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IBM: renews contract with reinsurer Fortitude Re

( - On Thursday, IBM announced the renewal of its contract with reinsurer Fortitude Re, in a deal worth nearly $450m.

Under the terms of the project, the US technology group has been tasked with enhancing the customer experience of the Bermuda-based multiline reinsurer's life segment with the deployment of artificial intelligence (AI) and intelligent automation tools.

In detail, its specialist subsidiary IBM Insurance Solutions will develop and operate a solution for policy administration in life insurance and annuities, via a delegated management contract covering more than four million client accounts.

It also aims to reduce operating costs, IBM says.

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