Fortitude Re and IBM have entered into $450 million, 10-year collaboration, to transform Fortitude Re’s life insurance policy servicing operations with the implementation of AI technology and other automation tools.
The collaboration covers the administration of over four million insurance policies.
IBM is offering a fully licensed Life and Annuity third-party administration solution – developed with Fortitude Re – to provide a cost-effective, experienced, global and scalable administration solution.
IBM is dedicating people, processes and technology for the long-term engagement intended to enhance delivery of appropriate service levels, analytics and operational efficiencies.
“Combining Fortitude Re’s deep industry expertise with IBM’s technology leadership will enable us to deliver effective and efficient administration solutions as part of our bespoke solution design for Life and Annuity customers,” said Sean Coyle, Fortitude Re COO.
“We are excited about our latest collaboration with Fortitude Re to provide third-party administration for insurance and annuity policies. The insurance industry continues to be an important focus for IBM with significant opportunity to apply our industry expertise and technologies to solve complex challenges facing insurers,” said Vijay Vijayasankar, Managing Partner Financial Services, IBM Consulting.
