American International Group Inc. (AIG) has announced plans to transform its software by implementing the Accenture Life Insurance Platform (ALIP) across its US life insurance businesses. The software was chosen to simplify processes and retain customers through faster product development.
ALIP is designed to provide access to policy, customer, and product information in order to boost operational efficiency and customer service. Its configurable approach will enable AIG customers to build and modify products and business processes with pre-defined actions and conditions.
AIG also intends to use the software’s underwriting functionality, which streamlines the underwriting process to increase growth and profitability, cut costs, and drive expansion into new markets. With the help of Accenture’s Actuarial Calculation Engine, the insurer will be able to quickly construct financial and actuarial calculations needed to support life and annuity products.
“We will leverage ALIP to increase our agility and introduce new products to the market more quickly,” said Scott Reed, SVP and CIO of life insurance at AIG, in a statement. “The platform’s ease of configurability will help support product innovation and facilitate the ability to extend into new markets. With better data access and integration, we will also be able to improve our customer service.”
Kelly Sheridan is Associate Editor at Dark Reading. She started her career in business tech journalism at Insurance & Technology and most recently reported for InformationWeek, where she covered Microsoft and business IT. Sheridan earned her BA at Villanova University. View Full Bio