NEW YORK; Jan. 25, 2016 – Accenture (NYSE: ACN) has been selected by one of the leading US-based financial institutions to modernize its life and annuity business and support continuous process improvement through the implementation of the Accenture Life Insurance & Annuity Platform (ALIP).
The insurer will replace several legacy systems across its life and annuity business with ALIP to manage and support all product lines with full policy lifecycle administration – from new business and policy administration to claims/payout—over a multiple-year roll-out program. The goal is to get new products to market faster and more efficiently, build innovative products and provide excellent customer service.
The insurer selected ALIP for its advanced architecture and modern tools to help ease integration with other systems, in addition to its robust features and configurable approach that empowers business users with added capabilities and flexibility. The implementation of ALIP will help enable the insurer to introduce products more quickly and leverage flexible user-defined business rules to respond quickly to ever-changing market demands and digital channels.
“We are pleased to welcome this newest member to our growing client community,” said Shay Alon, global managing director of Life & Annuity Software at Accenture. “As the life and annuity market continues to change at a rapid pace, the market leaders recognize the importance of new technology to support their digital insurance journey. The continued adoption of ALIP, as demonstrated by this latest client addition plus others who have recently joined the community, further validates that our ongoing investments in the platform are meeting the needs of carriers’ modernization initiatives.”
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 integrated suite of software with modules that can be implemented individually or as part of a broader migration strategy.
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 approximately 373,000 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.
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.
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