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MetLife and IBM team up to improve health insurance options for small businesses

MetLife (NYSE: MET) and IBM (NYSE: IBM) teamed up to offer a new digital healthcare option for small businesses with IBM Health Care Insurance.

With this unique platform, MetLife can administer and manage insurance policies for small businesses on IBM Cloud. The IBM insurance platform needs to integrate cognitive computing and data analysis, as well as integration and security capabilities, designed to allow insurers to extend their coverage. access to their products.

Small businesses have a lot to do and wish to keep operating costs low and processing simple. Small businesses also realize the importance of attracting and retaining talent. The IBM Insurance Platform is designed to tick these boxes by allowing small businesses to create health insurance packages tailored to their employees.

Through a single dashboard, small business employers will be able to choose the benefit packages that fit their needs and handle important tasks, such as policy administration. health insurance and renewal periods. With the help of artificial intelligence, small businesses should also see real-time communication and improved processing times for service requests, says Metlife.

Bridget van Kralingen, Vice President of IBM Industry Platforms, said in a press release: "Our industrial platforms are designed in collaboration with our customers and partners and aim to significantly enhance traditional business models by using advanced technologies like AI, cloud and blockchain. "

According to Metlife, after being interviewed with numerous small businesses and brokers across the United States, the insurance company understands that it is necessary to have more flexibility and simplicity in insurance products. The Metlife and IBM collaborated product responds directly to this challenge by creating a digital experience that streamlines benefit management for small businesses, the company said.

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The new IBM Insurance platform is expected to be available to small businesses by the end of 2018.

Portrait of MetLife via Shutterstock