1.jpg)
Economical Insurance has adopted IBM’s cloud computing platform to help streamline its businesses.
The insurer is building a “hybrid cloud environment” that would not only accelerate business, but also allow business to scale accordingly to changing customer preferences, a release noted. With a hybrid cloud model, Economical hopes to maintain its current IT infrastructure while migrating parts of its policy administration systems to IBM’s cloud. The transition to a cloud environment also opens the door for Economical to develop new insurance offerings that leverage higher value services such as AI, blockchain, the Internet of Things, and more, the company said.
Economical is also working with IBM Services to enhance the former’s Vyne broker offering and digital direct insurance business Sonnet. In Vyne’s case, the broker platform will tap into IBM Cloud to provide an “unparalleled experience for brokers,” which includes features such as improved products, streamlined workflow, and an advanced data-driven pricing model.
“We have an ambitious strategy to put the customer first while driving profitable growth and delivering innovation for Economical and our broker partners,” said Economical Insurance SVP and chief information officer Kelley Irwin. “We are also focused on ensuring we have a scalable, secure platform. A hybrid cloud environment is the best way to support our business with the speed and flexibility needed for our future success. The IBM Cloud helps us reduce development time, increase agility, and maintain security.”
“Economical Insurance is a great example of how cloud is creating new efficiencies in business, transforming operational models in the insurance industry and, ultimately, helping enterprises create an elevated customer experience,” added IBM Canada vice-president of Cloud Frank Attaie. “IBM is combining next generation cloud technology with deep industry expertise to meet the hybrid cloud strategy of our clients.”
