This leading U.S. financial services company provides products in 49 of the 50 U.S. states, the District of Columbia and Puerto Rico. More than 1,300 associates at its corporate headquarters provide individual life insurance, annuities, retirement plans and disability income insurance.
With plans to launch complex indexed annuities and enhance the user experience for consumers and channel partners, the carrier had outgrown the capabilities of its three legacy systems. The company was looking for a more flexible system, one that would accelerate its new product launches and reduce operating cost and IT complexity.
To support its plans, the company established five priorities:
- Replace legacy systems and reduce operating and system support costs.
- Respond quickly to market needs to move into new lines of business.
- Significantly reduce reliance on IT.
- Enhance and grow distribution channels with new products and improved service capabilities.
- Apply modern tools to support its business and access its insurance ecosystem.
The company was looking for a more flexible system, one that would accelerate its new product launches and reduce operating cost and IT complexity.
Strategy and Solution
How Accenture Helped
The insurance carrier modernized with ALIP and laid the foundation for its digital transformation and growth strategy. ALIP’s configurable approach to new product development—including out-of-the-box-ready product templates, business rules and test tools—expands the insurer’s capability to quickly bring new products to market.
The modernization project encompassed the insurance carrier’s end-to-end policy life cycle, from new business and underwriting to policy administration and claims. The broad scope involved two of the insurer’s project managers and seven program tracks, each with its own project manager.
In the first phase of its modernization journey, the carrier, supported by the ALIP delivery team, established seven program tracks: 1) business processes, 2) integrations with internal and external ecosystems, 3) product, 4) document management, 5) business intelligence, 6) image and workflow, and 7) integration with intranet/extranet portal.
The ALIP and carrier teams successfully collaborated to complete the more complex accounting and commissions integration points. The teams leveraged the new system as an opportunity to rethink processes and make them more efficient, updating the processes that added the greatest value. They applied the same value analysis to business system interfaces and opted to cut, versus consolidate, some interfaces to the legacy system.
The insurance carrier’s team enrolled in ALIP University to become more self-sufficient. ALIP University’s configuration training further built the company’s in-house product development capabilities, reducing the business team’s reliance on IT.
ALIP’s industry depth and breadth delivered the speed, efficiency and capabilities the insurer was looking for to quickly launch IUL products and put the company on a fast track to modernization. They replaced three legacy systems with ALIP and are planning the next phase of the journey that will eventually standardize the carrier’s entire life portfolio on ALIP.
Follow us: Follow us: