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Business Analytics and Optimization, IBM and Social Marketing

IBM Unveils Software to Help Insurance Carriers Get Closer to Customers, Improve Agility

IBM last week unveiled a new Insurance Industry Framework - a packaged software solution that will help insurance carriers improve customer service and risk management while increasing agility and business efficiency.  It focuses on how insurance companies can apply advanced analytic techniques, enable rules and workflow automation, and combine data that might otherwise have resided in silos across the organization.

Built on open standards technology, IBM's Insurance Industry Framework provides the base upon which insurance carriers can seamlessly upgrade and transform their business models, without ripping-out and replacing legacy technologies. Connecting disparate systems across the enterprise and exposing key information to their distribution channels in a coordinated fashion, the framework enables a company's progressive transformation with proven technology capabilities already employed by dozens of insurance institutions. As a result, insurance carriers are now able to safely and securely update their infrastructure on the fly, more cost effectively and quickly.

The press release highlights how Reliance Life Insurance, a large and growing life insurance carrier in India, applied the Insurance Industry Framework to roll out a new self-service "virtual office" infrastructure that has played a vital role in enabling the company to double its market share and bring its products to market 50% faster than before.