Accenture has introduced an enhanced version of its life and annuity insurance software suite, Life Insurance Platform, in an effort to lower operating costs for insurers.
Accenture Software for life insurance product line lead Mitchel Ludwig said, "The new version of the Accenture Life Insurance Platform improves and expands our customer servicing support, introduces new product configuration capabilities, enhances the overall user experience, and better supports insurers across multiple countries."
To adapt to market and regulatory changes, the insurance platform enables faster life and annuity product deployment while the actuarial calculation engine reduces the time to launch new products for life insurers.
In addition to providing enhanced fund processing functionality and greater usability, the platform supports fund processing capabilities including bonuses and splits, minimum fund amounts with more investment options for insurers.
It also enables greater multi-national support by reducing total cost of ownership and enhancing tax processing and other capabilities on one single platform.