Accenture has integrated RGA’s AURA underwriting rules engine into the Accenture Life Insurance and Annuity Platform (ALIP), making ALIP the first such platform to provide an out-of-the-box option.
As a result, carriers can implement ALIP faster and leverage its advanced underwriting capabilities more quickly.
The integration of AURA with ALIP can also help insurers boost business and underwriting profitability by enabling them to process new business faster while meeting the industry’s increasingly ambitious service-level agreements and cost targets.
“Until now, underwriting time and capacity constraints have impeded the progress of fully underwritten and simplified-issue life insurance products,” said Patti Treis, senior vice president and general manager, AURA Technologies. “ALIP and AURA together provide a tremendous opportunity for insurers to significantly reduce the time to issuance and cost per policy.”
With the integration of AURA, ALIP now provides more options for insurers to accelerate underwriting automation, reduce manual intervention and increase underwriting speed. This powerful combination provides greater synergy between industry-standard rules (AURA) and the orchestration to process those rules (ALIP). Both systems apply intelligent automation to free underwriters from routine tasks to apply their expertise on more-complex issues.
“Seamless third-party integration is necessary for carriers to maintain a competitive advantage,” said Shay Alon, a managing director at Accenture who leads its Life and Annuity Software practice. “This latest integration is part of our strategy to deliver broad out-of-the box ecosystem connectivity. Our approach targets critical third-party solutions, like AURA, to help our clients accelerate time to market.”
Used by leading insurers worldwide, ALIP 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. It is available as an on-premise or a cloud-based solution which includes an integrated suite of software with modules designed to be implemented individually or as part of a broader migration strategy.
Accenture’s life and annuity software is part of Accenture Life Insurance Services, within Accenture Financial Services. By applying extensive industry knowledge to continuously enhance its software, Accenture helps insurers reduce operating costs, manage risk and drive growth through improved product development and distribution, enhanced policy administration and distribution, and technology platform consolidation and modernization.
Source: Company Press Release