Introducing a first-of-its-kind platform for insurers
You can spend less time on operations and more on innovation, growth, and providing customers with personalized products. IBM is helping insurers rapidly respond to the market and reinvent the way you work.
The IBM Insurance Platform was built in collaboration with MetLife and Majesco, leveraging the Majesco L&A and Group Suite. The platform enables end-to-end insurance, leverages IBM cognitive and AI capabilities and is cloud enabled. It’s designed to facilitate interaction between members, customers, distributors and ecosystem partners.
Insurers need to innovate while, at the same time, control costs.
Insurance-as-a-Service uses cloud technology that offers financial flexibility and scalability. This use-as-you-go model paves the way for insurers to adapt faster with greater efficiency, developing new products and services while delivering modern customer experiences. Majesco is the core systems partner for the Group Benefits Platform.
Enterprise scale and secure, the platform offers pre-integration for front- and back-end systems. It is IoT extensible, designed with cognitive capabilities and blockchain integration in mind.
Enabling the digital transformation of insurers
End-to-end insurance functionality: Functional reach across the value chain.
Financial flexibility: Control IT costs and innovate by moving from Cap Ex to Op Ex model.
Integration with innovation ecosystem: Configurable environment and cognitive tools for blockchain, AI, IoT and data partners.
Business flexibility: Offer new products with faster time to market.
Scalability: Expand and contract IT support of products as demand changes.
Consumption-based: Lower TCO with marginal upfront investment; pay only for what is needed and used.
End-to-end security: Cloud-enabled security lets you stay up-to-date with changing requirements
Learn how MetLife is using the insurance platform
With the IBM Insurance Platform, MetLife will have a model to tailor and scale group benefits to any size business. Starting with small businesses, MetLife will be able to offer a range of voluntary employee benefits in a cost-effective way.
This is possible through a partnership with core systems provider, Majesco and their solution Majesco L&A and Group Suite which is integrated in the IBM secure cloud and enabled with IBM Watson cognitive capabilities which will bring the efficiencies of machine learning and analytics. This intelligent platform can automate, scale and learn using Watson and cognitive APIs.
This platform supports key business processes:
- Broker, customer and participant portals
- Digital front end
- Enrollment and eligibility
- Case set-up
- Claims administration
- Product configuration
- Participant relationship management
- Business strategy and enterprise support