May 06, 2013
Accenture Receives Industry Analysts Recognition for Its Life Insurance Software Solution
Analyst firms Celent and Ovum each present positive ranking, award
NEW YORK; May 6, 2013 – Accenture (NYSE: ACN) has received separate accolades from two different industry analyst firms for the Accenture Life Insurance Platform, its life and annuity insurance software suite. The Accenture Life Insurance Platform New Business and Underwriting solutions were recognized by Celent for customer success, and Ovum ranked the entire software suite as a market leading solution for life insurance core administration.
Celent awards Accenture for customer successes in the North American
Accenture Life Insurance Platform New Business and Underwriting solutions received the XCelent Customer Base Award for the second year in a row in Celent’s report titled, “North American New Business and Underwriting Systems1.”
The award is based on the number of live North American customers, the number of new clients weighted by size of insurer and the level of use of the system by insurers.
“In addition to being the XCelent Customer Base Award winner, the Accenture Life Insurance Platform New Business and Underwriting solutions also obtained the second highest score in each of the three other main categories – Advanced Technology, Breadth of Functionality, and Depth of Customer Service,” said Karen Monks, analyst at Celent and the author of the report. “Accenture Life Insurance Platform New Business and Underwriting is consistently positioned at the top right in Celent’s charts, indicating strong capabilities across all of the rated areas.”
Launched in November 2010 to acknowledge vendor excellence, Celent’s XCelent Awards are designed to help financial institutions and technology providers stay abreast of industry trends by evaluating the shifting vendor marketplace and awarding technology best practices. Celent’s North American New Business and Underwriting Systems report presents a comparative view of the vendor marketplace that visually represents four elements: Advanced Technology (and technical flexibility), Breadth of Functionality, Customer Base, and Depth of Customer Service.
Ovum Ranks Accenture as a Market Leader in the European life insurance administration market
Accenture was also named a “Market Leader” for its Accenture Life Insurance Platform (ALIP) in Ovum’s report titled, “Decision Matrix: Selecting a Life Insurance Core Administration Platform for Use in Europe2.”
The Decision Matrix report includes a detailed methodology for evaluating vendors and makes recommendations that will help life insurers identify potential platform vendors for their business. The Accenture Life Insurance Platform was recognized as a market leading solution in Europe. The report, which provides a detailed assessment of ten life insurance core administration platform vendors serving the European market, identifies key criteria that life insurers must assess when selecting a core platform vendor. Each vendor is categorized as a market leader, market challenger, or market follower. More information on the report is available here.
Charles Juniper, Senior Insurance Analyst at Ovum and the report author said “ALIP achieved the highest aggregate technology assessment of all the vendors assessed” and “ALIP is a highly configurable and flexible platform supported by a well-articulated product roadmap.”
“We see these analyst recognitions as a confirmation of our ability to help our clients achieve operational efficiency and improved speed to market,” said Mitchel F. Ludwig, product line lead of Accenture Software for Life Insurance. “We have introduced the Default Insurance Company, included in Accenture Life Insurance Platform, to provide high performance industry best practices out of the box. This solution helps insurers to accelerate product launch and reduce system implementation efforts and risks by enabling them to process business without customization.”
The Accenture Life Insurance Platform, used by more than 40 leading insurers worldwide, is a robust, configurable and scalable software suite that offers product development, new business, underwriting, policy administration and payout solutions for life insurance and annuity carriers of all sizes. ALIP is available as an integrated suite of software with modules that can be implemented individually or as part of a broader migration strategy.
1. Celent, “North American New Business and Underwriting Systems,” 18 December 2012, by Karen Monks
2. Ovum Decision Matrix: Selecting a Life Insurance Core Administration Platform for Use in Europe (IT004000361), 28 Jan 2013
Accenture is a global management consulting, technology services and outsourcing company, with approximately 261,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$27.9 billion for the fiscal year ended Aug. 31, 2012. Its home page is www.accenture.com.
Accenture Software combines deep technology acumen with industry knowledge to develop differentiated software products. It offers innovative software-based solutions to enable organizations to meet their business goals and achieve high performance. Its home page is www.accenture.com/software. Accenture Life Insurance Platform is part of Accenture Life Insurance Business Services , a business service within Accenture’s Financial Services operating group. By applying its extensive industry knowledge to continuously enhance its software, Accenture helps insurers reduce operating costs, manage risk and drive growth through improved product development, enhanced policy administration and distribution, and technology platforms consolidation and modernization. Its home page is www.accenture.com/lifesoftware.
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