American International Group Inc., an international insurer has selected Accenture’s Life & Annuity Platform and will implement it across its U.S. life insurance business in an effort to increase speed to market, attract and retain customers.
Accenture’s Life & Annuity Platform (ALIP) also is intended to help the insurer achieve operational efficiencies by simplifying and automating processes. AIG said it intends to use the platform for new product development and selected closed blocks, policies that AIG no longer underwrites or markets.
“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.”
Accenture’s continuing investment in the platform offers access to consolidated policy, product and customer information, which is intended to help improve operational efficiencies and customer service. Faster product deployment also is anticipated due to the platform’s configurable approach, which enables customers to build and modify products and business processes to create business rules using pre-defined conditions and actions.
AIG also will use the platform’s underwriting component, a rules-based, configurable system that can streamline underwriting processes to help drive growth and profitability, expand into new market segments and reduce costs, the company said. 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.
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