International Opportunity

http://www.marketwatch.com/story/guarantee-fund-turns-to-ibm-to-create-smarter-car-insurance-system-in-bulgaria-2011-09-14

Guarantee Fund Turns to IBM to Create Smarter Car Insurance System in Bulgaria

Smarter Computing solution brings drivers and insurance companies faster customer service, decreased levels of fraud and lower insurance premiums

SOFIA, Bulgaria, Sept. 14, 2011 /PRNewswire via COMTEX/ -- IBM /quotes/zigman/230066/quotes/nls/ibm IBM +2.45% has been selected by the Insurance Guarantee Fund to help develop a sophisticated information system giving motor insurance providers the opportunity to check and verify online all necessary information regarding Motor Third Party Liability (MTPL) insurance in Bulgaria.

The new system, based on IBM software, hardware, services and business analytics technologies will enable local and international motor insurance agencies to improve the efficiency of motor insurance processes. The automated system will lead to more accurate and rapid decision making, reducing costs, improving customer service and reducing the number of fraudulent claims. Responsible drivers will be rewarded with lower insurance premiums thanks to the integration of various pools of information including police archives.


Although we currently do not conduct business in Bulgaria, we do have relationships in other parts of Europe like Ireland and the UK. New systems that give auto insurance providers the opportunity to check necessary information has major implications still. With the increased obstacles taken on by U.S. companies doing business abroad, this is one more way that we can better manage these business relationships and the risks we are undertaking. We can reap nothing but benefit from putting systems in place abroad that help mitigate costs, risks, and increase efficiency. Another huge risk that is helped by this sort of initiative is fraud prevention which is an important concern world-wide. However, again as it is harder to manage those relationships abroad, this system can provide more peace of mind that business is being handled in an appropriate manner by increasing transparency. Since IBM is partnering with financial service corporations all over the world, perhaps we will be able to work with them soon within our ventures abroad.