The latest version of the Accenture Life Insurance Platform (ALIP), which has an install base of about 40 insurers globally, is designed to help insurers support a market appetite for new and often more complex products and improve user/customer experience. Accenture claims that the new version can help insurers reduce implementation costs, increase product speed to market, improve usability and achieve better performance and scalability
Accenture describes ALIP as scalable software suite that offers life insurance and annuity carriers of all sizes solutions for product development, new business, underwriting, policy administration and payout. These solutions are available as an integrated suite of software with modules that can be implemented individually or as part of a broader migration strategy.
Accenture has added to ALIP what it calls a variety of life and annuity product enhancements that support more complex insurance business rules and calculations and allow custom processing through configuration. According to the vendor, insurers using the new version of ALIP can continually review and improve their customer service processes, further automate tasks and mitigate manual processing. The gains in efficiency support ALIP’s ability to reduce IT operations costs by up to thirty percent. Other enhancements that Accenture reports it has made to the newest version of the Accenture Life Insurance Platform include:
- Improved Usability: The latest version of ALIP completes a phased re-design and modernization of the interface that incorporates user feedback for improved usability. The newest release streamlines the business configuration process with a more intuitive flow. Users can manage common tasks such as configuring pages and defining and managing business rules through a reduced number of clicks and actions, helping improve efficiency and reduce training efforts.
- Product templates: New and improved out-of-the-box templates are based on industry best practices so that companies can introduce new products more quickly. The template specifications include the definition of the underlying features, transactions, calculations, tables and business processes. This will help companies build a foundation for implementation of traditional and non-traditional life products, contributing to ALIP’s ability to help reduce the cost and time to launch new products by more than 50 percent.
- Performance and testing benchmarks: ALIP recently successfully completed a performance test with over 10 million insurance and annuity policies and applications, meeting performance expectations of even the largest global insurance carriers. Results included ALIP’s ability to process 2,300 applications, 2,400 financial transactions and 3,800 client transactions in one hour. This new benchmark demonstrates increased scalability, helping insurance providers to minimize system costs as their business grows.