Ohio National Selects Accenture Life Insurance & Annuity Platform to Accelerate Product Introduction and Enable Business Growth
July 28 2015 - 7:03AM
Business Wire
Accenture (NYSE:ACN) has been selected by Ohio National
Financial Services (Ohio National), a provider of individual life
insurance, annuities, retirement plans and disability income
insurance to modernize their new individual life business,
underwriting and policy administration capabilities. Ohio National
will implement the Accenture Life Insurance & Annuity Platform
(ALIP) to help get new products to market faster and more
efficiently, allowing the company to respond quickly to marketplace
needs.
“Ohio National has enjoyed more than a quarter century of
unprecedented individual life insurance sales growth. We do not
take this success for granted,” said Richard J. Bodner, ACS, CIOP,
Senior Vice President, Insurance Operations. “As we continue to
grow, we need a platform that will help us increase our product
development capabilities, assist us as we move into new lines of
business and increase our overall speed to market.
“We are consolidating multiple legacy systems onto ALIP. We are
leveraging the solution’s advanced technology, flexible product and
business configuration capabilities to build a solid platform.
We’re excited to capture new market opportunities and bring them to
our nationwide network of distribution partners so they can better
serve our policyholders,” Bodner added.
ALIP’s configurable approach drives faster product deployments
by enabling insurers to build and modify products and business
processes and create new business rules using pre-defined
conditions and actions. Ohio National will also be using the
Accenture Actuarial Calculation Engine to help quickly and easily
construct the new mathematical, financial, and actuarial
calculations that are required to support life and annuity
products, improving flexibility in product development and
testing.
“We are pleased that Ohio National has chosen ALIP as the
foundation of its policy system transformation,” said Shay Alon,
global managing director, for Accenture’s Life and Annuity
software. “As a result of our continued investments in ALIP, and
our deep insurance domain expertise, we are very well positioned to
help Ohio National achieve its goals and we are delighted to be
part of their life and annuity overall growth strategy.”
ALIP, used by leading insurers worldwide, is a robust,
configurable and scalable solution that offers life insurance and
annuity carriers of all sizes solutions for product development,
new business, underwriting, policy administration and payout. It is
available as an integrated suite of software with modules that can
be implemented individually or as part of a broader migration
strategy.
About Ohio National
Tracing its corporate origins to 1909, Ohio National markets a
variety of insurance and financial products through more than
50,000 representatives in 47 states (all except Alaska, Hawaii and
New York), the District of Columbia, Puerto Rico and through
affiliated operations in South America. Additional subsidiaries
operate in New York and Connecticut. As of April 30, 2015, its
affiliated companies have $42 billion total assets under
management. Products are issued by The Ohio National Life Insurance
Company and Ohio National Life Assurance Corporation. Ohio National
is proud to be named a “Top Workplace” in Cincinnati for six
consecutive years by Enquirer Media (June 2010-2015) and employs
more than 1,200 associates. Visit http://www.ohionational.com for
more information.
About Accenture
Accenture is a global management consulting, technology services
and outsourcing company, with more than 336,000 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$30.0 billion for the fiscal
year ended Aug. 31, 2014. 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. Accenture Life Insurance &
Annuity Platform is part of Accenture Life Insurance Business
Services, a business service within Accenture’s Financial Services
operating group. By applying its extensive industry knowledge to
continuously enhance its software, Accenture helps insurers reduce
operating costs, manage risk and drive growth through improved
product development, enhanced policy administration and
distribution, and through technology platform consolidation and
modernization. Its home page is here.
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AccentureJulie Bennink, +
1-312-693-7301julie.l.bennink@accenture.com
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