PALM BEACH, Fla.–(BUSINESS WIRE)–Feb. 14, 2024
Economic Transformation Technologies “ETT | iByond™” (ETT) has executed a five year software services and licensing agreement (“Agreement”) with Capstone Management Group (“Capstone” and the “Company”) that is valued at $888 million over the life of the contract. This partnership aims to revolutionize the insurance industry through cutting-edge digital transformation solutions.
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Christopher Condon | Chairman and CEO of ETT | iByond™ (Photo: Business Wire)
ETT | iByond™, a provider of Intelligent Platform as a Service (iPaaS) operating systems across various industries globally. The platform offers a competitive advantage by seamlessly upgrading legacy systems, without a ‘rip and replace’, working across any industry to save corporations billions, while modernizing their technology with Advanced Artificial Intelligence (AI). This platform enables digital transformation and speed of innovation across multiple industries.
Capstone is a management consulting and holding company with diversified assets across all lines of the insurance and reinsurance industry. Capstone Founders have over 90 years of experience in insurance and reinsurance and who have played a foundational role in establishing self-funded health care programs for larger corporations following the passage of ERISA in 1974. With the Capstone Agreement, ETT will now bring its suite of disruptive technologies to the insurance and reinsurance industries. The collaboration between Capstone Management Group and ETT | iByond™ signals a major step forward in insurance sector innovation.
Leveraging ETT | iByond's 'Intelligence Beyond' platform, Capstone can improve efficiency and data interoperability and utilize artificial intelligence, machine learning, and data analytics to transform risk assessment and underwriting. These advancements improve price accuracy, predictability, and latency in processing. With Capstone's expertise in insurance and health care solutions, integrated with ETT | iByond's platform, clients can expect tailored, multidirectional risk solutions. ETT | iByond™ enhances efficiency and data interoperability, which are essential in the insurance sector. This is particularly pertinent in light of the transformative impact of artificial intelligence, machine learning, and data analytics on risk assessment and underwriting procedures. ETT | iByond's platform facilitates integration during mergers and acquisitions. Capstone can harness cutting-edge Artificial Intelligence of Things (AIOT) sensor technology for real-time data insights, empowering smarter decision-making. With Capstone's expertise in insurance and health care solutions, integrated with ETT | iByond's platform, clients can expect tailored, multidirectional risk solutions.
The Global Reinsurance Market was valued at $498.7 billion in 2021, and is projected to reach $1344.3 billion by 2031, growing at a CAGR of 10.8% from 2022 to 2031.
Christopher Condon, Chairman and CEO of ETT I iByond™, highlighted the immense value this collaboration brings to investors and customers alike, expressing, “Our partnership with Capstone Management Group marks a pivotal moment in revolutionizing the insurance industry with forward thinking innovation, enhancing operations to better serve our stakeholders.”
Similarly, Nino Pedrini, CEO of Capstone Management Group, emphasized the synergistic nature of the partnership, saying, “At Capstone, we are committed to delivering the best outcomes for our clients. We have done substantial due-diligence and chose the ETT | iByond's platform so we can offer unparalleled digital solutions and one of the most advanced AI Data Engines to address the evolving needs of the insurance industry.”
The $888 million contract represents a significant investment in the future of insurance, signaling bold digital transformation on a global scale.
For more information, visit www.ettworld.com or www.capstonemg.com.
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