News regarding IBA Applications and our customers

Launch of IBA Market Place

We are pleased to announce the launch of IBA Market Place, your directory of implementation, application and data services by IBA Business Alliance Partners, all integrated with the IBSuite multi-channel sales and policy administration system.

“Not only is this very convenient for our customers in the insurance industry” says Søren Hebsgaard, VP of IBA Products & Partners. “We also believe it is another great evidence of the value of building ecosystems around IBSuite. When operating in today’s rapidly changing insurance market, partnerships with specialist companies are essential, and with this pool of value adding services, existing and future customers will simply get even more out of IBSuite when integrating the services offered at IBA Market Place. And our business partners will continue to add more services.”

Examples of application services are invoice services, automated handling for assessment reports and automated motor claims handling.

Visit the IBA Market Place and get inspired to extend your IBSuite solution.


Surviving massive competition? Being agile is the answer.

Insurance companies are in a considerably increasing competitive market. Not only threatened by technologically more agile and innovative players, but also by new intruders. To cope with this, today’s insurance companies need to think outside-in.

No doubt, the insurance industry, like others, will in the coming years be tremendously influenced by further IT evolution. On a short view, the IT efforts are likely to concentrate on demands in adapting to a new digital economy.

Price competition has become more intensive due to an increasing commoditization of the traditional insurance products, so there is a high need for IT effective business processes. At the same time new insurance products and channels emerge – demanding that insurance product configurators can create, change and retire products quickly and cost effectively. Unfortunately, not many insurance IT systems are capable of delivering the needed level of support for agile product creation and omnichannel management today.

But this is far from sufficient. On a medium and longer view, the biggest changes are likely to come from a number of derived circumstances.

The buyer is in control
B2B as well as B2C customers change their buying behaviour as more digital opportunities arise. Consumers have already for years used social media, price comparison portals, search engines and other digital media out of the control of insurance companies. In an American study dated three years back McKinsey found that the average american auto insurance shopper received more than 3 quotes and considered 4.5 carrier brands before buying. (“2012 McKinsey Auto Insurance Customer Insights Research”)

Today 90% of B2B customers use digital channels for collecting information before a purchase.

When insurance is no longer the core product
It can certainly be difficult to compete with companies who are not playing by traditional rules and have different value chains. Other players had difficulties in handling Google’s arrival in the Internet- and IT industry. Others sold their technology, but Google gave it away for free, generating their revenue from advertising, not technology.

Likewise, new types of insurance companies are entering the market place, founded on the idea that the insurance policy is not necessarily the core product, but maybe even a ”loss leader” to open for more sales of a completely different product category. With the new generation of insurance systems, delivered as Software-as-a-Service, such insurance business can both be created and managed purely by outsourcing. A truly disruptive scenario for the established insurance industry.

Anders Engdal, CEO

Anders Engdal, CEO

CEO of IBA, Anders Engdal, gives a few examples, “Let’s pretend a retail chain launched a loyalty card combined with a short-term income protection insurance; the coverage amount depends on how many points you have earned on your loyalty card during the last six months before occurrence of unemployment. Most likely this would affect the buying behaviour of the policy holder. So, if the retailer is also the risk carrier the insurance product does not necessarily have to be profitable in itself, as it is likely to accelerate the turnover of the remaining business considerably. In the same way, I doubt it was to get rich from the insurance business that Volkswagen established their own insurance company.”

Insurance Business Applications (IBA) provides and implements products and solutions for the insurance industry. End-customers in 17 countries benefit from the IBSuite insurance platform, which is especially designed for the agile insurance businesses, where sales channels as well as products are in constant development, and where the buying process is very much defined by the customers.


Mastering the Business Case – IBA does

Mastering the Business Case is a comprehensive book about optimized benefit realization, and how to produce a Business Case that supports this. Why is this relevant? As written in the foreword: “One of the root causes of failed projects is unclear business objectives.”

You get a profound documentation of such business objectives in Mastering the Business Case. If the Business Case is missing, the project manager and all resources related to the project have no clear guidance. This could end up in de-focused decisions, add wasteful complexity to the project, add unnecessary cost, prevent any focus on realizing the benefits, etc.

IBA – an ideal case of Business Management

The Business Canvas Model of the insurance industry has changed considerably to more complex business models. As the selected case for the Business Management chapter, you can read how IBA during our agile solutions make it possible for our customers to match increasing market dynamics and new demands – not least because we are capable of implementing insurance solutions multiple factors faster than market average.

As Anders Engdal, CEO of IBA, points out, “When the implementation of a solution starts, all energy should be focused on the business application change. The faster the implementation will be completed, the faster the company is able to change their business model to support the new requirements from customers, partners, aggregators and statutory authorities.

The organization will be able to quickly follow new market trends while adjusting products to new demands, and the break-even level where the return becomes positive from introducing new products is lower than before.”

Authors of the book: Klaus Nielsen, Cambridge-educated dual MBA holder, and Martin J. Ernst, M.Sc. and Assistant Professor at the IT University of Copenhagen

Read more about Mastering the Business Case

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YouTube channel for IBSuite

Check out the YouTube channel of Insurance Business Applications. You will find brand new instruction videos on IBSuite, our complete multi-channel sales- and policy administration system for the insurance industry, developed by IBA as a full-fledged Software-as-a-Service based solution (SaaS). Subscribe and get announcements whenever we have new tips & tricks.

Benvenuto! Berkshire Hathaway International Insurance Limited, Italia

We are thrilled to have BHItalia, Italian branch of US-based conglomerate Berkshire Hathaway, as our new customer. BH will use IBSuite to run their insurance business in Italy. BH has selected IBA’s partner “KUBE Partners” to perform the implementation. The first release will focus on policy administration of BH’s Medical Malpractice insurance portfolio.

MAG London benefits from IBA’s broker platform

IBSuite For Brokers enables significant growth and consistently high level of quality. “IBSuite is by far the most comprehensive we have seen,” says Guy Wilson of MAG London Ltd. MAG operates in international markets through European brokers, Lloyd’s Coverholders, Lloyd’s Open Market Correspondents and insurance Companies. View full case story.


MAG’s IBSuite based broker solution named Technology Innovation of the Year!

Lots of congratulations to Marine Aviation & General (MAG) who won the category “Technology Innovation of the Year – Broker” at the 2014 Insurance Times Tech Awards only a few moments ago. The MAG broker solution is based on IBSuite and implemented by IBA and Kube Partners and went live earlier this year.

A big cheer for everybody at MAG, Kube and IBA involved in making this happen!


Two more exciting customers signs agreement with IBA

We are extremely happy to announce that the Danish insurance companies NEM Forsikring and NEXT Forsikring has signed an agreement with us. The deal includes a full offload of all commercial and private portfolios from two current IT-platforms to IBSuite.

The deal are mentioned in the business section of the Monday morning edition of countrywide Danish newspaper Berlingske Tidende. In this article the CEO of NEXT Forsikring, Pelle Martin Schmidt, states that the implementation of IBSuite already has started, and includes the use of geodata, gps-data and telematics to be able to align your premium with your actual behavior when eg. driving – “We’ve made a partnership with IBA that are strategically very important for us, because we can include micro-tariffs much more than before. It is important for us to be able to rate on microsegments in the future, instead of the more wide segmentation on eg. Zip codes we’ve used until now”, says Pelle Martin Schmidt.

The full article (in Danish) can be found here.


Welcome to Christian Mussegaard

We are happy to welcome Christian Mussegaard as Project Manager here in IBA. Christian is an experienced management consultant and project manager and comes with a broad range of useful competencies. He comes from a project manager position at PFA Pension and worked for 6 years at Cap Gemini before that.


IBA sponsor of Insurance Times Tech Awards 2014

We are proud to announce that IBA will be the sponsor of the “Best Use of Technology to Improve Broker Experience”-category at the Insurance Times Tech Award 2014, taking place in London on September 25’th.

See here for further information.