A five-year partnership between IBM and Majesco, a provider of insurance software, consulting and services for insurance companies, aims to make things easier for enterprises in the insurance sector. The companies announced that they will jointly offer a new cognitive, cloud-based platform to help carriers build new services on IBM Cloud.
?EU?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,?EU? IBM said in a statement Monday.
IBM said it expected the partnership to be the first in a wave of collaborations that the company plans to announce as part of its recently launched Industry Platforms business. The new unit was formed to build open industry platforms and comprehensive ?EU?as-a-service?EU? solutions designed for specific industries.
The company said that the offering will also provide a secure, global incubator for insurance companies to develop and launch new cognitive products and services for clients via the cloud.
For its part, Majesco said it will contribute software 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, meanwhile, said its contribution will consist of Watson and other cognitive application programming interfaces that will run on IBM Cloud. ?EU?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,?EU? the company said.
For Big Blue, the insurance industry represents an enormous opportunity. The company said it believes carriers face significant challenges such as rapid digitization, changing demographics, rising customer expectations, challenging economic environment, and expanding risk of sophisticated fraud. IBM said these challenges make…