Economic Transformation Technologies (ETT | iByond) has signed a contract worth $888m with Capstone Management Group in a move to offer global digital transformation to the insurance sector.

Under the five-year software services and licensing agreement, both parties will transform the insurance industry through advanced digital transformation solutions.

ETT | iByond offers intelligent platform as a service (iPaaS) operating systems across various industries across the globe.

The platform is said to provide a competitive advantage by easily upgrading legacy systems across any industry along with modernising technology with advanced artificial intelligence (AI).

ETT I iByond chairman and CEO Christopher Condon said: “Our partnership with Capstone Management Group marks a pivotal moment in revolutionising the insurance industry with forward-thinking innovation, enhancing operations to better serve our stakeholders.”

Through the agreement, ETT | iByond intends to bring its portfolio of disruptive technologies to the insurance and reinsurance sectors.

Besides, the combination of Capstone Management’s expertise in insurance and health care solutions and ETT | iByond’s platform will help clients with tailored, multidirectional risk solutions.

Leveraging ETT | iByond’s Intelligence Beyond platform, Capstone Management can also enhance efficiency and data interoperability and leverage AI, machine learning and data analytics to modernise risk assessment and underwriting.

Capstone Management CEO Nino Pedrini said: “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.”