Accenture to license and implement its life insurance policy administration software platform
NEW YORK; May 12, 2011 – Accenture (NYSE: ACN) has been selected to license and implement its life insurance policy administration application at Navy Mutual Aid Association, a nonprofit organization that provides life insurance and annuity products to active duty, reserve and retired members of the US sea services.
The Accenture Life Insurance Platform will be used to support all of Navy Mutual’s policy administration and new business functions and will replace the insurer’s current systems. The software platform will be implemented to help Navy Mutual lower its operating costs and drive U.S. growth by reducing the time it takes to create and launch new products and services.
Accenture will also help Navy Mutual securely migrate all of its policies from its legacy systems to the new platform using Accenture’s Insurance Data Migration Factory. Accenture’s end-to-end data migration solution provides clients with policy migration experts, a proven methodology and technical infrastructure and delivery centers that are specifically designed to handle data conversion projects.
“This systems replacement program is critical to support Navy Mutual’s growth agenda as the new platform will allow us to more easily create products that meet our members’ needs and bring these to market faster,” said Tom Benton, Vice President, Technology and Systems, Navy Mutual Aid Association. “We selected Accenture because they came with a perfectly adapted, cost-effective, all-in-one solution that met our accelerated timelines with software and implementation expertise and policy conversion capabilities. In addition, the Accenture Life Insurance Platform provides support across the full policy life cycle and integrates easily with our other existing systems, thereby offering a single provider solution enabling true straight-through processing.”
“The ability to introduce new products and services quickly and cost-effectively will be a key lever for Navy Mutual to use to maintain and expand its loyal membership,” said Russell Norris, a senior executive in Accenture’s Financial Services group.
Mitchel Ludwig, product lead for the Accenture Life Insurance Platform added: “In the competitive arena of life and annuity insurance, innovative organizations like Navy Mutual recognize the need for a strong platform that will allow maximum flexibility while limiting operating costs and improving service quality and member satisfaction.”
The Accenture Life Insurance Platform is a robust, configurable and scalable solution that provides life insurance and annuity carriers with the ability to automate operational support across the full policy lifecycle.
About Navy Mutual Aid Association
Navy Mutual Aid Association Serves those Protecting our Nation. Navy Mutual continues to support that mission today by providing exceptional life insurance and annuity products, assisting sea service members and their survivors in securing the federal benefit to which they are legally entitled, and providing education on matters of financial security which are specifically tailored to the military member and family.
Navy Mutual is a nonprofit, federally tax-exempt, mutual benefit Veterans Service Organization which was established in 1879 by sea service members for the purpose of providing financial protection to the sea service member and family.
Accenture is a global management consulting, technology services and outsourcing company, with more than 215,000 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$21.6 billion for the fiscal year ended Aug. 31, 2010. 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
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