Accenture Plc : Navy Mutual Launches New Life and Annuity Insurance System Based on Accenture's Software
08/20/2012| 09:05am US/Eastern
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The Navy Mutual Aid Association has gone live with the Accenture Life
Insurance Platform, the life and annuity insurance software suite from
Accenture (NYSE: ACN). The Platform supports Navy Mutual's life and
annuity product configuration, new business, underwriting and policy
administration processing needs.
Navy Mutual selected the system, which was deployed earlier this month,
to support growth, while enhancing overall customer service and keeping
operating costs low.
"The new system, which supports virtually all of our processing needs
across our business, is a key component of our growth agenda," said
Bruce Engelhardt, president and CEO of Navy Mutual Aid Association. "We
expect the Accenture Life Insurance Platform to deliver simplified
product development functionality based on pre-configured processes, as
well as real-time testing capabilities that should allow us to respond
even more effectively to changing market conditions."
As part of the project, Accenture converted 138,000 policies from Navy
Mutual's legacy systems using the Accenture Insurance Data Migration
Factory, an end-to-end data migration solution. This conversion allows
the insurer to handle all new business and service existing policies on
a single platform.
"Cost pressures and market uncertainty continue in the life insurance
business," said Mitchel F. Ludwig, product line lead of Accenture
Software for life insurance. "To compete more effectively, insurers
must move new products to market as rapidly and cost-efficiently as
possible, but that goal is often compromised by an aging and restrictive
technology environment. Navy Mutual's new platform will enable the
association to more easily create products that meet its members' needs
and bring these to market faster."
"This go-live also demonstrates that a project that involves the full
replacement of multiple legacy systems and the migration of all existing
policies onto a single modern platform can be realistic, affordable and
achievable."
About Navy Mutual Aid Association
The Navy Mutual Aid Association serves those protecting our nation. Navy
Mutual continues to support that mission today by providing exceptional
life insurance and annuity products, assisting sea service members and
their survivors in securing the federal benefits to which they are
legally entitled, and providing education on matters of financial
security which are specifically tailored to the military member and
family. Navy Mutual is a nonprofit, federally tax-exempt, mutual benefit
Veterans Service Organization which was established in 1879 by sea
service members for the purpose of providing financial protection to the
sea service member and family.
About Accenture
Accenture is a global management consulting, technology services and
outsourcing company, with more than 249,000 people serving clients in
more than 120 countries. Combining unparalleled experience,
comprehensive capabilities across all industries and business functions,
and extensive research on the world's most successful companies,
Accenture collaborates with clients to help them become high-performance
businesses and governments. The company generated net revenues of
US$25.5 billion for the fiscal year ended Aug. 31, 2011. Its home page
is www.accenture.com.
Accenture Software combines deep technology acumen with industry
knowledge to develop differentiated software products. It offers
innovative software-based solutions to enable organizations to meet
their business goals and achieve high performance. Its home page is www.accenture.com/software. For
Life Insurance software, its home page is www.accenture.com/lifesoftware.
Accenture
Francois Luu, + 33 660 53 8428
francois.luu@accenture.com
or
Accenture
Sean
Conway, + 917-592-5744
sean.k.conway@accenture.com
© Business Wire 2012
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