Ohio National Teams with Accenture to Accelerate Technology Modernization
Award-winning mission has improved provider’s buyer and affiliate experiences and product pace to market
NEW YORK and CINCINNATI; Sept. 14, 2022 – Accenture (NYSE: ACN) and Ohio National Financial Services, Inc. have collaborated to modernize the life insurer’s core techniques, remodeling its processes and serving to it obtain vital top-and bottom-line business outcomes.
The modernization program consolidated Ohio National’s business onto the Accenture Life Insurance and Annuity Platform (ALIP), bettering working efficiencies and supporting US$50 million in new premiums, from, amongst others, a brand new listed Universal Life (IUL) product. Coupled with Ohio National’s adoption of ‘fluidless underwriting’ — whereby the provider is harnessing automation with predictive analytics to assess danger with out the necessity for medical exams — the mission has diminished new business processing time by 20% on practically 12,000 new functions. The strategy of making use of and being permitted for all times insurance beforehand may have taken weeks, and may now take a matter of days, leading to a greater buyer expertise all through the worth chain.
The mission was acknowledged by advisory agency Aite-Novarica in its 2022 Insurance Technology Impact Awards, with Ohio National profitable the Life/Annuity/Benefits class for its core techniques transformation mission with Accenture. The awards acknowledge insurers for tasks and applications that delivered actual business affect by know-how.
“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,” stated Danielle Ivory, Ohio National’s senior vp, 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 technique, Ohio National’s transformation was designed to allow and assist its enlargement into new product strains, improve buyer self-servicing, enhance distribution, enhance underwriting and case administration working effectivity and combine 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,” stated 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 sturdy and configurable cloud-native digital insurance platform underpinned by information analytics. It provides life insurance carriers and annuity suppliers superior capabilities for product improvement, new-business improvement, underwriting, coverage administration, claims and pay-out. It is out there as an built-in suite of software program with modules that may be applied individually or as a part of a broader migration technique.
Accenture Life Insurance & Annuity Platform (ALIP) is a part of Accenture Life Insurance Services. Learn extra at www.accenture.com/lifeandannuitysoftware.
About Accenture
Accenture is a worldwide skilled providers firm with main capabilities in digital, cloud and safety. Combining unmatched expertise and specialised abilities throughout greater than 40 industries, we provide Strategy and Consulting, Technology and Operations providers and Accenture Song — all powered by the world’s largest community of Advanced Technology and Intelligent Operations facilities. Our 710,000 individuals ship on the promise of know-how and human ingenuity daily, serving shoppers in additional than 120 nations. We embrace the ability of change to create worth and shared success for our shoppers, individuals, shareholders, companions and communities. Visit us at accenture.com.
About Ohio National
Since 1909, Ohio National has been dedicated to serving to people, households and companies shield what issues most. Through our community of monetary professionals throughout 49 states (all besides New York), the District of Columbia and Puerto Rico and thru affiliated operations in South America, we offer the insurance merchandise that assist our policyholders obtain monetary safety and independence. As of December 31, 2021, our affiliated firms have $40.8 billion whole belongings below administration. 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 discover ohionational.com for extra data and for the newest firm updates, join with Ohio National on LinkedIn, Facebook and YouTube.
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