An undisclosed global insurance company has selected Accenture Life Insurance & Annuity Platform (ALIP) software to strengthen its annuity business.

The ALIP platform will enhance the insurer’s customer relationships and support growth by providing a seamless digital experience to consumers and enabling the company to broaden its distribution channels.

The platform will also allow the insurer to significantly accelerate product introduction and strengthen its annuity infrastructure for new business development and policy administration.

 ALIP was selected by the insurer – which is among the world’s largest – for its leading architecture and modern tools that help create a seamless integration process with other systems, in addition to a configurable framework that delivers more capabilities and flexibility to business users.

Accenture Life & Annuity Software global managing director Shay Alon said: “We’re delighted that this highly respected global insurer has turned to ALIP to support its rapidly growing business.

“As the insurance sector becomes increasingly competitive, we’re seeing just how important it is to use an agile test-and-learn approach for new product introduction and improving the customer experience.”

Used by leading insurers worldwide, ALIP is a robust, configurable and scalable platform 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.