Challenge

This century-old insurer with more than $236 billion in assets and over 9,000 employees prides itself on developing innovative products and simplifying the customer experience for its more than one million clients and numerous potential new clients.

The insurer wanted to reduce risk and respond more quickly to industry changes and customer expectations. Its goal was to attract more new clients with a simplified new business application process and digital technology. It also wanted to become self-sufficient and develop new products faster with less reliance on IT resources. The challenge was bringing together separate life and annuity lines of business onto a single technology platform.

Its goal was to attract more new clients with a simplified new business application process and digital technology.

Strategy and Solution

How Accenture helped

Accenture helped the insurer modernize its electronic applications, with a strategy to remain current with ALIP technology and software releases. The solution included ALIP New Business and Electronic Application (eApp).

Already using an ALIP predecessor system, the insurer was confident in ALIP and the experienced team behind it, making an upgrade to ALIP a natural fit.

ALIP also provided the functionality to achieve the insurer’s objective: streamline application entry across all products and improve user experience.

Implementation strategy

Accenture delivery teams applied best practice tools and automation to successfully migrate the insurer’s life and annuity products. They applied industry-standard Spring Framework and ACORD standard file formats — inherent to ALIP — to streamline integration, which the insurer will be able to do on its own for future integrations. The insurer continued to be self-sufficient through customized training on configuration, tools and best practices.

A key aspect of the initiative was to establish an upgrade path, and thanks to ALIP’s Continuous Upgrade methodology, the insurer now has a cost-predictable and sustainable approach to keeping its new system current. It also has access to ALIP’s latest tools, templates and functionality through the ALIP Base First program that puts all platform advancements back into the base system.

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Transformation

Within one year, the teams converted hundreds of life and annuity products, along with tens of thousands of workflows and apps. The insurer’s self-sufficient in-house team configures — instead of codes — new products and automates case management and business rules using ALIP’s extensive library. This was instrumental in accelerating the insurer’s application process, improving user experience and boosting operational efficiency.

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