IBM announced it is building an industry-first insurance platform to improve the processes and economics for new product development, underwriting, and benefits delivery.
Built in collaboration with MetLife and Majesco the IBM Insurance Platform (IBMIP) will feature cognitive computing, data analytics and integration and security capabilities designed to help insurers expand access to their products and capture new customers.
IBM currently 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 tech firm claims the IBMIP will help carriers harness their expansive data sets to improve product mix and customer experience.
Wealth Management
Delivered as a service, the platform will also help insurers sense and respond to the market faster while reducing IT infrastructure and maintenance costs. Through a new digital experience, customers and brokers will now have access to a broader selection of affordable group benefits, including life and other products.
«Our platforms are 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.
DBS bank, ANZ and Citi are among prominent users of IBM's Watson in their wealth management units. Watson is a cognitive technology and super-computer comprising AI that «learns» how to draw conclusions from data, natural language understanding and a search engine that can comb through millions of data points in seconds.
