IBM and Aegon Join Forces to Enhance the Service for Around 800,000 Customers Digitally

IBM | June 04, 2020

IBM and Aegon Join Forces to Enhance the Service for Around 800,000 Customers Digitally
  • Administration of 800,000 individual life insurance contracts transitions to IBM's Open Insurance Platform.

  • Outsourcing with subsequent renewal options designed to help Aegon to modernize policy administration and realize long-term customer service.

  • IBM will manage Aegon's run-off life insurance until last policy in the portfolio expires in 2066.


IBM announces that it has entered into an agreement with Aegon the Netherlands for the servicing and administration of its individual life policies. This is designed to further digitally enhance the service for around 800,000 customers.

IBM Services will manage Aegon's run-off life insurance until the last life insurance policy in the portfolio expires in 2066. 

The life insurance policies will be migrated to IBM's Open Insurance Platform to digitize the insurance policy administration from customer contact to financial settlements in a state-of-the-art IT platform hosted on the IBM public cloud. Leveraging IBM's Open Insurance Platform, Aegon the Netherlands aims to modernize policy administration and maintain long-term customer service.

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Outsourcing the administration to IBM can help Aegon reduce their management costs per policy for the full remaining contract time. The IBM Open Insurance Platform will help secure continuity of the management of closed book life insurance policies against low fixed costs per insurance policy.

 

We want cost-effective administration of our individual life insurance contracts and employability for our employees in Leeuwarden, who will transfer to IBM as part of this agreement,

Sibylla Bantema, director life insurance at Aegon the Netherlands.



The IBM Open Insurance Platform will be built based on the msg.Life Factory core insurance system, which is a part of msg.Insurance Suite. It's anticipated that the IBM Open Insurance Platform will be available for other Dutch insurance companies as well. The platform will offer the same features as the Aegon platform, including service-based pricing, IBM Cloud security and scalability, and connections to APIs from IBM and third-party participants. By running on IBM's public cloud the IBM Open Insurance Platform will help insurers keep address requirements for regulatory compliance, security and resiliency.

 

With Aegon as launching customer we are creating an attractive offer for life insurers who want continuity of the management of their life insurance policies against low costs per insurance policy. The IBM Open Insurance Platform offers insurers a way to help drive expenses down to new levels of flexibility and savings, while giving them the tools and capabilities to serve its customers,

Patrick van den Bos, insurance leader at IBM Netherlands.



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Spotlight

History of insurance dates back to early human society. Granaries were the earliest form of insurance (riskpooling) which over time adapted by merchants to transport their products on ships. And, in 1968, Lloyds was born in a coffee house. Between 1968 and today, the insurance industry has been working on four fundamental principles of insurance and among them the most prominent is ‘utmost good faith’ or ‘Uberrima fides’. Although the insurance business runs on TRUST, but it has been breached by several times, due to which many insurance companies have paid the fraudulent claims, due to lack of evidences.

Spotlight

History of insurance dates back to early human society. Granaries were the earliest form of insurance (riskpooling) which over time adapted by merchants to transport their products on ships. And, in 1968, Lloyds was born in a coffee house. Between 1968 and today, the insurance industry has been working on four fundamental principles of insurance and among them the most prominent is ‘utmost good faith’ or ‘Uberrima fides’. Although the insurance business runs on TRUST, but it has been breached by several times, due to which many insurance companies have paid the fraudulent claims, due to lack of evidences.

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