Business News: IBM, Med-IQ, Octo Telematics
IBM announced it is building an insurance platform on the IBM Cloud that aims to improve the processes and economics for new product development, underwriting and benefits delivery.
Built in collaboration with MetLife and Majesco, the IBM Insurance Platform will feature cognitive computing, data analytics and integration and security capabilities designed to help insurers expand access to their products and capture new customers.
By combining insights from established insurance clients and deep industry expertise contributed by MetLife, the IBM Insurance Platform will help carriers better harness their expansive data sets to improve product mix and customer experience. Delivered as a service, the platform will also help insurers sense and respond to the market faster while reducing IT infrastructure and maintenance costs.
Majesco, a multinational provider of insurance technology software and an established IBM partner, is contributing to the platform with components to enhance underwriting, policy administration, billing and claims.
As IBM advances the platform, new capabilities will be added including the ability to integrate with blockchain networks to provide trusted, highly secure, permissioned transactions, and the option to incorporate regulatory compliance data and third-party software.
Med-IQ, a provider of clinical and risk management education, consulting and quality improvement solutions, announced its new organization, brand, and approach to improving patient outcomes, both across the United States and worldwide.
Part of the Coverys family of companies, Med-IQ represents the unification of three Coverys acquisitions—ELM Exchange, MRM Group, and Med-IQ—along with Coverys’ healthcare provider education department.
By bringing together expertise in clinical medicine, risk management, quality improvement, law/compliance and patient engagement, the company is able to incorporate a broad and unified perspective into its solutions, eliminating siloed, inconsistent learning across the enterprise.
Octo Telematics, a global provider of telematics for the auto insurance industry, announced that it will acquire the usage-based insurance (UBI) assets of Willis Towers Watson, including its market-leading DriveAbility solution and the DriveAbility Marketplace. Key Willis Towers Watson personnel will also join the Octo team, notably industry pioneer Geoff Werner (Global Telematics Leader) who has led the development and growth of DriveAbility throughout its lifecycle.
Following the transaction, Octo will develop a strategic alliance with Willis Towers Watson on additional auto telematics opportunities to enhance both companies’ suite of products and services. The partnership will focus on further development of algorithms and other analytical tools to provide actionable intelligence based on accurate analysis of data. This effort will be led by Octo and guided by an advisory board chaired by Geoff Werner, who will report directly to Fabio Sbianchi, CEO of Octo. Willis Towers Watson will be represented on the advisory board by Duncan Anderson, global leader, Insurance Technology, and Tom Coughlin, national partner, Willis Towers Watson North America.
DriveAbility aggregates and analyzes granular telematics and insurance data to provide a driving score and to assist insurers to design, score, issue and bind telematics-based insurance policies. It also facilitates relationships between motor OEMs, telecoms, etc. and insurers to present convenient, personalized insurance offers to customers using pre-analyzed driving data.