ALIP New Business and Underwriting

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Overview

Deliver more choices, channels, faster decisions—profitability—with Accenture Life Insurance & Annuity Platform (ALIP) New Business and Underwriting. This powerful solution helps accelerate product introduction, automate application and underwriting processes, and streamline case management and requirements gathering. ALIP addresses automated underwriting, direct-to-consumer and producer-initiated models, guaranteed or simplified issue products, to fully underwritten policies.

Drive digital transformation and grow your business profitability across a multichannel, device-driven market. With ALIP’s platform clients get speed to market, tailored products, straight through processing and more.

An end-to-end, scalable and fully integrated platform

Accenture is a leader in the market, helping carriers innovate and grow by applying today’s most modern new business and policy administration capabilities using ALIP and an advanced portfolio of digital solutions with expansive partner network. ALIP’s architecture is designed using containers and microservices for optimal cloud performance and delivery flexibility. And with today’s abundance of data, carriers can rely on Accenture’s Life & Annuity Analytics—the industry’s first standalone business intelligence and predictive analytics solution with out-of-the-box use cases and insights exclusively for life and annuity carriers.

Know with confidence that whether you modernize the full policy lifecycle or a specific component, our software integrates easily with existing systems. ALIP delivers best-in-class capabilities—all available on-premises, in the cloud, hosted, a cutting-edge Platform-as-a-Service model or through BPO— giving you the ultimate in flexibility and choice.

www.accenture.com/lifeandannuitysoftware

Key Features

ALIP New Business and Underwriting helps streamline operations.

  • Full application life cycle management
  • Electronic / paper applications
  • Automated underwriting and case management
  • Real-time data validation
  • Automated decision engine
  • Consolidated workbench views
  • Extensive list of third-party integrations
  • Work orchestration
  • Document management

Electronic applications

  • Receive applications and images from external portals via an ACORD transaction
  • Web-based UI with reflexive questions presented dynamically, populates and generates completed new business forms for signature
  • Electronic signature, digital form and pen integration, in addition to industry standard signature tablets
  • Seamless underwriting integration

Automated underwriting

  • Automates underwriting decisions from simplified to complex iterative analysis
  • Pre-populated and configurable underwriting guidelines and rules
  • Iteratively evaluates application data and evidence with a series of underwriting decisions
  • Automatically assign risk and ratings

Case management

  • Flexible rules automatically assign cases, and when work is required, generate and deliver tasks to assigned user/team
  • Facilitates data validation and complex tasks related to case administration
  • Role-based security
  • Complete audit history of changes

Case workbench

  • Consolidates and maintains case data in one place
  • Alerts to an underwriter for application data or evidence that it’s out of bounds
  • Configure user rights to permission which sections within the Workbench users can view
  • Configure which data to display in each section within the Workbench

Requirements management

  • Out-of-the-box-ready ACORD interfaces to third-party providers further streamlines and automates the underwriting process
  • Automated requirements orders and workflow matching and follow-up
  • State-specific and other custom requirements forms
  • Reporting and analytics for enhanced requirements management

Business configuration workbench

  • Automate requirement orders, electronically evaluate requirement results, and continually adapt processes
  • Easily configure business rules and workflow, and define user conditions and actions
  • Supports “instant-issue” underwriting decisions or recommends underwriter review
  • Easily create web pages without a web developer or programmer

Product configuration workbench

  • Out-of-the-box-ready product templates—preconfigured and production tested—accelerate product introduction
  • Preconfigured rules around new product features, riders and benefits easily adapt to your underwriting preference

Third party integrations

  • Integration with RGA’s AURA underwriting rules engine, making ALIP the first such platform to provide an out-of-the-box option
  • Extensive library of prebuilt interfaces with third-party vendors accelerates integration, further automating and streamlining the underwriting process

Key Benefits

ALIP New Business and Underwriting drives profitable new business and a refreshing consumer experience through:

  • Reduced cost per policy issued: Leverage automated workflows, interface seamlessly with third-party apps and vendors, and apply best practices to automate decision making.
  • Decreased policy acquisition costs: Eliminate manual processes including rework associated with Not-In-Good-Order.
  • Improved underwriting speed and efficiency: Automation, powered by our configurable rules engine, renders faster underwriting decisions on cases that can use straight-through processing, and routes to a human those that can’t.
  • Enhanced customer experience: Consumers enjoy an easy, convenient electronic application process with simple reflexive questioning, while case managers and underwriters benefit from an efficient consolidated view of the new business process thanks to a convenient workbench and consistent user interfaces.
  • Improved operational efficiencies: Business configuration workbench and product configuration workbench make product development faster with preconfigured underwriting processes and workflows that you can easily adapt.
  • Accelerated time to issue: Rules-based risk analysis lets you evaluate risk quickly and consistently.
  • Increased mobility: With our web-based solution, consumers can electronically sign and submit forms on their mobile devices, reducing processing time and errors.
  • Integrated with underwriting vendors: ALIP New Business and Underwriting includes out of-the-box interfaces with an extensive list of third party vendors to accelerate integration and further automate and streamline the underwriting process.
  • Speeding product introduction: Deep out-of-the box functionality, including an extensive and growing library of product templates, business rules and interfaces, accelerates product time to market—all production tested to work in your real-world environment.
  • Accelerated adoption of innovation and third-party technology: The ALIP-specific Partnership & Alliance Ecosystem Program was established to provide a variety of third-party solutions available through flexible business arrangements. The program is designed to bring together new and emerging insurtech software solutions along with mature industry-leading solutions that complement ALIP and provide potential new business opportunities for Life & Annuity carriers.

Product/Service details