October 23, 2017
Accenture Life Insurance and Annuity Platform (ALIP) Helps Enable New Market Strategy for Ohio National Financial Services; Delivers Complex Indexed Universal Life Insurance Products
NEW YORK; Oct. 23, 2017 – Accenture (NYSE: ACN) today announced that its Accenture Life Insurance and Annuity Platform (ALIP) was successfully deployed at Ohio National Financial Services, and the carrier has launched on the platform its first indexed universal life (IUL) insurance product, marking the company’s foray into the complex IUL market.
“ALIP is a key component to our long-term digital strategy. Our operations areas will gain efficiency in processing by use of ALIP’s automation and friendly user interface. We will be able to process transactions faster and more accurately, which will lead to superior customer service for both the internal associates and external customers,” said Danielle Ivory, Vice President, Insurance Operations at Ohio National.
ALIP’s easily configurable business rules, out-of-the-box-ready new product templates and integrations to third party underwriting vendors influenced Ohio National’s decision to select ALIP.
“ALIP is a big step for our long-term IT modernization strategy and is a significant leap forward in technology for our new business, underwriting, and policy administration capability. ALIP’s configuration-based architecture and Base First approach will allow Ohio National to quickly move products onto the platform. Combining the strength of the growing ALIP user community with Accenture’s scale and capability will continue to bring more features and functionality to the platform,” said Mike Vogel, Vice President, Information Technology at Ohio National.
In addition to Accenture’s expertise in equity index products, the system includes one of the industry’s most extensive and growing libraries of production-tested new product templates and business rules – the result of ALIP’s unique Base First methodology that directs client configurations and enhancements back into the base system for the benefit of all users. This powerful combination supports insurers’ need for greater speed, flexibility and self-sufficiency to drive new business.
“We are pleased to welcome Ohio National to our growing community of ALIP clients in production using ALIP as their strategic platform,” said Shay Alon, Global Managing Director, Accenture Life and Annuity Software. “Looking forward, we see exciting opportunities to further expand product lines supported and efficiency gains, utilizing ALIP configuration and Digital capabilities.”
Used by leading insurers worldwide, ALIP 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.
Accenture’s life and annuity software is part of Accenture Life Insurance Services, within Accenture Financial Services. By applying extensive industry knowledge to continuously enhance its software, Accenture helps insurers reduce operating costs, manage risk and drive growth through improved product development and distribution, enhanced policy administration and distribution, and technology platform consolidation and modernization. The homepage is www.accenture.com/lifeandannuitysoftware.
Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions – underpinned by the world’s largest delivery network – Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With more than 425,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com.
About Ohio National Financial Services
Tracing its corporate origins to 1909, Ohio National markets a variety of insurance and financial products through more than 50,000 representatives in 49 states (all except 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 December 31, 2016, its affiliated companies have $41.8 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 eight consecutive years by Enquirer Media (June 2010-2017) and employs more than 1,300 associates. Please visit ohionational.com for more information and for the latest company updates, connect with Ohio National on LinkedIn, Facebook, Twitter and Instagram.
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