Accenture (ACN) is offering its Accenture Life Insurance & Annuity Platform (ALIP), an advanced life insurance and annuity software suite, running on the open and flexible Microsoft Azure cloud computing platform.
ALIP in the Cloud is a suite of solutions that bundle the full production ALIP system with Microsoft Azure as the technology infrastructure, while adding a private network model to support hybrid and private cloud deployment options.
From new business and policy administration to payout and claims, carriers can benefit from accelerated product introduction and exceptional processing delivered by ALIP, coupled with the agility, scalability, productivity and possible cost savings of the mainstream Azure cloud environment.
Accenture will also provide cloud infrastructure outsourcing (IO) and application outsourcing (AO) with an "As-A-Service" option for clients that wish to have ALIP in the Cloud managed offsite. This will help insurers avoid the high cost of acquiring and maintaining infrastructure through an on-demand, consumption-based pricing model.
Carriers can easily scale up or down in order to more cost effectively manage peak demand or test new products before launching in the market. Carriers opting to use AO will benefit by allowing IT resources to shift their focus to strategic business initiatives and can leverage services to ensure their investment remains current with release upgrades.
"Working with Microsoft to offer ALIP’s full capabilities in the cloud is a strategic move for Accenture, emphasizing our "Cloud First" agenda," said Shay Alon, managing director of Life and Annuity Software. "It allows us to offer carriers a way to lower costs and simplify their IT environment while providing them the ability to still maintain their unique product and service differentiation with the highly configurable and robust features of ALIP."
To ensure performance and scalability, Accenture and Microsoft recently conducted a joint performance benchmark test using Accenture data and Microsoft Azure in an actual private cloud environment, simulating 3,000 concurrent users against a 10 million policy database. The results were highly successful with performance exceeding the demands typically seen in even Tier 1 carrier environments at over 225,000 pages and 1.7 million individual requests fulfilled in one hour.
"We’ve successfully worked with Accenture for many years to help deliver solutions across the front, middle and back offices of the insurance industry," said Tony Jacob, Managing Director, Worldwide Insurance at Microsoft Corporation. "But delivering a life insurance policy administration system in the cloud is really extraordinary. Enabling carriers to leverage ALIP on Azure, either as an augmentation strategy or full replacement to on-premises systems, will deliver all new levels of business agility to the life insurance business. I think across the insurance market, we’re starting to see the future of insurance core systems."
ALIP, used by leading insurers worldwide, is a robust, configurable and scalable solution that offers life insurance carriers and annuity providers solutions for product development, new business, underwriting, policy administration, claims and payout. It is available as on premise or over the Cloud as an integrated suite of software with modules that can be implemented individually or as part of a broader migration strategy.