OTS - msg life and IBM strengthen insurance digitization by leveraging leading End-To-End platform capabilities for the life insurance & pensions industry outside the German-speaking countries
2021. July 27. 10:35
Leinfelden-Echterdingen/Ehningen, 27 July, 2021 (APA/OTS) - msg
life and IBM Germany are collaborating on the implementation of the
msg.Insurance Suite Life, combined with IBM Global Business
Services' core competencies of consulting, implementation and
migration. The joint value proposition by IBM and msg life supports
insurance companies in the end-to-end digitisation of their life
and pension business and can thus strengthen their competitiveness
significantly. Leading insurance companies across Europe are
already benefiting from the joint solution proposed by msg life and
IBM.
The msg.Insurance Suite Life is an innovative digital software
platform that tracks the entire value chain of life insurance
companies and pension providers. At the heart of the platform is
the leading European policy administration solution msg.Life
Factory. It offers insurers the concentrated know-how of more than
40 years' experience in the industry, the security of msg life's
unique track record, combined with innovative, future-proof
business solutions and state-of-the-art technologies. The
innovative complete solution enables end-to-end digital processing
of all core insurance processes across all components and sets
industry-wide benchmarks for business value, efficiency and
innovation.
Insurers using the msg.Insurance Suite Life can overcome market
challenges, boost their competitiveness and sustainably reduce
administrative expenses.
The joint value proposition from IBM and msg life features
software solutions from msg life as well as technology platforms
like the IBM Cloud. Now with the support from IBM, msg life will be
infused with Artificial intelligence capabilities to increase
efficiency of clients' processes due to higher automation rates.
IBM brings these competences together in its role as a digital
transformation partner and end-to-end platform provider.
msg life contributes its product and licenses to this new
partnership. Outside German-speaking Europe, IBM markets and
implements the msg.Insurance Suite Life internationally with
support from msg life and its strong industry expertise.
For Milenko Radic, Management Board member at msg life, the
partnership is the result of a highly successful and trusting
collaboration that both companies have shared for more than a
decade. Radic continues: "The leading market position and strength
of msg.Insurance Suite Life, combined with IBM's global presence
and innovative technologies and platforms, are crucial factors in
the successful positioning of the solution as a leading platform
for the global life and pension insurance industry. The basis is
formed by the long-standing and trustworthy business relationship
between the two companies and joint references in strategic
transformation projects."
"Insurance companies today need to find a way to manage life
insurance policies that are no longer being sold on the market but
still are administered by the insurer. These books of business can
present challenges to insurers because the policies often reside in
legacy systems that can be hampered by siloed, inflexible and
expensive-to-maintain technology," said Thomas Rechnitzer,
Insurance Industry Leader EMEA at IBM Global Business Services,
"The combination of IBM's technological know-how and the msg life
policy administration system will allow for faster implementations,
increased flexibility as well as reduced risk and operational costs
of our clients."
About msg life
As part of the independent, internationally active msg Group,
msg life ag and its subsidiaries are among the leading software and
consulting companies for the European insurance sector. The
services of msg life range from the development and implementation
of standard software and the provision of consultancy services to
the handling of full IT operations (cloud solutions). The msg life
Group has its head office in Leinfelden-Echterdingen and offices in
Munich, Hamburg and Cologne, plus subsidiaries in the Netherlands,
Austria, Switzerland, Slovakia, Slovenia, Portugal and the USA. It
currently employs a workforce of nearly 1,200.
About IBM: www.ibm.com
About IBM Services: https://www.ibm.com/de-de/services
Contact
msg life ag
Frank Fahrner
Corporate Communications
E-mail: frank.fahrner@msg-life.com
Internet: www.msg-life.com
IBM Deutschland GmbH
Beate Werlin
Corporate Communications IBM DACH
E-mail: beate.werlin@de.ibm.com
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