Accenture has completed the implementation of its life insurance and annuity platform for new business and underwriting into a cloud-hosted environment.
Image: Accenture completes cloud-based implementation of ALIP. Photo: courtesy of Maksym Kozlenko/Wikimedia Commons.
The company said that the solution combines the Accenture Life Insurance & Annuity Platform (ALIP) on Microsoft Azure cloud with RGA AURA underwriting rules engine, and the company’s application and infrastructure outsourcing service.
According to the company, the new cloud-based solution is capable of delivering new levels of automation and real-time underwriting decisions. It is said to help insurance carriers to take advantage of the benefits of cloud technology to bring in innovation and business growth while lowering IT costs.
A US life insurer is already implementing the new cloud-based solution as part of a multiphase project and is currently ramping up processing for its business.
Accenture managing director Shay Alon said: “Accenture is piloting and deploying solutions that transition insurers to the cloud, applying deep industry knowledge to help them capitalize on industry disruption through innovation in front-end digital business models, enhanced customer experience and back-end IT efficiencies.
“This winning combination of ALIP, AURA and Azure further advances underwriting automation and can help insurers transform their customer offerings at scale, with innovative products and an exceptional customer experience across distribution channels.”
ALIP, which is used across the world by various insurers, is a configurable and scalable solution that offers advanced capabilities for product development, new-business development, policy administration, claims, underwriting and payout to life insurance carriers and annuity providers.
It is available as an integrated suite of software in the form of an on-premise solution or over the cloud. The solution comes with modules that can either be individually implemented or as part of a larger migration strategy.
Last month, the company integrated RGA’s AURA underwriting rules engine into ALIP, thereby making it the first such platform to offer an out-of-the-box option. Following the integration of AURA, ALIP comes with more options for insurers to speed up underwriting automation, cut down manual intervention and boost underwriting speed.