Accenture (NYSE:ACN) has been named a leader for its Accenture Life Insurance Platform (ALIP) software in a recent CEB TowerGroup analyst report entitled, “Life and Annuity Policy Administration Systems: Technology Analysis1.”
The report notes that, “Within the life and annuity technology space, modernizing policy administration systems (PAS) has become a pressing priority for many insurers to ensure their tools and capabilities remain up to date.” By combining qualitative and quantitative data from interviews with industry experts, financial institutions and vendors, CEB TowerGroup analysts identified 22 attributes that define a “best-in-class” system. These attributes are grouped into four categories that highlight a firm’s user and enterprise needs. Accenture Life Insurance Platform was named as a Leader in three out of four categories: Policy Lifecycle, Operational Support and User Experience.
According to the report, “Accenture’s continued investment in ALIP demonstrates their commitment to this market. Since our first view of ALIP, there has been a steady increase in both functionality and technology, as seen in the development of integration accelerators supported by a pure Java application. Additionally, ALIP also has a quality interface, a separate actuarial calculation tool, and a dedicated tool for data migration to help accelerate the pace of conversion.”
“We are pleased to have achieved several leader recognitions in this report, which to us confirms our commitment to creating configurable solutions for carriers that enable them to take advantage of innovative, digital technologies,” said Mitchel F. Ludwig, product line lead of Accenture Software for life insurance. “With operational support automation across the full policy lifecycle, ALIP helps carriers stay competitive through lower operating costs and increase speed to market for new offerings.”
The report is tailored to reflect the needs of end users, to diagnose the technology attributes particular to a firm, and to effectively identify policy administration systems (PAS) that align with a firm’s needs. To that end, CEB TowerGroup analysts conducted a series of interviews and surveys with financial services executives, industry experts, and vendors regarding PAS.
An excerpt of the report can be viewed here. ALIP is a configurable and scalable software suite that offers life insurance and annuity carriers of all sizes solutions for product development, new business, underwriting, policy administration including claims and payout. These solutions are available as an integrated suite or components that can be implemented individually or as part of a broader migration strategy. ALIP is part of a broader portfolio of life insurance and annuity software solutions offered by Accenture to support mission critical products and processes for carriers. This includes modern technologies to support insurers’ digital agenda, such as SmartVideo, web recording, portals and mobility.