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Who’s using what in P&C insurance: Oct. 16, 2017

News that IBM is working with MetLife and Majesco on a cloud-based insurance platform is proof that collaboration is the name of the game in InsurTech.

By PropertyCasualty360 | Updated on October 16, 2017
News that IBM is working with MetLife and Majesco on a cloud-based insurance platform is proof that collaboration is the name of the game in InsurTech. (Photo: iStock)

IMB recently announced that it’s collaborating with MetLife and Majesco on a cloud-based insurance platform. 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. “Carriers will be able to inject greater innovation and speed into their operating models, and consumers will experience a broader range of products tailored to their individual needs,” Bridget van Kralingen, senior vice president of IBM Industry Platforms, said in a press release.

Octo Telematics recently struck a deal to 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. In light of this 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. 

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