Improved integration and new delivery capabilities help insurance providers more easily modernize core systems
NEW YORK; Nov. 5, 2014 – Accenture (NYSE: ACN) released a new version of the Accenture Life Insurance Platform (ALIP), an advanced life insurance and annuity software suite. Announced at the Accenture Life and Annuity Software Client Advisory Board event this week, the latest version of ALIP includes new capabilities that help insurance providers streamline operational processes, increase system scalability and ease integration with other software solutions.
The updates to ALIP help shorten implementation timelines, achieve quicker return on investment and gain self-sufficiency during maintenance periods. Updates include:
- Streamlined product development: ALIP’s strong focus in process improvement and system enhancement can help carriers develop and test new insurance products more quickly. User interface updates to product configuration capabilities have simplified the design and configuration process. Additionally, a combination of business processes, systems testing tools and automation functionality were improved to further boost insurance product life-cycle testing and regression capabilities.
- Out of the box delivery: An enhanced set of implementation guidelines help insurers quickly get up and running on the platform and provide a framework for customization of processes. These guidelines give insurers visibility into the full potential of ALIP and how the platform can add the most business value. This includes tools to develop standards and support insurance product design, configuration and testing.
- Increased self-sufficiency for insurers: An integrated reporting and integration framework, supporting both real-time and batch interfaces, a warehouse for reporting and access to a full complement of system Application Programming Interfaces (APIs) allow carriers to more easily implement and maintain ALIP, minimizing reliance on the vendor.
- Simplified architecture: The latest version of ALIP includes a complete migration to the Java programming language, making the platform more scalable and allowing users to more easily update and customize the software.
ALIP is a configurable and scalable software suite that offers life insurance and annuity carriers of all sizes solutions for product development, new business, underwriting, policy administration including claims and payout. These solutions are available as an integrated suite or components that can be implemented individually or as part of a broader migration strategy. ALIP is part of a broader portfolio of life insurance and annuity software solutions offered by Accenture to support mission critical products and processes for carriers. This includes modern technologies to support insurers’ digital agenda, such as SmartVideo, web recording, portals and mobility.
Accenture is a global management consulting, technology services and outsourcing company, with more than 305,000 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$30.0 billion for the fiscal year ended Aug. 31, 2014. 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. 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 through technology platform consolidation and modernization. Its home page is www.accenture.com/lifeandannuitysoftware
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