Life Insurer Offers Enhanced Life and Annuity Insurance Software

October 28, 2012

Proquest LLC

Accenture has unveiled an enhanced version of its life and annuity insurance software suite, the Accenture Life Insurance Platform, designed to help life and annuity insurers reduce the time to launch new products, lower operating costs, support global expansion and achieve more profitable growth.

"Insurers are demanding software that increases product speed to market and is easily configurable and highly scalable, and is more cost efficient," said Mitchel F. Ludwig, product line lead of Accenture Software for life insurance. "The new version of the Accenture Life Insurance Platform improves and expands our customer servicing support, introduces new product configuration capabilities, enhances the overall user experience, and better supports insurers across multiple countries."

According to a release, the new version of Accenture Life Insurance Platform (release 2012.1) enables:

-Faster life and annuity product deployment to adapt to market and regulatory changes. The upgraded Accenture Life Insurance Platform includes a new actuarial calculation engine to help life insurers reduce the time to launch new products. The Accenture Actuarial Calculation Engine enables insurers to configure standard mathematical, financial, statistical and actuarial calculations that are required to support life and annuity products. The high configurability of the engine allows insurers to take full control over product creation, enabling them to react to customers' evolving needs and changing regulatory environments.

-Enhanced fund processing functionality and greater usability to improve customer satisfaction. The platform, by supporting a greater number of fund processing capabilities, including fund bonuses and fund splits, minimum fund amounts and minimum fund remaining amounts, enables insurers to offer their customers more investment options. It also improves customer service with new policy management capabilities, like the ability for users to instantly recalculate benefits based upon changes to premium amounts.

-Greater multi-national support. The new platform enables global insurers to support all geographies on one single platform - thereby reducing total cost of ownership - with enhanced tax processing and other capabilities. These include configurable regional tax rules that allow users to define, manage and process multiple tax regimes, new local system settings, and an enhanced configuration migration process for multiple languages.

"Our role is to anticipate challenges and build solutions to help our life and annuity insurance clients pull away from the competition and achieve profitable growth," said Daniele Presutti, managing director of Accenture Life Insurance Services. "We apply our extensive industry knowledge to continuously enhance Accenture Life Insurance Platform and ensure that it improves the business performance of our clients - from smaller carriers to the world's largest insurers."

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