IBM signs services deal with Dutch insurance giant Aegon
IBM has signed a services agreement with multinational life insurance, pensions and asset management company Aegon.
IBM Services will manage Aegon’s run-off life insurance until the last life insurance policy in the portfolio expires in 2066.
All policies will be migrated to IBM’s Open Insurance Platform in an attempt to digitise administration through hosting on the IBM public cloud.
The IBM platform will be built based on the msg.Life Factory core insurance system, part of msg.Insurance Suite. Big Blue plans to extend availability of the platform to other Dutch insurance companies.
Aegon, founded in 1983, focuses on life insurance and pensions, savings and asset management products.
The group is also active in accident and supplemental health insurance and general insurance and has limited banking activities. It holds just under €900 billion in assets under management.
Aegon also operates a direct bank under the brand name ‘Knab’ in the Netherlands.
“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,” says Sibylla Bantema, director of life insurance at the insurance firm.
IBM’s insurance leader for the Netherlands, Patrick van den Bos, says that Aegon is creating “an attractive offer for life insurers who want continuity of the management of their life insurance policies against low costs per insurance policy.”