Platform software earns insurer XCelent Award

Insurers are pushing ahead to improve the client online experience, and one company has been tapped as a leader in making it work

Accenture has received an XCelent Award for the Accenture Life Insurance & Annuity Platform (ALIP), an advanced life-and-annuity-insurance policy-administration software suite, in Celent’s recent report titled North America Policy Administration Systems 2015: Life, Annuities, Pension, and Health ABCD Vendor View.

“Accenture continues to invest heavily in enhancing ALIP, which is among the top products in the market with a wide range of life, fixed and variable annuity products in production,” said Karen Monks, analyst with Celent’s Insurance group and coauthor of the report. “Accenture continues to improve its software and service offerings as reflected by positive ratings from customers.”

The report, which assessed 26 policy-administration systems, named ALIP as the XCelent Award winner in the “Breadth of Functionality” category. The category, based upon functions and features available in the base offering, ranked ALIP as the leading solution.

The report recognizes ALIP for its improved usability, interface redesign and the added out-of-the box templates that help speed the process of new-product development. It also states that ALIP’s Product Testing Workbench and Product Value Debugger stand out among the competition.

“We are constantly striving to progress ALIP with continual investments in new and expanded functionality,” said Shay Alon, global managing director of Life & Annuity Software at Accenture. “We invest in delivering innovations as well as implementing best practices in configuring common life and annuity product features, as demonstrated by winning the respectful Breadth of Functionally award. Our goal with these features is to help clients simplify business processes, introduce new products more quickly and capture a bigger piece of the market.”

ALIP, used by leading insurers worldwide, is a robust, configurable and scalable solution that provides life insurance carriers and annuity providers with advanced capabilities for product development, new-business development, underwriting, policy administration, claims and payout.