Launches include an underwriting software application and an actuarial calculation engine.
Accenture has just announced the release of a new cloud-based edition of its life coverage new business and underwriting software, which has already won awards in its traditional insurance technology format.
An element of the Life Insurance Platform, the software suite for Accenture’s life and annuity coverage, is now available with a Software as a Service (SaaS) licensing option. This new form of the software component was created to assist life and annuity insurers to encourage growth and boost their profits while broadening their reach into new portions of the marketplace. At the same time, it was created to help keep costs to a minimum.
Accenture Software for life insurance product line lead, Mitchel F. Ludwig, explained its benefits.
He said that “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.”
Ludwig also added that “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.”
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He explained by saying that when a deployment option based on the cloud is made available, Accenture is further capable of helping insurers to keep their costs down by giving them the opportunity to make sure that their underwriting processing capacity aligns with the fluctuations of demand. He said that the new component provides the top templates for underwriting, as well as the processes and rules without having to host and support and entirely new system of insurance technology. This way, time-to-value and implementation can be drastically improved.
The new insurance technology solution can be provided either through an on-premise application or through the cloud. When using the approach on-premise, the insurers will have the necessary IT resources and capacity for internally hosting the system, and will be able to alter the solution in line with their requirements, while customizing the various specific processes for underwriting.
This announcement came alongside the unveiling of another form of insurance technology, in the form of an actuarial calculation engine that will help with the reduction of time that is required for life insurers to release new products.