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
July 27, 2021 (PRLEAP.COM) Business NewsThe 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.
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