Fortitude Re Engages Ibm To Transform And Optimize Its Life Insurance And Annuity Third Party Administration Operations
IBM News, Thursday, August 24,2023
Fortitude Re and IBM establish long-term strategic relationship to collaborate on growth opportunities to further enhance Fortitude Re's position as a leading global provider of legacy reinsurance solutions.
IBM and FGH Parent, L.P., (together with its subsidiaries, 'Fortitude Re'), today announced they have entered into a $450 million agreement to transform Fortitude Re's life insurance policy servicing operations with the implementation of AI technology and other automation tools designed to deliver a best-in-class customer experience for policyholders and insurers.
Fortitude Re selected IBM's subsidiary, IBM Insurance Solutions, Inc. to leverage IBM's global capabilities to provide insurance third-party administration (TPA) services on its behalf for over four million policyholders. IBM will design and manage a custom, streamlined solution for administering life and annuity insurance policies that will help Fortitude Re bolster its third-party administration operations and further enhance its commitment to customer-centric service for policyholders and insurer clients, while helping to capture operational expense reductions.