Accenture has unveiled a cloud-based new
business and underwriting software application for life
insurance.
The management consulting company has also
unveiled a new actuarial calculation engine to help life and
annuity insurers reduce the time to launch new products.
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Accenture said that among the features of its
life Insurance platform’s new business and underwriting component
is an automated and configurable rules-based decision engine, which
enables life and annuity insurers to rapidly and consistently
analyse underwriting risk, reduce the need for manual intervention,
and accelerate the new business application process.
As part of Accenture Actuarial
Calculation Engine’s the company said this includes over 600
standard calculations and over 200 pre-defined product
matrices.
Mitchel F. Ludwig, product line lead of
Accenture Software for life insurance, said: “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.”
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