Investment and operational losses in 2008 may have weakened many individual annuity insurers, but for larger players such as Allianz Life Insurance Co. of North America (Allianz Life), the U.S. subsidiary of Allianz SE, financial strength has not been an issue.
In fact, the insurer is investing in Accenture’s Life Insurance Platform to support Allianz Life’s annuity business. Allianz Life plans to enhance its product development capabilities and improve customer service, and more efficiently respond to the changing regulatory and business environment.
“Insurers that remain in the retirement market do so because they recognize its potential profitability,” notes a report issued by Conning Research called “The Real Challenge in Rebuilding Individual Annuities,” which discussed the potential rewards from investments made in technology as having significant potential for insurers that understand the challenges and opportunities in developing a competitive advantage in a concentrating marketplace.
For Allianz, the goal is a simple one: To concentrate on customer requirements. “The new system will enable us to continue to put our customers first in responding to their evolving needs in a rapidly changing environment. It will allow us to streamline our business processes and continue to bring innovative new products to market.” said Cathy Mahone, SVP of Enterprise Operations at Allianz Life. “We selected the Accenture Life Insurance Platform because of its ability to support leading-edge annuity products that are highly configurable. In addition, Accenture’s deep knowledge of the life insurance and annuity industry and its proven record in systems integration make it a strong partner for our business.”
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Corrected November 2, 2010 at 10:56AM: yes