NEW YORK; July 25, 2013 – Accenture (NYSE: ACN) was positioned in the “Leaders” quadrant in Gartner’s recently published “Magic Quadrant for North American Life Insurance Policy Administration Systems1” with the Accenture Life Insurance Platform.
Gartner assessed 16 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.
“Insurers are committed to deploying the base system from the vendor with minimal modifications, and are demonstrating more willingness to modify their own workflows to stay with out-of-the-box functionality,” noted Steven Leigh, Gartner analyst and author of the report. “In nearly all cases, insurers are also looking for solutions that have extensive configurability so that base code modifications are not necessary.”
“In my opinion, Accenture’s positioning in Gartner’s report validates our track record of innovation and proven software solutions for life & annuity companies,” said Shay Alon, managing director, Life & Annuity Software, Accenture. “Our platform is designed to address all basic steps in the policy lifecycle through advanced configurability and the ability to integrate with existing solutions. Recent enhancements like the Default Insurance Company templates further simplify implementation, accelerate product launch and help to reduce costs for our clients. We are making continued investments in areas such as mobility and analytics to maintain our leading and visionary position, not just in North America but globally.”
With over twenty years of experience in the insurance industry, Shay Alon recently joined Accenture to take on a leadership role in the Life & Annuity software group. In this role, Alon oversees Accenture’s life and annuity insurance software solutions.
The Accenture Life Insurance Platform, used by more than 40 leading insurers worldwide, is a robust, configurable and scalable software suite that offers product development, new business, underwriting, investment management, policy administration and payout solutions for life insurance and annuity carriers of all sizes. The Accenture Life Insurance Platform is available as an integrated suite of software with modules that can be implemented individually or as part of a broader migration strategy.
1 Gartner, Inc. “Magic Quadrant for North American Life Insurance Policy Administration Systems,” by Steven Leigh, 19 June 2013.
Accenture is a global management consulting, technology services and outsourcing company, with approximately 266,000 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$27.9 billion for the fiscal year ended Aug. 31, 2012. 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. 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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