AIG Selects Life & Annuity Software from Accenture to Reduce Costs and Prepare for Future Business Growth
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.
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 |
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.
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