LIS will become a new IBM subsidiary focused on life insurance and annuity processing, admin IBM is acquiring Liberty Insurance Services, or LIS, which is the U.S. business process services operation of RBC Insurance, IBM and RBC announced Tuesday. LIS handles life insurance and annuity processing and administration, and will become a new IBM subsidiary focused on that service.When the deal closes, which is expected to happen Dec. 31, the IBM subsidiary will handle life insurance and annuity policy processing for more than a dozen life insurance companies globally, IBM said. The company sees the subsidiary as a way to capture part of what is projected to be a $2 billion global market next year, capitalizing on IBM’s existing business consulting and technology expertise, IBM said.Besides the acquisition, IBM and RBC Insurance now have a long-term agreement under which IBM will perform business processes for RBC’s U.S. operations. The contract includes contact center management, policy administration, claims management and payment receipt and reconciliation. The companies did not disclose financial terms of either the acquisition or the long-term services deal. LIS has about 700 employees, all of whom will keep their jobs, IBM said. The company also intends to maintain RBC Insurance’s U.S. operations base in Greenville, South Carolina, where more then 200 people work. Technology Industry