Bringing you live news and features since 2006 

IBM to provide servicing and admin for 800,000 individual Aegon life insurance contracts

RELATED TOPICS​

IBM has entered into an agreement with Aegon the Netherlands for the servicing and administration of its individual life policies. This is designed to further 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 life insurance policies will be migrated to IBM’s Open Insurance Platform to digitalise the insurance policy administration from customer contact to financial settlements in a state-of-the-art IT platform hosted on the IBM public cloud. Leveraging IBM’s Open Insurance Platform, Aegon the Netherlands aims to modernise policy administration and maintain long-term customer service.
  
Outsourcing the administration to IBM can help Aegon reduce their management costs per policy for the full remaining contract time. The IBM Open Insurance Platform will help secure continuity of the management of closed book life insurance policies against low fixed costs per insurance policy.  

The IBM Open Insurance Platform 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 IBM Open Insurance Platform will be available for other Dutch insurance companies as well. The platform will offer the same features as the Aegon platform, including service-based pricing, IBM Cloud security and scalability, and connections to APIs from IBM and third-party participants. By running on IBM’s public cloud the IBM Open Insurance Platform will help insurers keep address requirements for regulatory compliance, security and resiliency.  

Sibylla Bantema, director life insurance at Aegon the Netherlands, says: “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, adds: “With Aegon as launching customer we are creating an attractive offer for life insurers who want continuity of the management of their life insurance policies against low costs per insurance policy. The IBM Open Insurance 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.”  
 

Latest News

Figment Europe, a provider of institutional staking infrastructure, writes that it is solidifying its presence in the heart of Europe’s..
Saving and investing app, Moneybox, has doubled the number of ETFs available on the platform, in the light of ‘growing..
Global X ETFs has announced the appointment of Ryan O'Connor as its Chief Executive Officer effective as of April 8, 2024. ..
Value-driven structured credit investing firm, Angel Oak Capital Advisors, LLC, has announced the completed conversions of two of its mutual..

Related Articles

Ryan McCormack, Invesco
This year sees the 25th anniversary of Invesco’s QQQ, the USD240 billion ETF – the fifth largest ETF in the...
ETFs
The European ETF market achieved a record 28 per cent growth – reaching over USD1.8 trillion assets under management (AUM)...
Sal Esposito, Zacks Investment Management
Zacks Investment Management started doing investment research in 1978 and in 1992 started its investment management arm, initially with SMAs...
Jeremy Senderowicz, Vedder Price
Jeremy Senderowicz, a member of the Investment Services Group at law firm Vedder Price, has witnessed a steady upswing in...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by