NEW YORK, Aug. 20 -- Accenture issued the following news release:
The Navy Mutual Aid Association has gone live with the Accenture Life Insurance Platform, the life and annuity insurance software suite from Accenture (NYSE: ACN). The Platform supports Navy Mutual's life and annuity product configuration, new business, underwriting and policy administration processing needs.
Navy Mutual selected the system, which was deployed earlier this month, to support growth, while enhancing overall customer service and keeping operating costs low.
"The new system, which supports virtually all of our processing needs across our business, is a key component of our growth agenda," said Bruce Engelhardt, president and CEO of Navy Mutual Aid Association. "We expect the Accenture Life Insurance Platform to deliver simplified product development functionality based on pre-configured processes, as well as real-time testing capabilities that should allow us to respond even more effectively to changing market conditions."
As part of the project, Accenture converted 138,000 policies from Navy Mutual's legacy systems using the Accenture Insurance Data Migration Factory, an end-to-end data migration solution. This conversion allows the insurer to handle all new business and service existing policies on a single platform.
"Cost pressures and market uncertainty continue in the life insurance business," said Mitchel F. Ludwig, product line lead of Accenture Software (http://www.accenture.com/Microsites/software/Pages/home.aspx) for life insurance. "To compete more effectively, insurers must move new products to market as rapidly and cost-efficiently as possible, but that goal is often compromised by an aging and restrictive technology environment. Navy Mutual's new platform will enable the association to more easily create products that meet its members' needs and bring these to market faster."
"This go-live also demonstrates that a project that involves the full replacement of multiple legacy systems and the migration of all existing policies onto a single modern platform can be realistic, affordable and achievable."
About Navy Mutual Aid Association
The Navy Mutual Aid Association serves those protecting our nation. Navy Mutual continues to support that mission today by providing exceptional life insurance and annuity products, assisting sea service members and their survivors in securing the federal benefits to which they are legally entitled, and providing education on matters of financial security which are specifically tailored to the military member and family. Navy Mutual is a nonprofit, federally tax-exempt, mutual benefit Veterans Service Organization which was established in 1879 by sea service members for the purpose of providing financial protection to the sea service member and family.
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