IBM (NYSE: IBM) has formed a five-year partnership with core insurance software provider Majesco to offer a new cognitive, cloud-based platform to help insurance carriers worldwide create new services on IBM Cloud, the company said.
The global partnership is intended to speed the development of new customer services with predictive data analytics and help insurance providers 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 the first comprehensive “as a service” solutions designed from the ground up for individual industries.
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´s global cloud data center presence includes nearly 50 secure and highly scalable IBM Cloud datacenters in 18 countries on six continents. The company delivers enterprise cloud services ranging from analytics and Watson to Blockchain and the Internet of Things to provide clients with more choice and flexibility in their digital transformation.