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ALIPUnderwriting
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The automated Underwriting component of the Accenture Life Insurance & Annuity Platform (ALIP) is a rules-based, highly configurable system that can streamline the underwriting process—helping insurers to drive growth and profitability, expand into new market segments and reduce costs.Life insurance and annuity carriers today face intensified pressures to reduce costs and improve efficiencies across the full policy lifecycle in a way that drives market advantage. To help insurers achieve high performance in this environment, Accenture offers an industry-leading software platform to optimize and streamline the underwriting process—helping companies to more rapidly process new applications, analyze risk and lower the cost of issuing policies.
An integrated, highly configurable underwriting component. ALIP Underwriting leverages an automated rules-based decision engine which rapidly
and consistently analyzes underwriting risk and speeds the new business application process. Drawing on configurable underwriting guidelines and rules, the platform responds to application data with highly reflexive questioning, and makes a series of underwriting decisions—including whether to “instant issue,” request additional information from third-party sources, or to refer the case to an underwriter. A robust underwriting workbench maintains all case data in one place—impairments, requirements, case notes, related applications, reinsurance information and other essential case data.
Interfaces to third-party vendors streamline and automate the underwriting process, improving reliability and consistency and so freeing up experienced personnel to focus on more complex cases. With an easily customizable, out-of-the-box implementation, our Web-based underwriting component enables real-time “In Good Order” evaluations and eliminates the need for manual intervention—reducing the time to underwrite an application and lowering insurers’ per policy costs.
High Performance Delivered: • Reduced underwriting costs• Reduced cost per policy issued• More effective evaluation of underwriting risk through advanced analytics and data integration• Improved speed and efficiency of underwriting decisions including an increase in “instant issue” policies• Improved service to customers• Better integration with third-party data and systems• Improved operational efficiencies
Proven ResultsALIP has been serving the industry for more than 10 years, providing a robust and scalable underwriting platform for more than 40 insurance carriers.
One Accenture client has experienced the following benefits:
• 25 percent of new business is now instant issued without any manual intervention.
• 33 percent of new business is issued without required underwriting.
• 40 percent of new business is issued prior to paper documentation being received at the home office, dramatically reducing turnaround times.
The underwriting workbench view
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FeaturesALIP Underwriting offers unique features that improve efficiencies and reduce costs:
Rules engine: Our configurable rules engine enables automated workflow processing and requirements tracking for each step of the policy lifecycle, from new business application through to payout. The engine enables llife and annuity carriers to better control underwriting processes and decisions, assessing the risks associated with a case and adapting new business and underwriting processes accordingly. The engine automates the ordering of requirements, and the receipt and evaluation of results. The underwriting decision can be automatic in the form of “instant issue,” or a decision can be recommended for an underwriter to review.
Consolidated views: Our underwriting workbench offers a “single view of the truth,” enabling better collaboration among agents, case managers and underwriters to document, review, track and revise the financial and medical underwriting requirements for applications. The workbench automatically generates tasks to track actions required on a case. The consolidated view provides a status of insured and case level requirements, tasks, case notes, impairments, decisions and application data.
Rapid automation: Drawing on bestpractice underwriting guidelines and rules, ALIP Underwriting reacts to the consumer’s application responses by asking additional reflexive questions and then making a series of underwriting decisions. The system provides automated workflow, generation of task assignments as well as the handling of requirements, ordering, receipt and evaluation. The result is that the need for manual intervention reduced and the time to complete the underwriting process is sped up.
Configuration and Integration: Configuration is based on XML and, where applicable, leverages standards set by the Association for Cooperative Operations Research and Development (ACORD). In addition, interfacing ALIP to other client applications is accomplished through ACORD-standard messaging to attain seamless integration.
Interfaces to third-party vendors help to further streamline and automate the underwriting process—increasing the consistency and speed of underwriting.
BenefitsIn addition to faster cycle times in the underwriting process, improved efficiencies, reduced costs per policy issued, and access to advanced analytics to drive better underwriting decisions, ALIP Underwriting also offers life and annuity carriers the following benefits:
Enhanced customer service—Advanced usability features, together with improved efficiency and flexibility in the new business application process, drives improved service to producers and customers.
A reduction in repetitive administration processes—Underwriters are free to focus exclusively on exceptions which require complex decision-making.
A reduction in the need for third-party data—through seamless application and underwriting integration.
Improved accuracy in application processing—the rules-based decision engine automates and optimizes the new business and underwriting process, including requirements ordering and results analyses, improving accuracy and reducing cycle times.
Choosing a software-as-a-service or an on-premise modelALIP Underwriting can be delivered through a software-as-a-service (SaaS) approach or as an on-premise model:
SaaS: Underwriting in a SaaS model allows life and annuity carriers to benefit from pre-defined templates and processes based on industryleading best practices. This model benefits companies that do not need a customized solution and want to leverage ALIP templates and rules to support their underwriting operations. SaaS provides a rapid rollout of ALIP New Business, without the need to host and support a new system.
On-premise: This model benefits carriers that need to customize specific underwriting processes and have the IT resources and capacity to host the system internally.
Accenture won the XCelent Customer Base Award in Celent’s 2012 North American New Business and Underwriting Systems ABCD report. In addition, ALIP is featured in the top right quadrant in both technology / functionality and base / service, indicating the platform’s strong capabilities across all of the rated areas.
How does ALIP help life and annuity carriers?
ALIP eases the critical path of new product development, helping life and annuity carriers to compete more effectively and, ultimately, achieve high performance. In this way, organizations can be more nimble and responsive to the needs of an everchanging insurance marketplace. For instance, after switching from a legacy environment to ALIP, one insurer cut new product roll-out time by approximately 65 percent, while tripling the number of new product introductions.
Copyright © 2015 Accenture All rights reserved.
Accenture, its logo, and High Performance Delivered are trademarks of Accenture. 12-3625
Contact usFind out how ALIP can help your organization achieve high performance:
Nancy BassSales and Client Management LeadAccenture Software for Life and Annuity [email protected]
Or, visit www.accenture.com/lifeandannuitysoftware
About AccentureAccenture is a global managementconsulting, technology services andoutsourcing company, with approximately 323,000 people serving clients in morethan 120 countries. Combining unparalleledexperience, comprehensive capabilitiesacross all industries and business functions, and extensive research on the world’smost successful companies, Accenturecollaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$30.0 billion for the fiscal year ended Aug. 31, 2014. Its home pageis www.accenture.com. Accenture Software combines deeptechnology acumen with industryknowledge to develop differentiatedsoftware products. It offers innovativesoftware-based solutions to enableorganizations to meet their business goalsand achieve high performance. Its homepage is www.accenture.com/software. For Life Insurance and Annuity software, its home page is www.accenture.com/lifeandannuitysoftware.
