Ohio National Financial Services, provider of individual life insurance, annuities, retirement plans and disability income insurance, has selected the Accenture Life Insurance & Annuity Platform (ALIP) to help get new products to market faster and more efficiently, enabling the company to respond quickly to marketplace needs, Accenture said.
“As we continue to grow, we need a platform that will help us increase our product development capabilities, assist us as we move into new lines of business and increase our overall speed to market,” said Richard J. Bodner, ACS, CIOP, SVP of insurance operations. “We are consolidating multiple legacy systems onto ALIP. We are leveraging the solution’s advanced technology, flexible product and business configuration capabilities to build a solid platform. We’re excited to capture new market opportunities and bring them to our nationwide network of distribution partners so they can better serve our policyholders.”
ALIP’s configurable approach facilitates faster product deployments, Accenture said, by enabling insurers to build and modify products and business processes and create new business rules using pre-defined conditions and actions. Ohio National also will use the Accenture Actuarial Calculation Engine to help construct the new mathematical, financial and actuarial calculations required to support life and annuity products, improving flexibility in product development and testing, Accenture said.
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