NEW YORK; Oct. 7, 2014 – Accenture (NYSE: ACN) was positioned in the “Leaders” quadrant in Gartner’s recently published “Magic Quadrant for North American Life Insurance Policy Administration Systems1” evaluated for its Accenture Life Insurance Platform. Accenture had been named a Leader in this report for two consecutive years and has improved its position within the Leaders quadrant on the “completeness of vision” and “ability to execute” axis.
Gartner assessed 17 vendors in this Magic Quadrant, which profiles policy administration system providers for individual and group life and annuity products targeted at Tier 1 and Tier 2 life insurers in North America. The full report is available here.
“Gartner continues to see growing demand among life insurers as new business demands challenge their aging legacy systems,” said Kimberly Harris-Ferrante, Gartner analyst and author of the report. “More than ever, companies are facing business challenges that cannot be accomplished when they are running older, inflexible and high-cost legacy systems. Innovation is occurring in new areas, often outside the core policy or new business process.”
“We see Accenture’s positioning as a Leader in this report as a sign of our ability to bring together great software, flexible service options and long term dedication to innovation and product improvements,” said Shay Alon, managing director, Life & Annuity Software, Accenture. “With features like the Accenture Actuarial Calculation Engine and our digital insurance software, we’ve built a pre-integrated, robust solution that delivers service efficiency for our clients, allowing them to innovate and adapt to changing business models and new processes while helping to reducing total cost of ownership.”
ALIP is a strategic platform built to support mission critical life, annuity and other insurance products and processes. ALIP provides comprehensive product definition and support capability, combined with end to end process functionality to provide superior customer service during the entire administrative lifecycle.
1 Gartner, Inc. “Magic Quadrant for North American Life Insurance Policy Administration Systems,” by Kimberly Harris-Ferrante, 3 September 2014.
Accenture is a global management consulting, technology services and outsourcing company, with more than 305,000 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 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.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
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