Accenture Life Insurance & Annuity PlatformPolicy administration

Accenture Life Insurance & Annuity Platform (ALIP) Policy Administration is a flexible and highly configurable solution that helps life and annuity carriers to improve operational efficiencies, increase productivity and reduce costs—resulting in faster speed to market and increased agility to meet changing market and customer needs.

Cost pressures and continued market uncertainty place heightened demands on life and annuity carriers to improve efficiencies across the end-to-end policy lifecycle. To help carriers drive competitive advantage and achieve high performance in this environment, Accenture offers industry-leading software that optimizes and streamlines the policy administration process—helping them to be more flexible and responsive to market changes, improve customer service, and reduce business and IT costs.

How does ALIP help life and annuity carriers? ALIP eases the critical path of new product development, helping life and annuity carriers to compete more effectively and, ultimately, achieve high performance. In this way, organizations can be more nimble and responsive to the needs of an everchanging insurance marketplace. For instance, after switching from a legacy environment to ALIP, one insurer cut new product roll-out time by approximately 65 percent, while tripling the number of new product introductions.

What our clients say “We wanted technology that will support our 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. With better data access and integration, we will also be able to improve our customer service.” Scott Reed, Senior Vice President and Chief Information Officer, AIG Life and Retirement – Accenture Press Release, September 30, 2014

A flexible, rules-driven platform ALIP Policy Administration is a Web-based, industrialized solution that manages the end-to-end policy administration process. Our platform features an advanced and intuitive user interface, and provides a consolidated view of policy, product and customer information. The platform has the scalability to manage high transaction volumes, and leverages a rules-based engine and best practices to drive business process improvement across the policy administration cycle. With the option to implement as a standalone solution, ALIP Policy Administration supports both individual and group processing.

Features Configurable product and business rules engine: At the core of the platform’s flexibility is a configurable product and business rules engine which supports the rapid definition, management and testing of a carrier’s products and business processes. The engine provides the ability to define product and business rules once and share them across the platform.

Business rules ensure ”in good order” processing while workflow rules define the steps of a process and any requirements based on provided data. Work orchestration and routing features include task box management, load balancing and online reports. The configurable rules engine streamlines processes, provides flexibility and helps to eliminate manual processes—speeding time to market and improving customer service.

Pre-built templates: ALIP Policy Administration offers pre-built, out-of the-box templates for common product features and business processes. Our templates support Traditional Life, Non-Traditional Life and Fixed and Variable Immediate and Deferred Annuities. These templates can be customized as needed.

Accenture Actuarial Calculation Engine: This engine improves speed to market by providing the advanced processing functions and multi-dimensional tables needed when implementing complex insurance products.

The Actuarial Calculation Engine, integrated into the product and business rules engine, also provides standard capabilities to support common mathematical, financial, statistical and actuarial calculations. It is available as a standalone component for integration with other third party systems.

Flexible architecture: ALIP is platform neutral, providing the flexibility to run on many supported operating systems and to leverage multiple types of database and application servers. The platform is not dependent on any particular third-party

High Performance Delivered • Improved speed to market for new products• Increased productivity for customer service representatives (rapid processing of new applications and policy service activities)• Enhanced customer service• Reduced cost per policy serviced • Improved operational efficiencies• Reduced total cost of ownership• More efficient use of IT resources• Robust, scalable system functionality• Improved compliance

Proven resultsALIP Policy Administration has delivered measurable business results to our clients. Representative benefits include:• Reduced costs up to $7 million per year—with per policy service cost reduced by up to 45 percent. • Increased customer service capacity and productivity—with policies per FTE increased by up to 120 percent.• Reduced customer service costs by up to 31 percent—with cost per transaction decreased by up to 27 percent.• Transaction volumes increased by up to 50 percent with improved quality (average quality level up to 99.8 percent). • Reduced IT costs (staff, infrastructure, PC help desk) by up to 35 percent.

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tool or vendor, enabling insurers to better respond to changing technology needs. With a Service-Oriented Architecture (SOA) and the ability to pass and accept ACORD-standard and proprietary XML standards, the platform facilitates communication with disparate upstream and downstream systems. The platform supports Windows, AIX, Linux and Solaris operating systems, and the following databases: Oracle, DB2, and SQL Server.

Accenture Insurance Data Migration Factory for conversion options: Carriers are well aware of the risks of moving to new technology platforms—decommissioning old systems while maintaining data integrity through the migration. Accenture’s Insurance Data Migration Factory is a proven, cost effective and industrialized approach which enables organizations a greater degree of certainty in their data migration projects. Our migration factory software cleanses data and re-defines data fields to enable effective access and analysis of the data in the new system.

Benefits In addition to faster speed to market, improved operational efficiencies and enhanced customer service, ALIP Policy Administration also offers life and annuity carriers the following benefits:

Improved agility: Our advanced calculation configurability, workflow tool, and business and product rules engine enables straight-through processing to drive new efficiencies and help carriers react more quickly to market changes.

Reduced IT costs: Our product and rules testing capabilities and our highly integrated and flexible architecture, together with our reliance on configuration rather than code changes, help our clients to achieve a lower total cost of ownership for implementations and a reduction in development costs. Carriers can also lower their infrastructure costs by reusing existing hardware. In addition, our intuitive user interface reduces the need for training.

Platform consolidation support: ALIP helps carriers to consolidate and rationalize their systems onto a single platform—simplifying and standardizing processes, improving usability and reducing costs over time.

Accenture is positioned in the "leaders" quadrant in Gartner's 2016 "Magic Quadrant for North American Life Insurance Policy Administration Systems" report. Accenture has been positioned in the 'Leaders' quadrant in this report for the last three years.

ALIP transaction history view

Gartner, Inc. “Magic Quadrant for North American Life Insurance Policy Administration Systems” by Kimberly Harris-Ferrante 16 February 2016.

ALIP received the 2015 XCelent Functionality award for being the leader in Breadth of Functionality.Celent “North America Policy Administration Systems 2015: Life, Annuities, Pension, and Health ABCD Vendor View”. November 2015.

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Accenture, its logo, and High Performance Delivered are trademarks of Accenture.

Contact usFind out how ALIP can help your organization achieve high performance:

Nancy BassSales and Client Management LeadAccenture Life and Annuity Software nancy.bass@accenture.com

Or, visit www.accenture.com/lifeandannuitysoftware

About AccentureAccenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions—underpinned by the world’s largest delivery network—Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With more than 358,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com

Accenture’s life and annuity software is part of Accenture Life Insurance Services, within Accenture Financial Services. By applying extensive industry knowledge to continuously enhance its software, Accenture helps insurers reduce operating costs, manage risk and drive growth through improved product development and distribution, enhanced policy administration and distribution, and technology platform consolidation and modernization. The homepage is www.accenture.com/lifeandannuitysoftware.

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Gartner does not endorse any vendor, product or service depicted in our research publications, and does not advise technology users to select only those vendors with the highest ratings. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.