Accenture has been selected by American International Group (AIG) to transform its software platform. AIG will implement the Accenture Life Insurance Platform (ALIP) across its US life insurance business to create and modify products faster in order to attract and retain customers. ALIP will also help AIG achieve operational efficiencies by simplifying and automating processes.
“We wanted technology that will support our business growth now and in the future,” said Scott Reed, SVP and CIO Life Insurance, AIG. “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. With better data access and integration, we will also be able to improve our customer service.”
AIG's life insurance division will use ALIP for new product development and selected closed blocks-policies that AIG no longer underwrites or markets. Accenture’s continued investment in ALIP includes policy administration functionality that provides access to consolidated policy, product and customer information, helping to improve operational efficiencies and customer service. Faster product deployment will also be supported by ALIP’s configurable approach, which enables customers to build and modify products and business processes through an easy-to-use interface for the creation of new business rules using pre-defined conditions and actions.
“AIG is a leader in the insurance industry,” said Shay Alon, global managing director, Life & Annuity software at Accenture. “We are excited that they have chosen ALIP as their new software platform. By working together, we will help AIG achieve operational excellence through a modern and flexible platform that supports long-term growth. AIG will also benefit from our continuous investments in the software to include new innovative solutions, which are designed to support insurers’ digital agenda.”
AIG will also use the ALIP underwriting component, a rules-based, highly configurable system that can streamline the underwriting process to help drive growth and profitability, expand into new market segments and reduce costs. In addition, AIG will be able to accelerate new feature and product introduction by leveraging the Accenture Actuarial Calculation Engine. This engine will help enable AIG to quickly and easily construct standard mathematical, financial and actuarial calculations that are required to support life and annuity products, improving flexibility in product development and testing.
“This agreement with AIG demonstrates that ALIP serves the needs of companies of all sizes, from the largest global insurers with millions of policy holders to smaller carriers that serve niche markets,” said John M. Cusano, global managing director for Accenture's Insurance practice. “We look forward to helping AIG support its growth by further enhancing its capacity to quickly adapt product offerings to changing customer and regulatory needs.”
ALIP, used by leading insurers worldwide, is a robust, configurable and scalable solution that offers life insurance aand annuity carriers of all sizes solutions for product development, new business, underwriting, policy administration and payout. It is available as an integrated suite of software with modules that can be implemented individually or as part of a broader migration strategy
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