IBM, Majesco Partner to Accelerate Insurance Services on IBM Cloud
Staff Writer | October 04, 2016
IBM announces a five-year partnership with Majesco, a global provider of core insurance software, consulting, and services for insurance business transformation, to jointly offer a new cognitive, cloud-based platform to help insurance carriers worldwide create new services on IBM Cloud.
The global partnership is intended to help provide clients with the ability to speed the development of new customer services with predictive data analytics for insurance providers to bring new solutions to their clients.
It also becomes the first in what is expected to be a wave of industry partnerships under IBM’s recently announced Industry Platforms business. The new unit was formed to build open industry platforms and “as a service” solutions designed from the ground up for individual industries.
The joint IBM and Majesco offering will also provide a secure, global incubator for insurance companies to develop and launch new cognitive products and services via the cloud for clients.
Majesco operates in eight countries in all regions of the world, including North America, Europe, Middle East and Asia, and will contribute advanced software to this offering for property and casualty insurance, general liability insurance, life, annuity, pensions and insurance that improves speed to market, customer retention and business processes while responding to regulatory changes.
IBM will contribute Watson and other cognitive application programming interfaces (APIs) that will run on IBM Cloud. This will allow insurance companies to better analyze, price and understand business risks using new data sources and add an engaging and personalized advisory interface to their services. IBM continues to lay the foundation for the API economy by opening up new opportunities to create different kinds of business models via the cloud that can increase customer satisfaction through more personalized services and expanded partner networks – a catalyst for digital transformation.
According to industry experts, the insurance industry is facing multiple forces of change—rapid digitization, changing demographics, rising customer expectations, challenging economic environment and expanding risk of sophisticated fraud.
“The integration of IBM Cloud and cognitive capabilities with Majesco’s market-leading core system for policy, billing and claims will allow for new, innovative products and services for insurers,” says Ketan Mehta, Majesco CEO and co-founder. “This partnership underscores our commitment to accelerate new business services to our clients by providing them technology to transform their insurance business models.”
IBM Watson and other cognitive capabilities will also provide insurance underwriters and actuaries with improved insights into both customer and external data to help reduce risks from claim fraud, consolidate and streamline processes to improve pricing and increase the efficiency of underwriters. These advances can help to ultimately drive a more competitive insurance marketplace.
“IBM is making a strategic shift to unlock new value for clients through platform solutions—industry by industry—that combine IBM Cloud, our cognitive capabilities, new offerings we're building and the specialized capabilities of ecosystems providers," says Bridget van Kralingen, senior vice president, IBM industry platforms. "Our insurance clients are facing huge pressures to modernize their business models, keep pace with the explosion of data, transactions, regulatory requirements, and new expectations for the experience of individuals. This partnership with Majesco will accelerate their digital transformations and allow them to discover new insight in the data flowing through their existing processes."
- Legacy Systems Are Dead. Really? Don't Count On It.
- Now Accepting Nominations for the 2019 ITA Bridge Awards
- It's time to register for ITA LIVE!
- Registration is Now Open for ITA LIVE 2019!
- What to Expect from a Digital Experience Platform Implementation
- ITA Pro Magazine September Edition is Now Available
- It's National IT Professionals Day
- Save the Date for ITA-LIVE 2019
- OneShield Software and UrbanStat Work Together to Improve Real-Time Analytics and Risk Decision-Making
- ITA LIVE 2019 - SAVE THE DATE!
- Insurance Technology Association Announces New Editor-in-Chief
- August 2018 Edition ITA Pro Magazine is Now Available
- Enterprise Architecture in an Agile World
- Top 10 Tips for Securing Your Mobile Devices and Sensitive Client Data
- Industry Insight: 4 Global Insurance Trends in Digital, Data, Content Services and Security
- Diving Deeper into Prioritizing Your Strategic Digital investments
- Why Content Rules
- How Mass Personalization Will Open the Small Business Benefits Market
- At Year End 2017, Will Your Organization Be Protected from Cyber Risks?
- Do Insurance Bots Dream of Mitigating Risk?
- Conditioned to Respond
- Managing & Mobilizing Insurance Data in a Connected World
- Race to the Finish Line
- New Tools, New Opportunities in Claims
- ITA LIVE: Reaching Insurance Industry Crossroads
- Advice to Insurance IT Leaders: Keep Your Eye on the Ball
- New Date, Venue for ITA LIVE 2017
- Guidewire Makes Major Push to Small and Midtier Market by Acquiring ISCS
- Insurance Disruption is Happening Right Now
- Insurity Adds Strategic Investment Partner, General Atlantic
- Beyond Transformation: The Convergence of Finance, Risk, and Actuarial Functions
- The Rapid Evolution of Consumer Protection Regulation
- Talent Hunt: Finding, Attracting, Retaining Top People
- Insurers Flexing Their Distribution Models
- Technology Driving Disruption in Insurance
- Fear of ‘Next Bubble’ Challenges Life, Annuity Carriers
- Technology Allows Commercial Lines Insurers to Stand Out
- Single Sign-on Viewed as Biggest Tech Challenge for Agencies
- ISCS Observes 20th Anniversary; Scurto Predicts Major Changes Ahead
- Policyholders and Their First Impressions
- Progressive Making Progress on the UBI Front
- High and Dry: Insurers Search for Disaster Recovery Plans
- Insurers Sign The (Un)Dotted Line
- Reflections of a Retired Insurance CIO
- Mobile Device Management Just One Answer to BYOD Issue
- Lessons from GEICO and Progressive on Winning the Critical Buying Stage
- You Are a Target for a Cyber Attack
- Web-based Systems are the Next Evolution in Claims Technology
- Gaining a “Wow” Experience from Web Users
- Time to Shift from Business/IT Alignment to Business/IT Alliance
- Healthcare Insurers Changing to Consumer Model
- Organization is the Key for Selecting Software Vendors
- Analysts Expound on the Needs of the Mid-tier Insurance Market
- Finding the Cure for Obamacare’s Website
- New Software Solutions Benefit Insurers on the Inside and Outside
- Products, Market Impede Investment in Systems for Life Insurers
- Combatting Cyber Threats: Predict, Prevent, Persist
- The Future of Telematics Heads Beyond Insurance
- The Shame in Cyber Security Lapses
- Building Policy Administration Systems for the Future
- Insurers Look Into The Eyes of Their Policyholders
- It’s a New Dawn for the ITA
INSURANCE IT NEWS
- Optimum General Selects Guidewire InsurancePlatform for Core Operations
- Blue Cod Technologies Announces Corporate Name Change to Activer Solutions
- MVP Advisory Group Names Data & Analytics Partner
- Billing Core to Insurers' Service Strategies; Novarica Profiles 15 Vendor Solution Providers
- Million Women Mentors Recognizes MEMIC’s Advocacy
- Guidewire Software Announces First Quarter Fiscal 2019 Financial Results
- Patra Corp Expands Successful Initial Phase of Patra Academy, Partners with Military Spouse Employment Program
- Ecclesiastical Insurance Group Selects Sapiens’ Property and Casualty Insurance Suite as its New Core Platform
The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
ITA LIVE 2019
The tide is up! It's time to register for ITA LIVE 2019, our annual educational and networking conference! Our theme is "The InsurTech Revolution: Cutting Through the Hype." and we'll be bringing in a torrent of industry thought leaders, amazing insight and wonderful perspectives on the world of insurtech and its impact on the insurance landscape.
ITA LIVE 2019 will present real-life examples of true startup technologies that are helping insurers gain real advantage -- and a competitive edge -- in the marketplace. We’ll highlight the more successful InsurTech partnerships, while offering case studies that demonstrate exciting innovation and cutting-edge techniques impacting all aspects of the insurance ecosystem.
Ride the wave to LIVE 2019. Sign up today! We look forward to seeing you in May, 2019!
BLOGS AND COLUMNS
You have surely heard it said that small businesses are the growth engine for America. Today, the phrase has a special ring to it for benefits... READ MORE
With stagnant growth and lingering low interest rates, the life insurance industry faces a challenging future... READ MORE
Finding insurance carriers willing to write commercial lines risks has always been a challenge for producers... READ MORE
As Guidewire Software prepares for the start of Connections, its 11th annual user conference that begins on Nov. 2, Brian Desmond, chief marketing... READ MORE