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IBM launches cloud-based platform for the insurance industry

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IBM on Wednesday said it has worked with MetLife Inc. to build a platform on the IBM Cloud intended to improve the processes and economics for new product development, underwriting and benefits delivery for the insurance industry.

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. It was built in collaboration with MetLife and software provider Majesco Inc., Armonk, New York-based IBM said in a statement.

The platform will be delivered as a service and will also help insurers sense and respond to the market faster while reducing information technology infrastructure and maintenance costs, according to the statement.

“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, said in the statement. "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.”

MetLife will use the new digital platform initially with its small business customers, the statement said, giving the company “the ability to tailor and scale its benefit offerings from quote to claim.”

“The new direction provides us with the opportunity to introduce to the market a unique business model unlike any other,” Marty Lippert, MetLife executive vice president and head of global technology and operations, said in the statement. “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.”