Accenture (NYSE: ACN) has unveiled a cloud-based version of its award winning life insurance new business and underwriting software. Part of the Accenture Life Insurance Platform, Accenture’s life and annuity insurance software suite, the software component is now available with a Software as a Service (SaaS) licensing option, and is designed to help life and annuity insurers drive growth and profitability and expand into new market segments, while helping reduce costs.
“Life insurance and annuity carriers today face intensified pressures to reduce costs and improve efficiencies across the full policy lifecycle in a way that drives market advantage,” said Mitchel F. Ludwig product line lead of Accenture Software for life insurance. “Software applications can help insurers achieve high performance in this environment by streamlining the new business and underwriting process, while better analyzing risk and lowering the cost of issuing policies.
“By offering a cloud-based deployment option, we help insurers further reduce costs by allowing them to match their underwriting processing capacity with fluctuating demand. The component delivers leading underwriting templates, rules and processes without the need to host and support a new technology system; this allows for rapid implementation and time-to-value.”
The new business and underwriting component of Accenture Life Insurance Platform provides features that help improve efficiencies and reduce costs, including:
- An automated and configurable rules-based decision engine, which enables life and annuity insurers to rapidly and consistently analyze underwriting risk, reduce the need for manual intervention, and accelerate the new business application process. Based on Accenture’s analysis of leading-practice underwriting guidelines, the engine reacts to consumers’ application responses by asking additional reflexive questions, and makes a series of underwriting decisions – including whether to “instant issue,” request additional information from third-party sources, or refer the case to an underwriter. The application enables automated workflow processing and requirements tracking for each step of the new business lifecycle, from initial application entry through to policy issue.
- An underwriting workbench, which enables better collaboration among agents, case managers and underwriters, by allowing them to document, review, track and revise financial and medical underwriting requirements for policy applications. The workbench automatically generates tasks to track actions required on a case, and provides a consolidated view of essential case management data, including impairments, requirements, case notes, related application and reinsurance information.
- Easy and seamless integration with third-party data and systems to help insurers further streamline and automate the underwriting process and increase the consistency and speed of underwriting. The new business and underwriting component can operate in any application environment, leveraging ACORD-standard messaging to attain seamless integration with insurers’ existing systems.
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