Ohio National Teams with Accenture to Accelerate Technology Modernization
14 September 2022 - 11:59AM
Business Wire
Award-winning project has improved carrier’s
customer and associate experiences and product speed to market
Accenture (NYSE: ACN) and Ohio National Financial Services, Inc.
have collaborated to modernize the life insurer’s core systems,
transforming its processes and helping it achieve significant
top-and bottom-line business results.
The modernization program consolidated Ohio National’s business
onto the Accenture Life Insurance and Annuity Platform (ALIP),
improving operating efficiencies and supporting US$50 million in
new premiums, from, among others, a new indexed Universal Life
(IUL) product. Coupled with Ohio National’s adoption of ‘fluidless
underwriting’ — whereby the carrier is harnessing automation with
predictive analytics to assess risk without the need for medical
exams — the project has reduced new business processing time by 20%
on nearly 12,000 new applications. The process of applying and
being approved for life insurance previously could have taken
weeks, and can now take a matter of days, resulting in a better
customer experience throughout the value chain.
The project was recognized by advisory firm Aite-Novarica in its
2022 Insurance Technology Impact Awards, with Ohio National winning
the Life/Annuity/Benefits category for its core systems
transformation project with Accenture. The awards recognize
insurers for projects and programs that delivered real business
impact through technology.
“With many Americans uninsured or underinsured, we want to make
it easier to obtain a life insurance policy — supporting our ethos
to be there for our customers as life changes,” said Danielle
Ivory, Ohio National’s senior vice president, Operations.
“Accenture’s technology is helping us achieve our mission and its
advanced automation, integration and configuration technologies are
enabling us to expand our range of products and drive new
capabilities so that we can offer even higher service levels for
our current and potential customers.”
Part of a broader IT modernization strategy, Ohio National’s
transformation was designed to enable and support its expansion
into new product lines, enhance customer self-servicing, increase
distribution, improve underwriting and case management operating
efficiency and integrate with its ecosystems.
“We were able to help Ohio National develop and launch new, more
competitive products while improving the experience for its
customers and associates because we know the industry well and we
have the technology know-how,” said Shay Alon, who leads
Accenture’s Life and Annuity Products and Platforms business. “ALIP
will help the carrier adapt to accelerating change and evolving
customer demands. This modernization is a pivotal step in driving
innovation and future revenue growth.”
ALIP is a robust and configurable cloud-native digital insurance
platform underpinned by data analytics. It offers life insurance
carriers and annuity providers advanced capabilities for product
development, new-business development, underwriting, policy
administration, claims and pay-out. It is available as an
integrated suite of software with modules that can be implemented
individually or as part of a broader migration strategy.
Accenture Life Insurance & Annuity Platform (ALIP) is part
of Accenture Life Insurance Services. Learn more at
www.accenture.com/lifeandannuitysoftware.
About Accenture Accenture is a global professional
services company with leading capabilities in digital, cloud and
security. Combining unmatched experience and specialized skills
across more than 40 industries, we offer Strategy and Consulting,
Technology and Operations services and Accenture Song — all powered
by the world’s largest network of Advanced Technology and
Intelligent Operations centers. Our 710,000 people deliver on the
promise of technology and human ingenuity every day, serving
clients in more than 120 countries. We embrace the power of change
to create value and shared success for our clients, people,
shareholders, partners and communities. Visit us at
accenture.com.
About Ohio National Since 1909, Ohio National has been
committed to helping individuals, families and businesses protect
what matters most. Through our network of financial professionals
across 49 states (all except New York), the District of Columbia
and Puerto Rico and through affiliated operations in South America,
we provide the insurance products that help our policyholders
achieve financial security and independence. As of December 31,
2021, our affiliated companies have $40.8 billion total assets
under management. Products are issued by The Ohio National Life
Insurance Company and Ohio National Life Assurance Corporation.
Recognized as a Leader in Workplace Equity by Ellequate. Please
explore ohionational.com for more information and for the latest
company updates, connect with Ohio National on LinkedIn, Facebook
and YouTube.
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its logo are trademarks of Accenture.
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Victoria Ancell Accenture +44 7446 27759
v.ancell@accenture.com
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