Award-winning project has improved carrier’s customer and associate experiences and product speed to market
NEW YORK & CINCINNATI, September 14, 2022--(BUSINESS WIRE)--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.
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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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