Fortitude Re partners with IBM to improve life insurance and annuity management
IBM and Fortitude Re have struck a $450 million deal to modernize Fortitude Re’s life insurance services using AI and automation.
“Combining Fortitude Re’s deep industry expertise with IBM’s technology leadership will enable us to deliver effective and efficient administration solutions,” said Sean Coyle, Fortitude Re COO. IBM aims to enhance customer service and lower costs for Fortitude Re, who will offer these advancements as part of their reinsurance services. “We are excited about our latest collaboration with Fortitude Re. We are committed to enhancing security and customer experience while also pursuing growth and efficiency.” – Vijay Vijayasankar, Managing Partner Financial Services at IBM Consulting.
Fortitude Re has chosen IBM Insurance Solutions, Inc., a subsidiary of IBM , to utilize IBM’s worldwide resources for delivering third-party administration services to more than four million insurance customers. IBM will create and oversee a specialized, efficient system to manage life and annuity policies. This collaboration aims to strengthen Fortitude Re’s existing administration capabilities, improve customer-focused services, and also cut operational costs.