The FINANCIAL — Accenture (NYSE: ACN) has received two XCelent awards for its life insurance and annuity platform from research and advisory firm Celent.
The awards, acknowledged in the Celent report titled, “New Business and Underwriting Systems: North America Life Insurance Edition,” recognize the Accenture Life Insurance & Annuity Platform (ALIP) as the highest-rated solution from among 14 new business and underwriting systems in both the “Advanced Technology” and “Breadth of Functionality” categories.
Karen Monks, a senior analyst in Celent’s North American insurance practice, said, “COVID-19 has forced life insurers to deeply examine their underwriting processes. The mandate for lockdown and working from home accelerated a long overdue digitalization of the life insurance business model. We believe ALIP is a strong candidate for life insurers looking to automate their new business and underwriting process. Their user interface continues to be among the best reviewed and is built with a responsive design.”
Shay Alon, who leads Accenture’s Life and Annuity Products and Platforms business, said, “Insurers want to ensure that their underwriters have the right platforms and technologies to deliver straight-through processing to their distributors and customers — which requires them to connect better with the digital ecosystem around them, be data-driven and adopt cloud and artificial intelligence in underwriting. We are honored to be recognized by Celent for our digital capabilities that help insurers provide their customers with seamless processes.”
ALIP is a robust, configurable and scalable digital insurance platform that offers life insurance carriers and annuity providers advanced capabilities for product development, new-business development, underwriting, policy administration, claims and payout, underpinned by data analytics. It is available as an on-premise solution and over the cloud 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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