Accenture (Dublin) has released a new version of Accenture Life Insurance Platform (ALIP), its rules-based life and annuity administration software suite, which the vendor says includes new capabilities that help insurance providers streamline operational processes, increase system scalability and ease integration with other software solutions. Updates to ALIP help shorten implementation timelines, achieve quicker return on investment and gain self-sufficiency during maintenance periods, according to a vendor statement.
Shay Alon, Managing Director, Accenture Software for Life and Annuity.
“Through continued investments in ALIP, we are providing clients with the most modern architecture available,” said Shay Alon, managing director, Accenture Software for Life and Annuity. “These new features make it easier for insurers to take advantage of out of the box configuration and implementation guidelines, allowing users to get up and running more quickly.”
The new version of ALIP includes the following updates according to Accenture:
- Streamlined product development: ALIP’s strong focus in process improvement and system enhancement can help carriers develop and test new insurance products more quickly. User interface updates to product configuration capabilities have simplified the design and configuration process. Additionally, a combination of business processes, systems testing tools and automation functionality were improved to further boost insurance product life-cycle testing and regression capabilities.
- Out of the box delivery: An enhanced set of implementation guidelines help insurers quickly get up and running on the platform and provide a framework for customization of processes. These guidelines give insurers visibility into the full potential of ALIP and how the platform can add the most business value. This includes tools to develop standards and support insurance product design, configuration and testing.
- Increased self-sufficiency for insurers: An integrated reporting and integration framework, supporting both real-time and batch interfaces, a warehouse for reporting and access to a full complement of system Application Programming Interfaces (APIs) allow carriers to more easily implement and maintain ALIP, minimizing reliance on the vendor.
- Simplified architecture: The latest version of ALIP includes a complete migration to the Java programming language, making the platform more scalable and allowing users to more easily update and customize the software.