This Fortune 200 financial services provider holds more than $60 billion in assets under management, and serves over 11 million U.S. families.
The insurer, known for its superior customer service, had outgrown its aging home-grown systems and needed a modern system that could accelerate product introduction and deliver a digital experience to its customers.
The insurer needed a modern system that could accelerate product introduction.
Strategy and Solution
How Accenture helped
As part of a broader modernization effort, the company selected ALIP to replace its new business and policy administration systems, consolidating its end-to-end policy lifecycle management on a single platform for all product lines. The goal was to accelerate speed to market while reducing maintenance costs by gaining tools and training to decrease dependency on IT resources.
The project was divided into four phases to deliver value quickly and accelerate implementation, including: 1) replace legacy systems with ALIP for all new business, and migrate in-force contracts for immediate annuities, 2) introduce new deferred annuity policies, 3) implement life insurance products—introduce new policies and support existing block and 4) migrate remaining policies.
During the initial phase, the delivery teams implemented ALIP New Business and Policy Administration and migrated approximately 40,000 single-premium, income-annuities. They used a direct cut-over approach to shift from the insurer’s legacy system to ALIP, avoiding downtime and impact to internal and external clients. All functions continued without pause, and the insurer decommissioned the first of two legacy systems.
Phase one was also highly productive. It established iterative, automated development and test processes that will further accelerate subsequent phases. Currently underway, phase 2 will introduce the insurer’s deferred annuity business onto ALIP.
Thanks to close collaboration and training, the insurer is gaining self-sufficiency to design, build and test new products quickly with much less dependency on IT resources. With phase one completed, the company is already seeing significantly lower operating costs. Its customers are experiencing higher service levels and reduced risk of errors.
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