Accenture Life Platform Modernization

Life insurance consumers are demanding more from their carriers than ever before, comparing them to other companies, such as Apple, Amazon or many banks, that offer rich and rewarding customer experiences. Life insurers understand these rising expectations, but are hobbled by archaic technology platforms that limit their ability to deliver customer-centric products and services.

Accenture offers life insurers a clear road to client-centricity, helping them modernize their technology platforms without the danger of escalating budgets and timelines, reductions in service levels and the very real possibility of failure that has prevented many insurers from moving to a new platform.

Using our industry-leading Accenture Life Insurance Platform (ALIP), we have helped leading life insurers accelerate their product development cycle by 35 percent; lower their business operations costs by up to 19 percent; and reduce their IT and operational costs by up to 26 percent.

ALIP combines decades of Accenture life insurance experience in a feature-rich, flexible system that is easily customized to your business needs. The affordable platform includes illustrations, eApps, powerful underwriting and rating engines and a complete policy administration system. All products are housed on the single platform, providing a customer-centric view of your business.

When coupled with Accenture’s Insurance Distribution Services, our clients are able to seize the opportunities that true multichannel customer interactions provide. ALIP can be easily configured to support advanced analytics that help identify leads and direct them to the most appropriate channel—agent, call center, online or mobile—to improve sales outcomes.

Insurers can outsource some or all of the new platform development to Accenture, ensuring your service and new business goals remain untouched throughout the development process. When it's time to migrate to the fully configured and tested ALIP platform, the Accenture Insurance Data Migration Factory can populate the new system without undue burden on your workforce or any drop in service levels.

To find out more about these services, download the Accenture Life Insurance Consolidation Services brochure.

Accenture has, for the past 30 years, worked closely with many of the world’s leading insurers. We work with 85 percent of the top 40 insurance companies worldwide.

Our experience, combined with a broad range of skills and tools and a deep knowledge base, equip us to help insurers optimize their life insurance platform.

Based on Accenture research and experience, life platform consolidation offers significant rewards for insurers, including 35 percent faster speed to market, 26 percent lower IT application and infrastructure costs, and 19 percent reduction in operational costs.

Accenture provides:

• The Accenture Life Insurance Platform—our leading, field-tested life and annuity policy administration solution that has been successfully implemented in North America, Europe and Asia Pacific.

• Proven and tested tools and frameworks.

• Better use of IT resources.

• Lower policy acquisition costs.

• A complete service and delivery offering.

• Decades of experience embedded in our delivery methodology, estimating models and program management practices.

• Industrialization of core business processes.

• A component-based approach that minimizes risk and smoothes the path to consolidation.

• Application portfolio optimization.

The Accenture Life Insurance Platform—Accenture’s market-leading platform is used by 90 percent of the top L&A insurers in North America.

Core System Modernization for Insurers—Why now may be the right time for insurance companies to replace rather than try to improve their core systems.

A New Model for Platform Rationalization in the Life Insurance Industry—How insurers can overcome the problem that rationalization is often not affordable, deliverable or desirable.

Leading US Insurer Moves Onto the Accenture Life Insurance Platform—200 users supported and an array of benefits delivered.

Generali France: Transforming Back-Office Systems for Growth and High Performance—French-based carrier benefits from having a single platform for each business line and operating unit.

Security Benefit: New Policy Administration System Provides a Competitive Advantage—This US insurer needed to better align its technology with a changing business model, reducing speed to market for new products.