July 28, 2015
Ohio National Selects Accenture Life Insurance & Annuity Platform to Accelerate Product Introduction and Enable Business Growth
NEW YORK; July 28, 2015 – Accenture (NYSE: ACN) has been selected by Ohio National Financial Services (Ohio National), a provider of individual life insurance, annuities, retirement plans and disability income insurance to modernize their new individual life business, underwriting and policy administration capabilities. Ohio National will implement the Accenture Life Insurance & Annuity Platform (ALIP) to help get new products to market faster and more efficiently, allowing the company to respond quickly to marketplace needs.
“Ohio National has enjoyed more than a quarter century of unprecedented individual life insurance sales growth. We do not take this success for granted,” said Richard J. Bodner, ACS, CIOP, Senior Vice President, Insurance Operations. “As we continue to grow, we need a platform that will help us increase our product development capabilities, assist us as we move into new lines of business and increase our overall speed to market.
“We are consolidating multiple legacy systems onto ALIP. We are leveraging the solution’s advanced technology, flexible product and business configuration capabilities to build a solid platform. We’re excited to capture new market opportunities and bring them to our nationwide network of distribution partners so they can better serve our policyholders,” Bodner added.
ALIP’s configurable approach drives faster product deployments by enabling insurers to build and modify products and business processes and create new business rules using pre-defined conditions and actions. Ohio National will also be using the Accenture Actuarial Calculation Engine to help quickly and easily construct the new mathematical, financial, and actuarial calculations that are required to support life and annuity products, improving flexibility in product development and testing.
“We are pleased that Ohio National has chosen ALIP as the foundation of its policy system transformation,” said Shay Alon, global managing director, for Accenture’s Life and Annuity software. “As a result of our continued investments in ALIP, and our deep insurance domain expertise, we are very well positioned to help Ohio National achieve its goals and we are delighted to be part of their life and annuity overall growth strategy.”
ALIP, used by leading insurers worldwide, is a robust, configurable and scalable solution that offers life insurance and annuity carriers of all sizes solutions for product development, new business, underwriting, policy administration and payout. It is available as an integrated suite of software with modules that can be implemented individually or as part of a broader migration strategy.
About Ohio National
Tracing its corporate origins to 1909, Ohio National markets a variety of insurance and financial products through more than 50,000 representatives in 47 states (all except Alaska, Hawaii and New York), the District of Columbia, Puerto Rico and through affiliated operations in South America. Additional subsidiaries operate in New York and Connecticut. As of April 30, 2015, its affiliated companies have $42 billion total assets under management. Products are issued by The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation. Ohio National is proud to be named a “Top Workplace” in Cincinnati for six consecutive years by Enquirer Media (June 2010-2015) and employs more than 1,200 associates. Visit http://www.ohionational.com for more information.
Accenture is a global management consulting, technology services and outsourcing company, with more than 336,000 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$30.0 billion for the fiscal year ended Aug. 31, 2014. 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 & Annuity 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 through technology platform consolidation and modernization. Its home page is here.
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