Accenture Receives Industry Analysts Recognition for Its Life Insurance Software Solution
Accenture (NYSE: ACN) has received separate accolades from two different
industry analyst firms for the Accenture
Life Insurance Platform , its life and annuity insurance software
suite. The Accenture Life Insurance Platform New Business and
Underwriting solutions were recognized by Celent for customer success,
and Ovum ranked the entire software suite as a market leading solution
for life insurance core administration.
Celent awards Accenture for customer successes in the North American
Accenture Life Insurance Platform New Business and Underwriting
solutions received the XCelent Customer Base Award for the second year
in a row in Celent’s report titled, “North American New Business and
Underwriting Systems1.”
The award is based on the number of live North American customers, the
number of new clients weighted by size of insurer and the level of use
of the system by insurers.
“In addition to being the XCelent Customer Base Award winner, the
Accenture Life Insurance Platform New Business and Underwriting
solutions also obtained the second highest score in each of the three
other main categories – Advanced Technology, Breadth of Functionality,
and Depth of Customer Service,” said Karen Monks, analyst at Celent and
the author of the report. “Accenture Life Insurance Platform New
Business and Underwriting is consistently positioned at the top right in
Celent’s charts, indicating strong capabilities across all of the rated
areas.”
Launched in November 2010 to acknowledge vendor excellence, Celent's
XCelent Awards are designed to help financial institutions and
technology providers stay abreast of industry trends by evaluating the
shifting vendor marketplace and awarding technology best practices.
Celent’s North American New Business and Underwriting Systems report
presents a comparative view of the vendor marketplace that visually
represents four elements: Advanced Technology (and technical
flexibility), Breadth of Functionality, Customer Base, and Depth of
Customer Service.
Ovum Ranks Accenture as a Market Leader in the European life
insurance administration market
Accenture was also named a “Market Leader” for its Accenture
Life Insurance Platform (ALIP) in Ovum’s report titled, “Decision
Matrix: Selecting a Life Insurance Core Administration Platform for Use
in Europe2.”
The Decision Matrix report includes a detailed methodology for
evaluating vendors and makes recommendations that will help life
insurers identify potential platform vendors for their business. The
Accenture Life Insurance Platform was recognized as a market leading
solution in Europe. The report, which provides a detailed assessment of
ten life insurance core administration platform vendors serving the
European market, identifies key criteria that life insurers must assess
when selecting a core platform vendor. Each vendor is categorized as a
market leader, market challenger, or market follower. More information
on the report is available here.
Charles Juniper, Senior Insurance Analyst at Ovum and the report author
said “ALIP achieved the highest aggregate technology assessment of all
the vendors assessed” and “ALIP is a highly configurable and flexible
platform supported by a well-articulated product roadmap.”
“We see these analyst recognitions as a confirmation of our ability to
help our clients achieve operational efficiency and improved speed to
market,” said Mitchel F. Ludwig, product line lead of Accenture Software
for Life Insurance. “We have introduced the Default Insurance Company,
included in Accenture Life Insurance Platform, to provide high
performance industry best practices out of the box. This solution helps
insurers to accelerate product launch and reduce system implementation
efforts and risks by enabling them to process business without
customization.”
The Accenture Life Insurance Platform, used by more than 40 leading
insurers worldwide, is a robust, configurable and scalable software
suite that offers product development, new business, underwriting,
policy administration and payout solutions for life insurance and
annuity carriers of all sizes. ALIP is available as an integrated suite
of software with modules that can be implemented individually or as part
of a broader migration strategy.
1 Celent, “North American New Business and Underwriting
Systems,” 18 December 2012, by Karen Monks
2 Ovum Decision Matrix: Selecting a Life Insurance Core
Administration Platform for Use in Europe (IT004000361), 28 Jan 2013
About Accenture
Accenture is a global management consulting, technology services and
outsourcing company, with approximately 261,000 people serving clients
in more than 120 countries. Combining unparalleled experience,
comprehensive capabilities across all industries and business functions,
and extensive research on the world’s most successful companies,
Accenture collaborates with clients to help them become high-performance
businesses and governments. The company generated net revenues of
US$27.9 billion for the fiscal year ended Aug. 31, 2012. Its home page
is www.accenture.com.
Accenture Software combines deep technology acumen with industry
knowledge to develop differentiated software products. It offers
innovative software-based solutions to enable organizations to meet
their business goals and achieve high performance. Its home page is www.accenture.com/software.
Accenture Life Insurance Platform is part of Accenture Life Insurance
Business Services, a business service within Accenture’s
Financial Services operating group. By applying its extensive industry
knowledge to continuously enhance its software, Accenture helps insurers
reduce operating costs, manage risk and drive growth through improved
product development, enhanced policy administration and distribution,
and technology platforms consolidation and modernization. Its home page
is www.accenture.com/lifesoftware.
