New Client Board to Monitor New Industry Compliance Requirements and Impacts
NEW YORK; July 21, 2016 – Accenture (NYSE: ACN) has formed a new client informational board that will allow insurers using the Accenture Life Insurance & Annuity Platform (ALIP) to keep up-to-date and engage in informal discussion of new industry compliance requirements. The board will focus on the impacts of the latest releases from the United States Treasury Department and other regulatory bodies on life and annuity contract administration and detection of design trends.
“Legislative issues and interpreting how best to introduce new regulatory compliance requirements into business operations remain a top challenge for many life and annuity carriers,” said Shay Alon, global managing director of Life & Annuity Software at Accenture. “While regulatory knowledge is a core competency for carriers, rarely do two insurers interpret and implement regulations the same way ? neither their impacts nor what is required to comply. Through this board we can establish a strong collaborative knowledge-base and leverage collective insights to the benefit of ALIP customers, which will help to ease their adherence to new rules. We are delighted with how our clients have responded to knowledge sharing and we’re proud to facilitate this initiative.”
The ALIP Regulatory Compliance Board (RCB) will focus on U.S. regulatory mandates that are subject to Federal and State regulations. The objective of the board is to help the participants determine the business needs and requirements associated with new regulation, understand both IT and operational impacts, and discuss the best ways to satisfy the regulation. The ALIP RCB’s near-term area of focus includes in-force contract servicing (financial, non-financial and annuity), Treasury related specifics of IRC 7702, 7702A and 72 (including cost basis management), and reporting concepts (1099s, 5498, and annual statements).
ALIP, used by leading insurers worldwide, is a robust, configurable and scalable solution that provides life insurance carriers and annuity providers with advanced capabilities for product development, new-business development, underwriting, policy administration, claims and payout. It is available as an on-premise solution and over the Cloud as an integrated suite of software with modules that can be implemented individually or as part of a broader migration strategy.
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