The Navy Mutual Aid Association has chosen the Accenture Life Insurance Platform, the life and annuity insurance software suite from Accenture.
The new platform supports Navy Mutual’s life and annuity product configuration, new business, underwriting and policy administration processing requirements, said Accenture.
The tool will enable the underwriter to reduce its operational cost while enhancing overall customer service, said the US firm.
Navy Mutual Aid Association president and CEO Bruce Engelhardt said the new system, which supports virtually all of Navy’s processing needs across its business, is a key component of its growth agenda.
"We expect the Accenture Life Insurance Platform to deliver simplified product development functionality based on pre-configured processes, as well as real-time testing capabilities that should allow us to respond even more effectively to changing market conditions," Engelhardt added.
Accenture converted 138,000 policies from Navy Mutual’s legacy systems using data migration solution, the Accenture Insurance Data Migration Factory, as a part of the project, the underwriter said.
The conversion will enable the firm to manage all new business and service existing policies on a single platform.
The Navy Mutual Aid Association offers life insurance and annuity products to the military member and family across the US.