New York and Cincinnati–(business wire) — Accenture (NYSE: ACN) and Ohio National Financial Services are collaborating to modernize core systems for life insurance companies, transforming processes to enable greater top and bottom line performance supported.
The modernization program will consolidate Ohio National’s business into the Accenture Life Insurance and Annuities Platform (ALIP), improve operational efficiencies, and support US$50 million in new premiums, among other things, from the new Indexed Universal Life (IUL) product. did. Combined with Ohio National’s adoption of “fluidless underwriting” (which allows insurers to use automation and predictive analytics to assess risk without the need for a physical examination), the project will: Reduced new business processing time by 20% on approximately 12,000 new applications. The life insurance application and approval process, which used to take weeks, now takes days, improving the customer experience across the value chain.
The project was recognized in advisory firm Aite-Novarica’s 2022 Insurance Technology Impact Awards, with Ohio National winning the life insurance/annuities/benefits category for its core systems transformation project with Accenture. The award recognizes insurers for projects and programs that have made a real business impact through technology.
Ohio National senior vice president Danielle Ivory said: “Accenture’s technology has helped us achieve our mission, and its advanced automation, integration, and configuration technologies have enabled us to expand our product range and drive new capabilities to better serve our current and potential customers.” We are now able to provide a higher level of service to
As part of a broader IT modernization strategy, Ohio National’s transformation will enable and support expansion into new product lines, enhance customer self-service, increase sales and improve operational efficiencies in underwriting and case management and designed to integrate with the ecosystem.
Accenture’s Life and Annuities products and platform business. “ALIP helps carriers adapt to accelerating change and evolving customer demands. This modernization is an important step in driving innovation and future revenue growth.”
ALIP is a robust, configurable, cloud-native digital insurance platform underpinned by data analytics. It provides life insurers and annuity providers with advanced capabilities for product development, new business development, underwriting, policy administration, claims and payments. Available as an integrated software suite with modules that can be implemented individually or as part of a broader migration strategy.
Accenture Life Insurance & Annuity Platform (ALIP) is part of Accenture Life Insurance Services. For more information, please visit www.accenture.com/lifeandannuitysoftware.
Accenture is a global professional services firm with strong capabilities in digital, cloud and security. We combine unparalleled experience and specialized skills in over 40 industries to deliver strategy and consulting, technology and operations services, and Accenture Song. All of this is underpinned by advanced technology and the world’s largest network of intelligent operations centers. Our 710,000 employees serve clients in more than 120 countries and deliver on the promise of technology and human ingenuity every day. We embrace the forces of change to create value and share success for our clients, employees, shareholders, partners and communities. Learn more about us at accenture.com.
About Ohio National
Since 1909, Ohio National has helped individuals, families and businesses protect what matters most. Provides insurance products that help policyholders achieve financial security and independence through a network of financial professionals spanning 49 states (all except New York), the District of Columbia, Puerto Rico, and associated operations in South America doing. As of December 31, 2021, our affiliates have total assets under management of $40.8 billion. Products are published by the Ohio National Life Insurance Company and the Ohio National Life Assurance Corporation. Recognized as a leader in Workplace Equity by Ellequate. Visit ohionational.com for more information. Also, for company updates, visit Ohio National on LinkedIn, Facebook, and YouTube.
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