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

IBM | June 04, 2020

  • 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.

Read More: How Are Chatbots and Artificial Intelligence Are Adding Value to the Insurance Sector

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.



Read More: Dominion Energy Expands Assistance to Virginia Customers Struggling Financially During Pandemic

About IBM

At IBM, work is more than a job - it's a calling: To build. To design. To code. To consult. To think along with clients and sell. To make markets. To invent. To collaborate. Not just to do something better, but to attempt things you've never thought possible. To lead in this new era of technology and solve some of the world's most challenging problems.

Spotlight

The growing numbers of machine learning health insurance applications that are being used in the healthcare industry allow us to read the future by doing data analysis.

Spotlight

The growing numbers of machine learning health insurance applications that are being used in the healthcare industry allow us to read the future by doing data analysis.

Related News

INSURANCE TECHNOLOGY

Noyo Partners with Namely to Power Seamless, Accurate Connections with Leading Insurance Carriers

Noyo, Namely | December 09, 2020

Noyo, the main API platform driving the age of connected insurance, today declared an organization with Namely, the main HR platform for moderate sized organizations. Through this association, Namely will grow and upgrade convenient information trade with driving insurance transporters to additionally advance its advantages organization platform. For some, organizations, benefits organization is a difficult assignment that expects businesses to explore an unpredictable commercial center to choose, interface, and direct a huge number of transporters and plans. Noyo's finished infrastructure arrangement incorporates adaptable, transporter rationalist APIs for sure fire information trade, full circle affirmation conventions that guarantee exchanges happen precisely true to form, and unrivaled examining abilities to proactively recognize enlistment and qualification mistakes before they happen. By collaborating with Noyo, Namely further lifts the client experience through smoothed out and consistent associations with a portion of the business' driving insurance transporters. “Our customers depend on Namely for accuracy, efficiency and reliability,” said Larry Dunivan, CEO of Namely. “Activating Noyo for our platform gives us deeper connections to carriers throughout the industry, which means faster and more reliable services for our members. We are pleased to partner with Noyo to stay on the cutting edge of benefits administration and further our mission to build better workplaces.” “In the age of connected insurance we are setting a new standard, one that unlocks new possibilities for innovative companies searching for better benefits solutions and integrations,” said Shannon Goggin, CEO and co-founder of Noyo. “Through a single integration, Noyo’s infrastructure makes it easier to manage data exchange and carrier connections with unprecedented speed and transparency. We are excited to work with Namely to power an intelligent, modern insurance experience directly within the Namely platform.” About Namely Namely is the #1 HR Software company that empowers mid-sized businesses to build better workplaces. Its cloud-based software brings HCM, benefits, insights, payroll, and time into a single-view platform to help modern HR teams make data-driven decisions about their people and understand what's really going on in their workforce. The Namely ecosystem includes powerful integrations with market-leading applicant tracking, identity management, ERP, compliance, E-Verify solutions, and more. Serving more than 1,400 clients with 230,000 employees globally, the company is backed by leading investors, including Altimeter Capital, GGV Capital, Matrix Partners, Scale Venture Partners, Sequoia Capital, Tenaya Capital, and True Ventures. About Noyo Noyo is the leading API platform powering the age of connected insurance. Founded by leaders in insurtech and API technology, Noyo is the connections gateway that enables modern, intelligent benefits experiences. Noyo’s complete, integrated infrastructure solution connects health insurance carriers, benefits platforms, and a growing ecosystem of innovators through a new industry standard for fast, accurate, and secure real-time data exchange.

Read More

INSURANCE TECHNOLOGY

Majesco Introduces Cloud-Native Core Containerization Support to P&C Core Suite, L&A Core Suite, and Group Core Suite

Majesco | June 09, 2021

Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced cloud-native core containerization for Majesco P&C Core Suite and Majesco L&A and Group Core Suite to provide portability, agility, speed-to-market, and ease of environment consistency management for companies accelerating their business transformation on the cloud. Majesco P&C Core Suite and Majesco L&A and Group Core Suite are built as Docker images, orchestrated using Kubernetes, and deployed as Helm charts enabling customers to run on any cloud infrastructure. Majesco will continue to assess the right balance of further decomposition into granular microservices based on customer and market-driven demands with the first decomposition completed. With parallel run validations, this transition is seamless – with no business interruptions – and requires no additional testing or change efforts for carriers. With cloud-native core Containerization support, Majesco's cloud operations will be more reliable, responsive, and secure. Additional benefits include: • Consistency – Enable consistency of deployments across all environments through the same app deployment structure and infrastructure configurations. • Dynamic Scalability – Dynamic adjustments to computing resources by automatically scaling to new nodes based on load for better ROI and operational readiness. • Superior Availability – Separating functionality across containers and monitoring for problem detection and self-healing to deliver higher availability. • Enhanced Security - Applications isolation from the host and each other, Kubernetes secrets for provisioning passwords/keys, and automatic app management and deployment provides enhanced security. • Faster Deployment - Standardized docker images enable faster deployment of Majesco Apps and faster patching for host OS. • Cloud Platform Agnostic - Abstraction from host OS, an inherent feature of containerization, makes the app run on any cloud platform. • Cost-Effectiveness - Scaling of lightweight containers, auto-scaling, and a high degree of automation significantly reduce operating costs with horizontal scaling. Majesco was named a Leader in the October 2020 Magic Quadrant for P&C Core Insurance Platforms, North America, and a Visionary in the August 2020 Magic Quadrant for Life Insurance Policy Administration Systems, North America. The company also received an XCelent award for Depth of Service in Celent's Policy Administration Systems: North America Property Casualty Report and named the Top "Best-in-Class" Vendor in the P&C Policy Administration Aite Matrix Report. About Majesco Majesco is the leading software partner to both the P&C and L&A insurance markets to modernize, optimize and innovate their businesses at speed and scale. Over 330 insurers, from greenfields, start-ups, and MGAs to the largest insurers, reinsurers, and brokers, use Majesco's next-generation SaaS platform solutions of core, data and analytics, digital, distribution, absence management, and a rich ecosystem marketplace of established and InsurTech partners to build the future of insurance. Our technology, expertise, and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our customers on Cloud with Majesco platform solutions, together, we have a fantastic track record of innovation and real-world results.

Read More

LIFE INSURANCE

ApplicInt Partners With SBLI to Digitize the Life Insurance Application Process Using U*Complete

ApplicInt, SBLI | January 14, 2021

ApplicInt, an industry chief with their suite of insurance application fulfillment solutions, as of late drove endeavors to digitize the Life Insurance application measure for Savings Bank Life Insurance Company (SBLI), situated in Woburn, Massachusetts. In a Pilot, SBLI successfully executed ApplicInt's U*Complete platform for clients to self-complete Life Insurance applications, which is consistently incorporated into SBLI's fulfillment cycle. SBLI is getting ready for a full production rollout of U*Complete in the second quarter of this current year (2021). "We are very excited about our partnership with ApplicInt and the opportunity to use UComplete in innovative ways to help our clients," said Rose Conneely, COO, SBLI. "Our focus is to simplify the application process for agents and their clients alike, and our 100% digital Self-complete Application Process Pilot has demonstrated very positive results. We look forward to rolling it out to the market." "Our goal is to make the application process as simple and convenient as possible, and via our partnership with ApplicInt, we have piloted an easy-to-use 100% digital process for clients to self-complete their application, while automatically providing agents and their clients 'status alerts'," said Rose Conneely, COO, SBLI. "We are planning to roll-out this new option in mid-2021." ApplicInt's U*Complete has two work process self-administration models: "Transporter Direct to Consumer" and "Specialist Direct to Customer". In the Carrier Direct to Consumer measure, the consumer has a secure login to the Carrier's Website. The consumer picks a face amount/term product and runs a quote. They at that point complete a Part A Life Insurance Application, with the Part B clinical questions being discretionary relying upon the transporter's fulfillment cycle. The consumer then eSigns Forms. There is constant visit accessible when required or a warm exchange to a call community to schedule a test if necessary. Structures and information are shipped off the transporter in great request. The Agent Direct to Consumer model is basically indistinguishable, then again, actually the Agent starts the fulfillment cycle and the consumer can audit quotes from various transporters. Mike Feroah Sr., Founder and Chief Strategy Officer of ApplicInt stated, "We are overly excited about the extension of our technology that allows a common platform to be used by consumers, call centers and examiners to provide part A or part B application information to carriers. U*Complete also can be integrated with automated underwriting platforms for deep instant decisioning. And if you have existing ApplicInt software, it can be converted to U*Complete in a matter of weeks. U*Complete provides better a customer experience with enormous cost and efficiency savings." About ApplicInt ApplicInt, a leading information technology company, has developed several innovative, interoperable solutions that can be customized to meet the unique requirements of each client. ApplicInt was founded in 2003 to provide efficient and cost-effective technology solutions for the collection and distribution of information for life insurance applications. Automating the broker's world not only means digitalizing their offices but, more importantly, streamlining and simplifying the process of obtaining insurance.

Read More