameworks, tools, processes and skills needed to detect and prevent fraud, decrease losses and reduce operational costs.

Risk & Compliance

Harness the cognitive capabilities of Watson to transform your risk and compliance management.

• Cognitive Outside Counsel Insights
Get substantial cost savings associated with assessing and negotiating legal expenses associated with outside counsel services with IBM Cognitive Outside Counsel Insights, available both as a SaaS model or on-premises deployment.

Security

IBM Security solutions work together to stop cyberattacks from damaging your organization.

• Cyber Security
IBM Security for Insurance delivers security intelligence, integration and expertise to safeguard your business and protect against cyber security threats. Learn more.

Performance Management

Redefine software innovation with advanced tools and methodologies from IBM.

• Cost Takeout
IBM's experience deploying global, security-enhanced infrastructures, integrating cognitive computing, IT transformation with financial and risk sharing techniques - translates to significant cost takeout.

• General Data Protection Regulation
Prepare for the General Data Protection Regulation (GDPR) with a comprehensive IBM offering that is delivered in multiple ways but designed to address the many exposure fronts that GDPR presents, including governance, people and communication, processes, data, security and privacy.

• Hybrid Cloud Security
IBM hybrid cloud security for insurance provides a unique set of capabilities including: IBM Promontory regulatory services, cloud security, Watson for regulatory compliance and managed services for security.

• Insurance Process Analyzer
Get a visual analysis of a process timeline across heterogeneous applications, management systems and quickly identify process breakdowns, bottlenecks and talent mismatches.

• Robotics Process Automation
Implement technology quickly and efficiently without altering existing infrastructure and systems. IBM Robotics Process Automation gives any work process that is definable, repeatable and rules-based the ability to map
out a business process and assign a software robot to manage the execution of that process.

Customer Insight

Expand what you know about customers with cognitive capabilities for sales, virtual agent, call center and mobile solutions.

• IBM Customer Insight for Insurance
Enable insurance companies to effectively interact with customers, prospects and producers though efficient interaction campaigns that retain, up-sell and cross-sell customer segments by propensity, timing and insight.

Distribution

Simplify calculation rules and complex sales hierarchy management. Gain transparency into even the most challenging compensation situations.

• Sales Performance Management
Revolutionize legacy incentive compensation systems with Incentive Compensation Management to bring flexibility, speed and accuracy in the calculation, payment and reporting of compensation.

 

Customer Engagement

Exceed customer expectations, operate more efficiently and find a new competitive edge.

• IBM MobileFirst for iOS - insurance
Benefit from strong and unique set of IBM offerings for mobile in insurance with a depth and breadth of mobile capabilities that others don't provide.

• IBM MobileFirst for insurance
GTS Mobility Services has launched its Industry as a Service portfolio. These services are tailored to how specific industries will consume IT services in the digital enterprise.

• Connected Cognitive Insurance (CCI)
Deliver insurance value to insureds, embedded in their day-to-day lives at the Point of Risk to help them solve and avoid risk exposure problems on the spot.

• Cognitive Virtual Agent
Use the power of cognitive AI to provide robust self-service capabilities for insurance company clients, producers and staff. Whether answering policy, claims, service, billing or other inquiries, IBM Cognitive Virtual Agent offers a solution above and beyond the capabilities of simple chatbot and FAQ tools.

• Cognitive Agent Assist
Apply AI power to provide a call center agent CSR, underwriter, claims person or insurance agent with a comprehensive view of claim information. Get insights and advice so that they can provide an efficient, satisfactory and rewarding exchange with every customer.

• Natural Language Processing
Harness the power of AI to improve an insurance company's ability to service customer needs and expectations by enhancing all interactions, providing timely, accurate, complete and consistent information and advice.

• Watson Expert Assist
Your data. Our AI. Give your team spot-on sales intelligence. Learn how AI is transforming insurance sales and scaling expertise to keep your sellers better connected to your customers.

Get started

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