The Accenture Life Insurance Platform is used by more than 40 leading carriers to streamline operations, improve efficiency and create a competitive advantage. In a press release issued this morning, we announced two new components to the Accenture Life Insurance Platform:
- A cloud-based new business and underwriting software application for life insurance
- The Accenture Actuarial Calculation Engine.
Life insurance new business and underwriting in the cloud
The Accenture Life Insurance Platform’s new business and underwriting components are now available with a Software as a Service (SaaS) licensing option.
These components can help carriers improve efficiencies, expand into new market segments and reduce costs through:
- An automated, configurable rules-based decision engine that enables a rapid and consistent analysis of underwriting risk, a reduction in the need for manual intervention and an accelerated new business application process.
- An underwriting workbench that fosters better collaboration among agents, case managers and underwriters.
- Easy, seamless integration with third-party data and systems that facilitates a streamlined and automated underwriting process.
Our new business and underwriting components are available on-premise or through the cloud. By adopting this application on a SaaS basis, insurers can benefit from leading underwriting templates, rules and processes without the need to host and support a new technology system. Additionally, insurers with the IT capabilities and infrastructure to host this application locally can opt for on-premise delivery, customized to their specific needs.
Accenture Actuarial Calculation Engine
The Accenture Actuarial Calculation Engine is designed to help insurers improve speed to market and flexibility. Part of the Accenture Life Insurance Platform, it is also available as a standalone solution. The calculation engine is highly configurable and is designed to support standard mathematical, financial, statistical and actuarial calculations that are needed to implement new complex life insurance products.
- Robust, highly configurable calculation capabilities.
- Extended product definition capacity.
- Streamlined, integrated product testing functionalities.