IBA and Buildsimple announce strategic partnership enabling AI powered Input Management for Insurers
IBA and Buildsimple are pleased to announce they have entered into a global strategic partnership, combining IBA’s leading cloud-native core insurance platform, IBSuite, with Buildsimple’s powerful Input Management platform. This partnership allows insurers to automate the separation, classification, and extraction of documents in the shortest possible time with unprecedented quality.
Copenhagen and Münster – Friday, March 25th, 2022 – IBA and Buildsimple are pleased to announce they have entered into a global strategic partnership, combining IBA’s leading cloud-native core insurance platform, IBSuite, with Buildsimple’s powerful Input Management platform. This partnership allows insurers to automate the separation, classification, and extraction of documents in the shortest possible time with unprecedented quality.
The insurance industry is undergoing a deep transformation as digitalization is spreading to the different components of the value chain and incumbents and new entrants are fundamentally changing the way they manage their processes. Most insurance businesses are high volume and low margin, therefore optimizing operational efficiency is key to remain competitive. This is especially true for lower value-added processes. Buildsimple is the first true IMaaS (Input Management as a Service) platform and enables automated document analysis that thanks to the power of IBSuite, a SaaS cloud-based digital insurance platform, can become part of the insurer’s end-to-end process and enable real-time decisions.
Input Management as a Service (IMaaS) means that every insurance / MGA company of any size can use AI-based evaluation of documents for itself and offer services that were previously not possible. However, when trying to leverage this solution many insurers typically struggle with integrating this technology into their legacy platform’s processes. The IBA-Buildsimple partnership brings the power of a cloud-based digital core insurance platform and automated document analysis together, to make it easy for insurers to enable next-gen technology services and remain on the competitive forefront.
“IBSuite is a proven, next-generation end-to-end cloud insurance platform focused on helping insurers and MGAs digitalize and automate their operations, becoming more efficient and agile. IBSuite can be the backbone for the entire insurance operation or replace critical components, such as Claims Management.” said Soeren Degn Jahns, IBA’s CTO. “Insurers have an immediate need to liberate themselves from the rigid and inefficient legacy technology and IBSuite can help them do exactly that, whether they want to completely replace their core system, a key process, or launch a greenfield initiative. Our partnership with Buildsimple now brings the power of AI-based Input Management analysis to insurers globally, and there are many ways in which we can help them gain operational efficiencies.”
“By integrating IBSuite and Buildsimple, insurers now have a plug and play alternative for automated document analysis that can be rapidly deployed as part of their offering and customized to their specific needs. Documents can be separated, classified and data can be extracted out of them to enable real-time decisions. You can completely automate processes based on incoming documents. The integration was very simple and fast, thanks to IBSuite’s and Buildsimple’s APIs and powerful integration layers. We expect to continue integrating different solutions and working with customers on creating innovative solutions”. René Weseler, Buildsimple’s CTO.
Integrating Buildsimple solutions to IBSuite’s proven and cloud-native SaaS platform and allowing insurers to integrate them into their existing ecosystems represents an evolution in the way insurers can address their digital transformation agenda.
Tuna Baysal, Head of Marketing, IBA, email@example.com
Martin Jarosch, Senior Account Executive, Buildsimple, firstname.lastname@example.org
IBA provides a proven end-2-end core insurance platform (IBSuite) that covers the entire lifecycle of insurance, from quote to bind, policy administration, billing and efficient claims handling, all backed by an API-first integration layer. IBSuite takes care of the insurers immediate need to liberate themselves from the rigid and inefficient legacy technology, avoid building technical debt, stay current and compliant and be able to launch new products and business models fast in a platform that is multi-language, multi-currency and multi-country by design.
Founded in 2017 in Münster, Germany, Buildsimple is a software as a service offering for analyzing documents in the cloud using machine learning technologies. Buildsimple’s focus is on simplicity, so Business units design their AI solutions completely themselves without expensive projects or necessary data science knowledge. The complex AI problems are handled by the platform. Buildsimple use the power of AI combined with uncomplicated and secure access through the cloud, to automate Input Management in the shortest possible time with unprecedented quality.
Published, March 25th, 2022