IBM has unveiled insurance industry framework software which the company says will help insurance carriers enhance client service, increase agility, optimize business efficiency, and manage risk.

IBM said the new software is designed to help insurance companies further automate their processes and turn raw data into actionable intelligence for efficient decision making.

Insurance industry framework provides the base upon which insurance carriers can upgrade and transform their business models, without ripping-out and replacing technologies, the company said.

The framework enables progressive transformation of a company with capabilities already employed by insurance institutions. As a result, insurance carriers will now able to update their infrastructure.

In addition, insurance industry framework also enables efficient business processing through rules and workflow automation. The business processes automation reduces complexity and cuts administration costs. The new approach in framework breaks through ‘silos’, allowing true data transparency and application sharing.

The new framework helps clients to build an integrated platform for all of their operations based on industry standards. It utilizes elements of the company’s entire software portfolio including WebSphere, Rational, Tivoli, Lotus and Information Management products while leveraging range of its server and storage products and offerings, and consulting expertise of IBM Global Business Services.

Mark Lewis, general manager of global insurance industry at IBM, said: Smarter Insurance is about applying the strategic use of technology to anticipate client needs and deliver innovative products faster and more consistently than the competition. IBM’s unified software offerings are designed to serve as a springboard for transformation so that clients can focus their efforts on growth and innovation.