Accenture plc and Ohio National Financial Services, Inc. have collaborated to modernize the life insurerÆs core systems, transforming its processes and helping it achieve significant top-and bottom-line business results. The modernization program consolidated Ohio NationalÆs business onto the Accenture Life Insurance and Annuity Platform improving operating efficiencies and supporting USD 50 million in new premiums, from, among others, a new indexed Universal Life product. Coupled with Ohio NationalÆs adoption of æfluidless underwritingÆ 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.
Part of a broader IT modernization strategy, Ohio NationalÆs 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. 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.