Accenture has launched a cloud-based version of its life insurance underwriting software.
Part of the Accenture Life Insurance Platform—the firm’s life and annuity insurance software suite—the software component is now available with a software-as-a-service (SaaS) licensing option, and is designed to help life and annuity insurers reduce costs and expand into new market segments.
“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,” Mitchel Ludwig, product line lead of Accenture Software for life insurance, said in a statement.
“Software applications can help insurers achieve high performance in this environment by streamlining the new business and underwriting process, while better analyzing risk and lowering the cost of issuing policies,” Ludwig said.
The new business and underwriting component of Accenture Life Insurance Platform provides features designed to improve efficiencies and cut costs. These include an automated and configurable rules-based decision engine, which lets insurers quickly analyze underwriting risk, reduce the need for manual intervention, and accelerate the new business application process.
Another feature is an underwriting workbench, which Accenture says allows for better collaboration among agents, case managers and underwriters, by enabling them to document, review, track and revise financial and medical underwriting requirements for policy applications.
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