Accenture announced that its Accenture Life Insurance and Annuity Platform (ALIP) was successfully deployed at Ohio National Financial Services, and the carrier has launched on the platform its first indexed universal life (IUL) insurance product, marking the company’s foray into the complex IUL market.
“ALIP is a key component to our long-term digital strategy. Our operations areas will gain efficiency in processing by use of ALIP’s automation and friendly user interface. We will be able to process transactions faster and more accurately, which will lead to superior customer service for both the internal associates and external customers,” said Danielle Ivory, Vice President, Insurance Operations at Ohio National.
ALIP’s easily configurable business rules, out-of-the-box-ready new product templates and integrations to third party underwriting vendors influenced Ohio National’s decision to select ALIP.
“ALIP is a big step for our long-term IT modernization strategy and is a significant leap forward in technology for our new business, underwriting, and policy administration capability. ALIP’s configuration-based architecture and Base First approach will allow Ohio National to quickly move products onto the platform. Combining the strength of the growing ALIP user community with Accenture’s scale and capability will continue to bring more features and functionality to the platform,” said Mike Vogel, Vice President, Information Technology at Ohio National.
In addition to Accenture’s expertise in equity index products, the system includes one of the industry’s most extensive and growing libraries of production-tested new product templates and business rules – the result of ALIP’s unique Base First methodology that directs client configurations and enhancements back into the base system for the benefit of all users. This powerful combination supports insurers’ need for greater speed, flexibility and self-sufficiency to drive new business.
“We are pleased to welcome Ohio National to our growing community of ALIP clients in production using ALIP as their strategic platform,” said Shay Alon, Global Managing Director, Accenture Life and Annuity Software.
“Looking forward, we see exciting opportunities to further expand product lines supported and efficiency gains, utilizing ALIP configuration and Digital capabilities.”
Used by leading insurers worldwide, ALIP is a robust, configurable and scalable solution that provides life insurance carriers and annuity providers with advanced capabilities for product development, new business development, underwriting, policy administration, claims and payout. It is available as an on-premise solution and over the Cloud as an integrated suite of software with modules that can be implemented individually or as part of a broader migration strategy.
Accenture’s life and annuity software is part of Accenture Life Insurance Services, within Accenture Financial Services. By applying extensive industry knowledge to continuously enhance its software, Accenture helps insurers reduce operating costs, manage risk and drive growth through improved product development and distribution, enhanced policy administration and distribution, and technology platform consolidation and modernization.