Accenture (NYSE: ACN) today announced that Gartner, Inc. has recognized the Accenture Life Insurance & Annuity Platform (ALIP) in a new report, titled “Critical Capabilities for Life Insurance Policy Administration Systems, North America.” * ALIP was among the top three vendors in the Individual/New Business Onboarding/Straight-through Processing, New Product Development/Launch and Digital User Support Use Cases.
“We believe our investments in Cloud First, automation and ecosystem partnerships are reflected in this recognition from Gartner, as our clients continue to gain agility across the enterprise, as well as greater speed and flexibility to underwrite policies,” said Shay Alon, who leads Accenture’s Life and Annuity Products and Platforms business. “ALIP was instrumental in helping insurers rapidly shift to remote operations during the pandemic and will continue to help to accelerate their digital transformation journeys, positioning them for profitable growth.”
The report’s authors note, “Insurance companies in North America are now entering the third phase of pandemic renewal in which they resume their strategic path toward digital transformation. In this phase, business priorities will shift dramatically as the focus moves from cost-cutting and cost optimization to business renewal.” They go on to explain that “to stay competitive, they must take a more holistic view of the market, assessing long-term changes and opportunities with process, products, data, customer experience (CX) and innovation.”
ALIP is a robust and configurable cloud-native digital insurance platform that offers life insurance carriers and annuity providers advanced capabilities for product development, new-business development, underwriting, policy administration, claims and pay-out, underpinned by data analytics. It is available as an integrated suite of software with modules that can be implemented individually or as part of a broader migration strategy.
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