Six US Insurers Implement Latest Accenture Life Insurance, Annuity Platform

NEW YORK, Sept. 14 -- Accenture, a global professional services company, issued the following news release:

Six large insurance carriers have implemented the latest version of the Accenture Life Insurance and Annuity Software Platform (ALIP), a comprehensive software system for processing life and annuity policies that consists of extensive pre-built product templates, business rules, workflows and an advanced architecture. The carriers, which include several tier one through tier three insurance companies in the U.S., are using the platform to transform their businesses and modernize critical systems to capitalize on digital service opportunities and improve speed and agility.

Digital service capabilities and the mounting costs of legacy systems are driving carriers to modernize their infrastructures," said Shay Alon, managing director for Accenture Life and Annuity Software. "ALIP's deep features and out-of-the-box content combined with our ongoing investment in new and exciting capabilities and strong upgrade methodology for keeping customers current is a compelling strategic platform for this environment."

The latest group of carriers to implement ALIP included new and existing licensees. Accenture, which led the implementations, leveraged automation tools, skills and methodologies that led to on time and on budget implementations, including one upgrade that took just eight weeks and an end-to-end implementation that was completed in twelve months.

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 on-premise solution and over the cloud as an integrated suite of software with modules that can be implemented individually or as part of a broader migration strategy. The platform 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.