This 140-year-old trusted brand is one of the world’s most admired companies. With its 50,000 global employees and sale associates, the company manages more than a trillion dollars in assets. It offers solutions to the U.S. individual life insurance and annuity market, among other insurance, investment and retirement solutions throughout the world.
This variable annuity powerhouse had an immediate need to expand into the fixed- and deferred-annuity markets with innovative new products and a direct-to-consumer channel. Longer term, the company wanted to enhance its advisor-client experience with a unique bundling option for its products that would provide income solutions for retirees. The challenge was to overcome the constraints of its legacy administration platform and supporting systems.
This variable annuity powerhouse had an immediate need to expand into the fixed- and deferred-annuity markets with innovative new products and a direct-to-consumer channel.
Strategy and Solution
The project was as much a business transformation story as it was a story about successful communication and collaboration across a broad scope of stakeholders. The teams established a communication framework on how to engage upstream and downstream to work across the insurer’s business units and with the insurer’s third-party system integrator, including daily huddle calls addressing current issues and heading off future issues with proactive planning.
How Accenture helped
The insurer selected the Accenture Life Insurance & Annuity Platform (ALIP) to accelerate speed to market, provide low total cost of ownership and seamlessly work with the insurer’s existing mainframe systems. It implemented ALIP Policy Administration and illustrations capability along with ALIP’s Interface Exchange, an extensive library of out-of-the-box integrations that ultimately connected the insurer to its current ecosystem of three business units and a system integrator.
The ALIP delivery team applied business transformation techniques, including continuous improvement through standardized integration data and workflows, in addition to iterative/agile development and delivery processes. They also integrated with the insurer’s development environment to boost testing and integration productivity. Another key success factor was test automation, which contributed to record code quality results and quickly delivered functionality in short multi-week sprints.
Just weeks after deploying ALIP, the insurer launched its first agent-based deferred-income annuity – a feat that prior to implementing ALIP would have taken multiple months just to create the product specification. Additionally, advancements in the application of iterative/agile practices will help the insurer reduce project duration by 20 percent on the next phase of the project — launching fixed annuities.
The results speak for themselves:
Advancements in the application of iterative/agile practices will help the insurer reduce project duration by 20 percent on the next phase of the project — launching fixed annuities.
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