Leading US Life Insurer: Accenture Life Insurance Platform

In 2007, this insurer embarked on an initiative to upgrade its corporate-owned and bank-owned life insurance systems. It sought to replace its policy administration platform and to develop a new data warehouse.

The Accenture Life Insurance Platform (ALIP), combined with our ability to host and maintain the system, made a compelling value proposition. It has offered the insurer significant benefits, and Accenture continues to host and maintain the platform for the client.

This leading US insurer needed to upgrade its legacy policy administration system, which housed its corporate-owned and bank-owned life insurance business. The client needed technology that would enable:

• Rapid introduction of new products and features.

• Automation of manual processes, particularly to minimize human error in high-value transactions.

• Improved access to management information.

Accenture led the implementation of the Accenture Life Insurance Platform, including converting more than 65,000 policies from the legacy administration system to the new platform. In addition, we coordinated the end-to-end testing of the integrated solution, which comprised ALIP, the new warehouse and other supporting systems.

Key elements of our engagement included:

• Adding group insurance functionality to the administration system.

• Customizing and enhancing ALIP for the insurer’s specific business needs, including support for hedge fund sub-accounts, experience rating and complex commissions processing.

• Building an ALIP conversion capability using the Accenture Insurance Data Migration Factory.

Learn more about the Accenture Life Insurance Platform

Since the ALIP went live in February 2010, it has supported 200 users each day.

The insurer has realized significant benefits, including:

• Improved usability and real-time access to complete group and individual policy data.

• Automation of complex transactions and correspondence.

• Fewer processing errors—a result of implementing product-specific rules.

• Automated suspense management and cash value reporting.

• Improved system outputs, including bills, confirmations, statements and customer letters.

• Separation of Duty compliant security access controls.

• Reduced time to market for new products and product features.

• A 30 percent increase in online availability.

• Resolution of legacy platform end-of-life issues.

Accenture now hosts and maintains ALIP for the insurer, using Accenture Software Utility Services. We offer application maintenance services, including break/fix and release management support. This allows the insurer to better predict its annual IT costs. We continue to work with this client on further releases to enable new products and capabilities.

Learn more about the Accenture Life Insurance Platform

Contact us to learn how the Accenture Life Insurance Platform can help you gain agility.