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ACCENTURE LIFE AND ANNUITY SOFTWARE


ACCENTURE
LIFE & ANNUITY
ANALYTICS

THE FIRST ANALYTICS SOLUTION DESIGNED EXCLUSIVELY FOR LIFE AND ANNUITY BUSINESSES. AND IT’S READY OUT OF THE BOX!

Analytics is about knowing your business, so why consider using an analytics solution that wasn’t specifically built for your business? That’s the question we asked and the reason we designed the first analytics solution specifically for the life and annuity business. Accenture Life & Annuity Analytics is a turn-key, as-a-service solution with more than 150 prebuilt insights and 23 dashboards from predictive and forecasting models based on use cases across five specific life and annuity domains:

  1. New business and underwriting
  2. Operational performance
  3. Agent and customer behavior
  4. Product and marketing
  5. Risk and fraud

Uncover growth opportunities and cost savings with a fast, easy and more relevant way to convert data into knowledge.

 

Here’s how Accenture Life & Annuity Analytics works

Accenture Life & Annuity Analytics extracts and transforms data from any source — ALIP, other internal systems or third parties — into ALIP’s data model. It then applies Accenture's data science and L&A operations expertise to render the data in prebuilt, insurance-specific dashboards that produce advanced reporting in addition to predictive and forecasting models, including actionable insights.

ALIP Analytics easily extracts and transforms data from any source—producing actionable insights ALIP Analytics easily extracts and transforms data from any source—producing actionable insights

THE POWER TO PREDICT, PERFECT, PERFORM!

With Accenture Life & Annuity Analytics, there’s no costly development time or resources. License only the dashboards that are relevant to your business.


Here’s what Accenture Life & Annuity Analytics can do for you:

Continue driving efficiency and profitability throughout the life of the policy. Use operational data to identify trends and to predict future service transactions that can help you plan staffing levels and customer experience actions such as conservation programs.

Prebuilt dashboards include:

Product Overview
Policy Portfolio evolution
Geo location analysis
Surrender inventory and trend
Withdrawals inventory and trend
Death claim inventory aging and loss ratio
Other key transactions inventory and trends
Predict lapsation

Use behavioral data to identify patterns and opportunities that help you anticipate customers’ and agents’ needs and nurture long-term profitable relationships with customers and agents.

Prebuilt dashboards include:

Customer financial performance
Customer non-financial behavior
Agent portfolio performance
Predict surrender
Forecast withdrawals
Forecast death claims
Forecast surrender timing

Use your new business and underwriting operations data to improve processes and correct issues before they impact your profitability. You’ll gain a better understanding of your new business profitability and predict policy issue decisions.

Prebuilt dashboards include:

NB/UW Volumes
NB/UW Efficiency
NB/UW Requirements Analysis
Requirements analysis
NB suspense aging
Predict contract issuance

Boost revenue and profits by comparing your performance with market data to drive sales efforts and product development. The data can help you outperform your competitors by selecting the right markets and pairing the right products to the best opportunities.

Prebuilt dashboards include:

Market potential comparison
Cross-sell, upsell
More to come!

Protect your business from fraudulent activity and ensure regulatory compliance.

Prebuilt dashboards include:

Pattern detection based on historical service transactions*
Social network and media inputs*

*under development

Looking for more?

Our data science experts can customize a use case and advanced models for you.

SEE FOR
YOURSELF

It takes actionable insights
to achieve customer
satisfaction and higher profits

The first analytics solution designed exclusively for Life and Annuity carriers. With prebuilt use cases that are ready out of the box!


USE CASES

Insurer XYZ wants to conduct a marketing campaign to reduce potential surrenders. Accenture Life & Annuity Analytics Agent and Customer Behavior Surrender Prediction Results shows the active contracts with the highest probability of surrendering. There is also a complementary dashboard that predicts the timing of the surrender.

Insurer XYZ can use these insights to target the marketing campaign to the right policy holders at the right time.

Surrender Prediction Results
  • Applying the model on Active contracts predicts which ones have a high probability of surrendering

  • Various customer retention programs can be implemented to address the largest probabilities

Insurer XYZ is working to rationalize New Business and Underwriting vendors and keep the vendors with the best performance and pricing. Accenture Life & Annuity Analytics New Business and Underwriting Requirements Analysis shows the drill down of all requirements timing, who ordered them and what vendor provided them.

Insurer XYZ can use the insights to negotiate better SLA terms with Vendor B or just drop that vendor and focus on Vendor A.

NBUW Requirement Training
  • Analyze which requirements take longer than others



NBUW Ordered By
  • Drill down one level, by Paramedic requirement, we get to the Ordered By view which shows that Agent Ordered takes longer than System Ordered. There is an improvement opportunity to review the agent requirement ordering process



NBUW Vendor View
  • Drill down a second level, by Agent Ordered, we get to the Vendor view which shows that one vendor is significantly slower than the other. There is an improvement opportunity to negotiate with underwriting vendors


Insurer XYZ is planning its marketing budget and wants to allocate money to the region where the greatest opportunity exists. Accenture Life & Annuity Analytics Product and Market, Market Potential Results indicate that California has the most potential and the carrier there is underperforming, while spending in Louisiana is exceeding the market’s growth potential.

Insurer XYZ can redirect funds from Louisiana to California. This use case combines external vendor market data with ALIP data to better inform the insurer’s market strategy.

Market Share: California
  • Selecting California we see that the market potential is double the market for the Carrier (left chart) and in the past 4 years the market has grown 16.5% while the Carrier has shrunk almost 19%. This would indicate the Carrier is well behind the market and should target additional sales efforts in California.



Market Share: Louisiana
  • Selecting Louisiana we see that the market potential is aligned with the Carrier (left chart) but in the past 4 years the market has grown just 1/5 of the Carrier. This would indicate the Carrier is expending significantly more effort than the market to grow in Louisiana.

WATCH OUR DEMONSTRATIONS

Operational Performance

Agent and Customer Behavior

New Business and Underwriting

Product and Market





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