Accenture today released a new version of the Accenture Life Insurance Platform (ALIP), a life insurance and annuity software suite.
The new version, Accenture said, includes new capabilities that can help insurance providers reduce implementation costs, increase product speed to market, improve usability and achieve better performance and scalability.
Accenture said that ALIP has added a variety of life and annuity product enhancements that support more complex insurance business rules and calculations and allow custom processing through configuration.
Insurance providers can continually review and improve their customer service processes, further automate tasks and mitigate manual processing. The gains in efficiency support ALIP’s ability to reduce IT operations costs by up to thirty percent.
The latest version of ALIP completes a phased re-design and modernization of the interface that incorporates user feedback for improved usability. The new release streamlines the business configuration process with a more intuitive flow.
Users can manage common tasks such as configuring pages and defining and managing business rules through a reduced number of clicks and actions, helping improve efficiency and reduce training efforts.
New and improved out-of-the-box templates are based on industry best practices so that companies can introduce new products more quickly. The template specifications include the definition of the underlying features, transactions, calculations, tables and business processes.
This will help companies build a foundation for implementation of traditional and non-traditional life products, contributing to ALIP’s ability to help reduce the cost and time to launch new products by more than 50 percent.
ALIP recently completed a performance test with over 10 million insurance and annuity policies and applications, meeting performance expectations of even the largest global insurance carriers. Results included ALIP’s ability to process 2,300 applications, 2,400 financial transactions and 3,800 client transactions in one hour3. This new benchmark demonstrates increased scalability, helping insurance providers to minimize system costs as their business grows.
Shay Alon, managing director, Life & Annuity Software, Accenture, said: “These features have been put into use by some of our clients in order to deliver products to market more quickly, at a reduced cost, keeping our clients competitive and their customers happy.”