American International Group (AIG) has selected Accenture to transform its software platform, in a bid to improve operational efficiencies by simplifying and automating processes.
As part of the deal, Accenture will implement its Accenture Life Insurance Platform (ALIP) at AIG’s US life insurance business.
AIG life insurance senior vice-president and chief information officer Scott Reed said the company required the technology, which will support business growth now and in the future.
"We will leverage ALIP to increase our agility and introduce new products to the market more quickly. The platform’s ease of configurability will help support product innovation and facilitate the ability to extend into new markets," Reed added.
The life insurance division of AIG will utilise ALIP for new product development and selected closed blocks or policies, which the company no longer writes or markets.
The company will also deploy the ALIP underwriting component, a rules-based configurable system that can streamline the underwriting process, which helps to expand into new market segments.
Accenture life and annuity software global managing director Shay Alon said: "By working together, we will help AIG achieve operational excellence through a modern and flexible platform that supports long-term growth."