Digital Insurance Agenda

IBA: accelerating the digital journey of P&C insurers with its cloud-native end-to-end core insurance platform

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Dec 28, 2022

To keep up with changing customer demands and new developments, insurers need to future-proof their business, liberate themselves from legacy, stay current and compliant and be able to launch new products and business models fast.

IBA (Insurance Business Application) offers a cloud-native P&C Insurance Platform that accelerates the digital journey of P&C insurers and helps them to become more efficient and agile. IBA offers core insurance solutions to help their clients successfully run their businesses, but also launch a brand-new business in just 12 weeks from concept to launch. They do this by offering a cloud-native end-to-end insurance platform that handles everything from quote to bind and policy administration, driving automation and efficiency. Their solutions allow insurers to be “always on” and available 24/7, fully managed and supported by IBA.

With its IBSuite platform, insurers can focus on digitalization, new business models, and emerging technologies. On top of that, IBSuite is supported by an API first integration layer, it supports multiple countries, multiple currencies and multiple languages, is always up-to-date, and is backward compatible.  IBSuite helps insurers to increase their speed-to-market and enables organizations to be self-sufficient: teams can easily configure products, change rates and get a 360° customer overview in a very efficient way.

How does it work?

The IBSuite platform is a P&C Insurance Platform, that allows insurers to become more agile and be always available. This automotive example illustrates how this works in practice. The black box in the car sends data in real-time to the IBSuite platform and it can sense whether the vehicle is active or idle, and where it is located (See Image 1 where the platform shows: vehicle is idle).

Image 1

In the unfortunate event of a crash, the black box will again send over the data to IBSuite via APIs and a telematic reported collision will be generated in the claims section. IBSuite can process information regarding the crash, such as time and date of the accident, impact speed, and much more.

The associated insurance company can then send a message to SOS International that there has been a car crash and that the damaged car needs to be collected. The customer will also receive an SMS that the insurance company is aware of the car collision and that help is on the way.

In the aftermath, the system can also indicate potential medical issues following the incident, for example, based on the impact speed at the time of the crash. Based on this data, someone from the claims team can follow up with the customer.

This example illustrates how IBSuite can help insurers to be closely involved and always available for their customers, promptly reacting to events and triggering appropriate follow-up actions.

Why did we choose IBA for DIA Munich?

IBA’s cloud-native, end-to-end core insurance platform helps P&C insurers to speed up their digital journey and allows them to be “always on” and available to their customers.

At DIA Munich IBA presented a live example of how their solution IBSuite works in the unfortunate event of a car crash, demonstrating how insurers can support their customers and take care of a seamless follow-up.

IBA won a DIAmond award at both DIA Amsterdam 2022 and DIA Munich 2022 because of their impressive presentations.

Who is IBA?

IBA was founded in Denmark in 2010 and now has offices in Denmark, the UK, Spain and Romania. Their clients include a wide range of leading insurers, among them Zurich, AXA and AIG.

Barcelona 27 - 29 June 2023

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