Technology giants team up for insurance app

Technology giants team up for insurance app | Insurance Business

Technology giants team up for insurance app
Apple and IBM have released their first collaboration and insurance brokers can use the technology giants to streamline their business.

Through their IBM MobileFirst for iOS partnership, the companies have released an app called Retention for their enterprise customers to use on Apple products such as the iPhone and iPad.

According to a statement released by both companies, Retention “empowers agents with access to customers’ profiles and history, including an analytics-driven retention risk score as well as smart alerts, reminders, and recommendations on next best steps and facilitation of key transactions like collection of e-signatures and premiums.”

On their company website, Apple has stressed that Retention will speed-up the transaction process for insurance professionals and can be linked to a client base to provide up-to-date information and reminders on a client book.

“Insurance agents can take quick action on priority situations, including unpaid premiums, missing information in applications, and updates on claims and life events. By showing recommended actions up front, the app helps ensure that insurance policies stay up to date while transaction times are reduced — so more policies are dispositioned in less time,” Apple's website says.

Senior vice-president of IBM Global Business Services, Bridget van Kralingen, sees the collaboration as a major technological step for industries such as insurance.

“What we’re delivering aims directly at the new quest of business—smart technologies that unlock new value at the intersection of big data and individual engagement.

“Our collaboration combines IBM’s industry expertise and unmatched position in enterprise computing, with Apple’s legendary user experience and excellence in product design to lift the performance of a new generation of business professionals.”

Philip Schiller, senior vice-president of worldwide marketing at Apple, sees the move as key to the future success of Apple and, with the continued move towards online and mobile in the insurance industry, will help to keep the industry moving in the right direction.

“This is a big step for iPhone and iPad in the enterprise, and we can’t wait to see the exciting new ways organisations will put iOS devices to work.

“The business world has gone mobile, and Apple and IBM are bringing together the world’s best technology with the smartest data and analytics to help businesses redefine how work gets done.”