IBM has entered into an agreement with Aegon in the Netherlands for the servicing and administration of its individual life policies - a move designed to digitally enhance the service for around 800,000 customers.
IBM Services will manage Aegon’s run-off life insurance until the last life insurance policy in the portfolio expires in 2066.
The policies will be migrated to IBM’s Open Insurance Platform to digitise the insurance policy administration from customer contact to financial settlements in an IT platform hosted on the IBM public cloud.
Outsourcing the administration to IBM is aimed at helping Aegon reduce its management costs per policy for the full remaining contract time. The IBM platform will help secure continuity of the management of closed book life insurance policies against low fixed costs per insurance policy.
It will be built based on the msg.Life Factory core insurance system, which is a part of msg.Insurance Suite. It's anticipated that the platform will be available for other Dutch insurance companies as well.
Sibylla Bantema, director life insurance at Aegon the Netherlands, commented: "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."
Patrick van den Bos, insurance leader at IBM Netherlands, added: "The 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."
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