IBM has come up with a really unique idea this season. Recently, it declared that it has joined in with insurance enterprise Metlife Inc. to build a platform on the IBM cloud meant for improving the economics of new product development and benefits delivery for the Insurance enterprises. Other than this, it is also making an entry into the fast-growing blockchain identity consortium.

IBM in the Insurance domain :

Reports are afloat that IBM has plans to collaborate with two of the biggest names in the insurance industry, namely Metlife and Majesco, for developing this latest innovation i.e. the cloud-based insurance platform for improving the insurance processes and simplifying customer experiences. Also, this proposed platform will be built using Big Blue’s premier cloud computing service, IBM cloud.

To this, Marty Lippert, MetLife executive vice president and head of global technology and operations, stated that “The new direction provides us with the opportunity to introduce to the market a unique business model unlike any other. It brings together the best of MetLife’s insurance expertise and capabilities with leading IBM technology into a single, highly scalable, low-cost insurance industry solution.”

Talking of further utilities, this new IBM Insurance Platform will feature a good combination of key technologies (data analytics, cognitive computing, and security capabilities) designed specifically for the insurance industry. Added to this, the new system will be also delivered as a service and will help companies expand their service offerings and acquire new customers.

IBM’s presence in the Blockchain Industry:

Another important news from the IT firm also states of its plans to join the Decentralized Identity Foundation, a huge consortium founded to support interoperability and standards on the blockchain-based ID systems.

A piece of information here states that IBM is not the only US tech giant that has joined the blockchain bandwagon. Other corporate honchos like Accenture and have also joined in the huge consortium. In addition to tech giants, startups and open source projects have also followed this trend of joining the consortium. This move definitely represents the company’s latest step in its bid to have a huge presence in the blockchain space.

This is definitely a unique and fruitful attempt on the part of IBM. To this entire venture, Bridget van Kralingen, senior vice president of IBM industry platforms, stated that “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.

In the case of insurance, carriers will be able to inject greater innovation and speed into their operating models, and consumers will experience a broader range of products tailored to their individual needs.”