Aegon’s life insurance policies will be migrated to IBM's Open Insurance Platform to digitise the insurance policy administration
IBM Services will manage Aegon’s run-off life insurance until the last life insurance policy in the portfolio expires in 2066. (Credit: IBM.)
Dutch insurance company Aegon has signed an agreement with IBM for the servicing and administration of its individual life policies.
The insurance company said that the agreement is aimed at further digitally enhancing the service for approximately 800,000 customers. The professional services business of IBM will manage Aegon’s run-off life insurance until the last life insurance policy in the portfolio expires in 2066.
Aegon the Netherlands life insurance director Sibylla Bantema said: “We want cost-effective administration of our individual life insurance contracts and employability for our employees in Leeuwarden, who will transfer to IBM as part of this agreement.”
Aegon will enhance its policy administration and maintain customer service through IBM support
Under the partnership, Aegon’s life insurance policies will be migrated to IBM’s Open Insurance Platform to digitise the insurance policy administration from customer contact to financial settlements in an advanced IT platform hosted on the IBM public cloud.
The company intends to modernise its policy administration and maintain long-term customer service and reduce its management costs per policy for the full remaining contract time, by outsourcing the administration to IBM.
The IBM Open Insurance Platform is planned to be created based on the msg.Life Factory core insurance system, a part of msg.Insurance Suite, and would offer service-based pricing, IBM Cloud security and scalability, and connections to APIs from IBM and third-party participants.
IBM Netherlands insurance leader Patrick van den Bos: “With Aegon as launching customer we are creating an attractive offer for life insurers who want continuity of the management of their life insurance policies against low costs per insurance policy.
“The IBM Open Insurance Platform offers insurers a way to help drive expenses down to new levels of flexibility and savings, while giving them the tools and capabilities to serve its customers.”