Challenge

This leading insurer prides itself on delivering value faster and more efficiently for its clients. Their approximately 50,000 global associates and field representatives provide retirement plan services and investment products totaling more than $1.5 billion in individual life premiums.

The carrier was looking for a platform that would support its initiative to accelerate product introduction, consolidate multiple systems, simplify their environment and reduce expenses. The client planned to launch high-volume products that included straight-through processing in addition to enhancing the advisor and customer experience.

The carrier was looking for a platform that would support its initiative to accelerate product introduction, consolidate multiple systems, simplify their environment and reduce expenses.

Strategy and Solution

How Accenture helped

The carrier entered a long-term strategic commitment with Accenture to consolidate onto one technology platform and move its core products onto the platform. ALIP’s New Business, Underwriting and Policy Administration components, implemented on premises, enabled the carrier’s strategy.

Implementation strategy

The ALIP configuration tools streamlined business processes, and simplified product rules. These tools delivered the speed and flexibility the client was looking for to launch its universal life, term life, whole life and accident and health products, as well as adapt quickly to customers’ changing needs with future products.

Transformation

Leveraging ALIP’s advanced configuration and rules engine, the carrier launched over 20 new products in less than two years, one of which experienced a 25 percent increase in year-on-year sales volume. ALIP now processes as many as 1,500 new business applications daily, including: accident and health, whole life, term life, universal life, indexed universal life, variable universal life.


Having enhanced its customer experience with faster underwriting decisions through automation and straight-through and low-touch processing, the insurer is focused on future plans to further enhance customer servicing and communication by integrating with the carrier’s digital ecosystem. To improve communications with agents and customers, the carrier plans to use ALIP staging tables to make ALIP data more accessible via the carrier’s portal.


The results speak for themselves.

25%

Leveraging ALIP’s advanced configuration and rules engine, the carrier launched over 20 new products in less than two years, one of which experienced a 25 percent increase in year-on-year sales volume.

1500

ALIP now processes as many as 1,500 new business applications daily, including: accident and health, whole life, term life, universal life, indexed universal life, variable universal life.

Subscription Center
Stay in the Know with Our Newsletter Stay in the Know with Our Newsletter