Accenture Upgrades Accenture Life Insurance Platform (ALIP)
In the increasingly competitive insurance business, insurers are relying more and more on technology to give them a competitive edge. As a result, several major vendors have launched a series of diverse products to cater to the demand for technology in the insurance domain.
Accenture (News - Alert), a long-standing technology solutions provider to the insurance industry, has recently upgraded its Accenture Life Insurance Platform (ALIP)—an advanced life insurance and annuity software suite and enables insurance service providers to provide faster, reliable service to their customers.
ALIP has been upgraded with the addition of several life and annuity product enhancements to its existing platform. These upgrades come at a time when the insurance industry is increasingly being ruled by a complex set of regulations. The new upgrades simplify various calculations and automate tasks and mitigate manual processing.
The new version also sports a phased re-design and modernization of the interface. It contains some new templates which enable users to play around with various features, transactions, calculations, tables and business processes.
The Accenture Life Insurance Platform supports essential business functions throughout the policy lifecycle. The company also allows the clients to deploy it either as a complete suit or as a standalone solution.
“We strive to continuously enhance our platform capabilities in order to provide our clients with a flexible, efficient solution that enables faster product introductions,” said Shay Alon, managing director, Life & Annuity Software, Accenture. “These features have been put into use by some of our clients in order to deliver products to market more quickly, at a reduced cost, keeping our clients competitive and their customers happy.”
In addition to its insurance solutions, Accenture has also been upgrading its other platforms offered in other industry verticals. In February last year, the company updated its Accenture Public Health Platform (APHP). According to Accenture, the new version, 3.1, represents the company’s committed efforts to provide increased functionality and enhanced flexibility in system configuration.
Edited by Peter Bernstein