We usually hear of fast moving insurtech startups partnering with insurers. In this case it is an industry giant with MetLife.
It looks less like insurtech and more of a data analytics & AI initiative. It is a sign of the times that digital transformation is far more than just customer UX and efficiency in claims handling.
It is tearing up traditional claims processes and, starting with the customer, working backwards to transform products, claims management, supply chain and product portfolios.
It will be interesting to see how this venture between two more traditional companies in insurance and technology shape up against the range of insurtech competitors many fleet of foot and offering mature technologies.
The digitally transformed Claims Director already has a benchmark against which to measure success.
MetLife was looking for ways to grow, and sought “digital capabilities that could really disrupt the market.” IBM – both on the implementation end and in terms of its analytics prowess – stood out as a good match. Over the years, MetLife and IBM would collocate teams and collaborate, both in the Triangle and in other areas of overlap, such as New Jersey. While IBM has its own commercialization plans for the platform, MetLife is excited about what it might mean for customer recruitment.