Accenture has released a new and improved version of the Accenture Life Insurance Platform (ALIP) software suite. The new ALIP software suite includes a number of enhancements that will make it that much more helpful to Life Insurance service providers. ALIP’s enhancements mean that insurance providers will be able to reduce implementation costs, achieve better scalability and performance as well as increase the speed at which new products are introduced to the market.
This new version comes with a number of additional features that makes it a more robust platform. It is enhanced with an added variety of annuity and life product enhancements that are aimed at supporting more complex business rules and calculations. These in turn make it easier to allow for custom processing through configuration. With this new software suit, Insurance service providers can review their customer service processes, making improvements where necessary and can automate more tasks than was possible before.
ALIP’s efficiency will be able to ensure that companies are able to reduce their IT operations by up to 30%. Accenture has ensured that the new version has improved usability making it very easy to incorporate user feedback as well as make it easier for users to manage certain tasks such as configuring pages and defining and managing business rules with nothing more than simple clicks.
The software also comes with new templates that are based on the industry best practices to enable Insurance providers easily introduce new products into the market. The detailed templates that include transactions, the definition of underlying features, tables and business processes among other features are designed to reduce the time it takes to launch a new product by up to 50%.
Furthermore, ALIP was put through a recent performance test where over 10 million annuity and insurance policies and applications that meet the performance expectations of the largest worldwide insurance carriers were used. The results show that ALIP has the ability to process more than 2,300 applications, 3,600 client transactions and in excess of 2,400 financial transactions in under an hour. This shows that ALIP is meant to aid insurance providers to minimize system costs as much as possible.
