New features allow insurance providers to introduce products to the market more quickly, efficiently and reliably
New York, NY (Apr. 7, 2014) – Accenture released a new version of the Accenture Life Insurance Platform (ALIP), an advanced life insurance and annuity software suite. This includes new capabilities that can help insurance providers reduce implementation costs, increase product speed to market, improve usability and achieve better performance and scalability.
To make for a more robust platform, ALIP has added a variety of life and annuity product enhancements that support more complex insurance business rules and calculations and allow custom processing through configuration. Insurance providers can continually review and improve their customer service processes, further automate tasks and mitigate manual processing. The gains in efficiency support ALIP’s ability to reduce IT operations costs by up to thirty percent.(1) Other enhancements to the newest version of the Accenture Life Insurance Platform include:
- Improved Usability: The latest version of ALIP completes a phased re-design and modernization of the interface that incorporates user feedback for improved usability. The newest release streamlines the business configuration process with a more intuitive flow. Users can manage common tasks such as configuring pages and defining and managing business rules through a reduced number of clicks and actions, helping improve efficiency and reduce training efforts.
- Product templates: New and improved out-of-the-box templates are based on industry best practices so that companies can introduce new products more quickly. The template specifications include the definition of the underlying features, transactions, calculations, tables and business processes. This will help companies build a foundation for implementation of traditional and non-traditional life products, contributing to ALIP’s ability to help reduce the cost and time to launch new products by more than 50 percent.(2)
- Performance and testing benchmarks: ALIP recently successfully completed a performance test with over 10 million insurance and annuity policies and applications, meeting performance expectations of even the largest global insurance carriers. Results included ALIP’s ability to process 2,300 applications, 2,400 financial transactions and 3,800 client transactions in one hour.(3) This new benchmark demonstrates increased scalability, helping insurance providers to minimize system costs as their business grows.
“We strive to continuously enhance our platform capabilities in order to provide our clients with a flexible, efficient solution that enables faster product introductions,” said Shay Alon, managing director, Life & Annuity Software, Accenture. “These features have been put into use by some of our clients in order to deliver products to market more quickly, at a reduced cost, keeping our clients competitive and their customers happy.”
The Accenture Life Insurance Platform, used by more than 40 leading insurers worldwide, is a robust, configurable and scalable software suite that offers life insurance and annuity carriers of all sizes solutions for product development, new business, underwriting, policy administration and payout. These solutions are available as an integrated suite of software with modules that can be implemented individually or as part of a broader migration strategy.
Accenture (NYSE: ACN) is a global management consulting, technology services and outsourcing company, with approximately 281,000 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$28.6 billion for the fiscal year ended Aug. 31, 2013.
About Accenture Software
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. The 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 through technology platform consolidation and modernization.
1. Based on past client deployments of ALIP
2. Based on past client deployments of ALIP
3. Based on 2013 benchmark performance study of ALIP version 2013