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Insurance giant Aegon migrates life insurance policies to IBM for digitalisation

IBM has announced that the firm has entered into a strategic partnership with Aegon the Netherlands for the servicing and administration of its individual life policies.

Under the terms of the collaboration, IBM Services will manage Aegon’s run-off life insurance until the last life insurance policy in the portfolio expires in 2066. The partnership expects to enhance the service for around 800,000 customers digitally.

“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,” said Patrick van den Bos, insurance leader at IBM Netherlands.

Through 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 a state-of-the-art IT platform hosted on the IBM public cloud.

The IBM Open Insurance Platform supports modernisation on a cloud-based, security-rich framework. Aegon intends to leverage the platform to modernise policy administration and maintain long-term customer service. The platform will help secure the continuity of the management of closed book life insurance policies against low fixed costs per insurance policy.

Aegon, by outsourcing the administration to IBM expects to reduce their management costs per policy for the full remaining contract time. By running on its public cloud, the IBM Open Insurance Platform will help insurers keep address requirements for security, regulatory compliance, and resiliency. 

“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,” said Sibylla Bantema, director life insurance at Aegon the Netherlands

The IBM Open Insurance Platform will be built based on the msg. Life Factory core insurance system, which is a part of msg.Insurance Suite. The platform is anticipated to be available for other Dutch insurance companies as well. It will offer the same features as the Aegon platform, including service-based pricing, IBM Cloud security and scalability, and connections to APIs from the supplier and third-party participants.

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