Navy Mutual Aid Association, an organization that provides life insurance and annuity products to the members of US sea services, has selected Accenture's Life Insurance Platform to support its life insurance and annuity business.
According to the Accenture, the Life Insurance Platform provides life insurance and annuity carriers with the ability to automate operational support across the full policy lifecycle.
Navy Mutual will use the platform to support all of its policy administration and new business functions.
The platform will be implemented to help Navy Mutual lower its operating costs and drive US growth by reducing the time it takes to create and launch new products and services.
Accenture will also help Navy Mutual migrate all of its policies from its legacy systems to the new platform using Accenture’s Insurance Data Migration Factory.
Navy Mutual Aid Association vice president, technology and systems Tom Benton said Navy Mutual selected Accenture because they came with a perfectly adapted, cost-effective, all-in-one solution that met the organization’s accelerated timelines with software and implementation expertise and policy conversion capabilities.
"In addition, the Accenture Life Insurance Platform provides support across the full policy life cycle and integrates easily with our other existing systems, thereby offering a single provider solution enabling true straight-through processing," Benton said.