MetLife, IBM and Majesco have partnered to develop the IBM Insurance Platform, which the companies say uses cognitive computing and analytics to improve the insurance product development and underwriting processes.
The idea behind the software is that carriers will be able to get better insights out of their data to improve their product mix and customer experience. MetLife will pilot the new cloud-based system with its small business customers. The company says that customers and brokers will have access to a broader selection of group benefits through a new digital experience.
"We know from speaking to many business owners and brokers that they believe employee benefits are important in attracting, retaining and engaging talent. We’re excited this platform will give our customers greater access to the benefits they need through a simpler, affordable experience,” said Michel Khalaf, MetLife’s president of U.S. Business and EMEA.
IBM says that blockchain integration is planned for the next iteration of the platform.
“The new direction provides us with the opportunity to introduce to the market a unique business model unlike any other. The strategy represents innovation in our approach to growth and is a testament to the reality that every company needs to become a technology company in order to survive,” said Marty Lippert, MetLife EVP and head of global technology and operations.