AIG Selects Life & Annuity Software from Accenture to Reduce Costs and Prepare for Future Business Growth
September 30 2014 - 7:03AM
Business Wire
Accenture Life Insurance Platform to help AIG
accelerate new product introduction and improve operational
efficiencies
Accenture (NYSE:ACN) has been selected by American International
Group, Inc. (AIG), a leading international insurance organization
serving customers in more than 130 countries, to transform its
software platform. AIG will implement the Accenture Life Insurance
Platform (ALIP) across its U.S. life insurance business to create
and modify products faster in order to attract and retain
customers. ALIP will also help AIG achieve operational efficiencies
by simplifying and automating processes.
“We wanted technology that will support our business growth now
and in the future,” said Scott Reed, Senior Vice President and
Chief Information Officer, 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.”
AIG's life insurance division will use ALIP for new product
development and selected closed blocks - policies that AIG no
longer underwrites or markets. Accenture’s continued investment in
ALIP includes policy administration functionality that provides
access to consolidated policy, product and customer information,
helping to improve operational efficiencies and customer service.
Faster product deployment will also be supported by ALIP’s
configurable approach, which enables customers to build and modify
products and business processes through an easy-to-use interface
for the creation of new business rules using pre-defined conditions
and actions.
“AIG is a leader in the insurance industry,” said Shay Alon,
global managing director, Life & Annuity software at Accenture.
“We are excited that they have chosen ALIP as their new software
platform. By working together, we will help AIG achieve operational
excellence through a modern and flexible platform that supports
long-term growth. AIG will also benefit from our continuous
investments in the software to include new innovative solutions,
which are designed to support insurers’ digital agenda.”
AIG will also use the ALIP underwriting component, a
rules-based, highly configurable system that can streamline the
underwriting process to help drive growth and profitability, expand
into new market segments and reduce costs. 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.
“This agreement with AIG demonstrates that ALIP serves the needs
of companies of all sizes, from the largest global insurers with
millions of policy holders to smaller carriers that serve niche
markets,” said John M. Cusano, global managing director for
Accenture's Insurance practice. “We look forward to helping AIG
support its growth by further enhancing its capacity to quickly
adapt product offerings to changing customer and regulatory
needs.”
ALIP, used by leading insurers worldwide, is a robust,
configurable and scalable solution that offers life insurance and
annuity carriers of all sizes solutions for product development,
new business, underwriting, policy administration and payout. It is
available as an integrated suite of software with modules that can
be implemented individually or as part of a broader migration
strategy.
About AIG
American International Group, Inc. (AIG) is a leading
international insurance organization serving customers in more than
130 countries. AIG companies serve commercial, institutional, and
individual customers through one of the most extensive worldwide
property-casualty networks of any insurer. In addition, AIG
companies are leading providers of life insurance and retirement
services in the United States. AIG common stock is listed on the
New York Stock Exchange and the Tokyo Stock Exchange.
Additional information about AIG can be found at www.aig.com |
YouTube: www.youtube.com/aig |Twitter: @aiginsurance | LinkedIn:
http://www.linkedin.com/company/aig |
About Accenture
Accenture is a global management consulting, technology services
and outsourcing company, with more than 305,000 people serving
clients in more than 120 countries. Combining unparalleled
experience, comprehensive capabilities across all industries and
business functions, and extensive research on the world’s most
successful companies, Accenture collaborates with clients to help
them become high-performance businesses and governments. The
company generated net revenues of US$30.0 billion for the
fiscal year ended Aug. 31, 2014. Its home page is
www.accenture.com.
Accenture Software combines deep technology acumen with
industry knowledge to develop differentiated software
products. It offers innovative software-based solutions to
enable organizations to meet their business goals and achieve high
performance. Its home page is www.accenture.com/software. Accenture
Life Insurance Platform is part of Accenture Life Insurance
Business Services, a business service within Accenture’s
Financial Services operating group. By applying its extensive
industry knowledge to continuously enhance its software, Accenture
helps insurers reduce operating costs, manage risk and drive growth
through improved product development, enhanced policy
administration and distribution, and through technology platform
consolidation and modernization. Its home page is
www.accenture.com/lifesoftware.
Copyright © 2014 Accenture. All rights reserved. Accenture, its
logo, Accenture Software, and High Performance Delivered are
trademarks of Accenture.
AccentureJulie Bennink,
312-693-7301julie.l.bennink@accenture.comorFrancois Luu, + 33 6 60
53 84 28francois.luu@accenture.comorAIG Life and RetirementStasa
Cushman, 713-831-6414stasa.cushman@aig.com
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