January 10, 2018
Accenture Life Insurance & Annuity Platform Helps Tier-One U.S. Insurer Accelerate Product Introduction and Growth
NEW YORK; Jan. 10, 2018 – Accenture (NYSE: ACN) helped a tier-one U.S. insurer roll out 17 new life insurance products in 20 months across five product lines leveraging its Accenture Life Insurance and Annuity Platform (ALIP). One product delivered a 25 percent increase in year-on-year sales volume.
The insurer selected ALIP as its strategic life and annuity platform to support business development by accelerating product introduction, consolidating systems and simplifying their IT environment. ALIP’s extensive library of configurable product templates contributes to the insurer’s quick product launches, while new business processing improves operational efficiency. ALIP also speeds underwriting decisions by using automation to route electronic applications and facilitates straight-through processing, enhancing the advisor and customer experience. ALIP now processes more than 80 percent of this insurer’s new business applications.
“By deploying ALIP, this leading insurer is accelerating their go-to-market distribution strategy with high-volume products for their customers, which is ultimately growing their bottom line,” said Shay Alon, global managing director, Accenture Software, Life and Annuity. “We’re proud to work with them on advancing their overall IT capabilities and supporting their growth plans.”
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 435,000 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.
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