MetLife (NYSE:MET) and IBM (NYSE:IBM) have teamed up to deliver a new digital healthcare option for small business customers with IBM Health Care Insurance.
The first-of-its-kind platform will mean MetLife can administer and maintain small businesses insurance policies on the IBM Cloud. The IBM insurance platform is to feature cognitive computing and data analytics, as well as integration and security capabilities, designed to allow insurers to extend access to their products.
Small businesses have a lot to deal with and are keen to keep operating costs low and processing simple. Small businesses also realize the importance of attracting and maintaining talent. The IBM insurance platform is designed to tick these boxes by allowing small business employers to create tailored health insurance packages for their employees.
Through a single dashboard, small business employers will be able to select benefit packages that fit their needs and manage important tasks, such as health insurance policy administration and renewal timelines. With the help of artificial intelligence, small businesses should also see real-time communication and improved processing times for service requests, Metlife says.
As Bridget van Kralingen, senior vice president of IBM Industry Platforms, said in a press statement, “Our industry platforms are designed in collaboration with our clients and partners and intended to dramatically improve traditional business models using deep industry expertise and advanced technologies such as AI, cloud and blockchain.”
According to Metlife, after speaking with many small businesses and brokers throughout the United States, the insurance company understands that there is a need for greater flexibility and simplicity within insurance products. The Metlife and IBM collaborated product directly addresses this challenge by creating a digital experience that streamlines benefits management for small business customers, the company said.
The new IBM Insurance platform is due to be available to small business employers by late 2018.
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