IBM signs a nine year deal with Birla Sun Life Insurance

IBM announced that Birla Sun Life Insurance (BSLI), the life insurance arm of the Aditya Birla Financial Services Group, signed a nine year IT outsourcing deal with IBM to consolidate, redesign in-scope applications and use analytics to provide client insights that build competitive advantage. BSLI will leverage mobility and cloud solutions developed by IBM Research and the IBM India Software Lab to achieve increased revenues, reduce costs and enhanced profitability.

As a leading life insurance player, it has been BSLI’s endeavor to proactively understand what it is that the customers look for and channel the business to suit these different outcomes. BSLI has always been a pioneer in innovations and in setting benchmarks for the life insurance industry. Now, once again, BSLI in this partnership with IBM will adopt a first-of-a-kind technology solution to the insurance sector that will radically transform the business technology model. BSLI will leverage IBM’s business consulting, application development and maintenance services to drive process efficiencies and transform the business towards better outcomes for customers and employees. Tailor-made solutions from IBM will bring process maturity best practices, IT portfolio consolidation and introduce innovative tools.

This deal could help BSLI realize a cost reduction advantage from consolidation of IT vendors. IBM’s flexible pricing model will enable dynamic ramp up/down and consumption based operational spending along with a roadmap to modernize, consolidate and rationalize the application portfolio, bringing in speed and reduced time to market.

Speaking on the occasion, Mayank Bathwal, Dy. CEO, Birla Sun Life Insurance said, “We at Birla Sun Life Insurance are committed to offering an enhanced experience to our customers while improving on efficiencies and profitability of the business. We believe that this winning partnership with IBM will help us excel and stay ahead of the curve in this fast evolving life insurance industry, while addressing all business needs. IBM’s vast experience and technology capabilities will add tremendous value to our business.”

“IBM remains committed in the transformation of the BFSI industry catalyzing growth and inclusion. We are pleased to partner with BSLI to help leverage leading technology solutions like cloud and analytics to make critical strides in achieving business transformation, improving service delivery and increasing customer satisfaction.“said Vanitha Narayanan, Managing Director, IBM India. "We will bring our local and global expertise and capabilities to fuel BSLI' expansion and growth in this dynamic Insurance industry in India." she further added.