F&G, a US-based insurance company, has entered into a partnership with Accenture to bolster its technology infrastructure to drive growth in its annuity business.
The partnership will see F&G integrate Accenture’s Life Insurance and Annuity Platform (ALIP) into its operations, leveraging cloud technology to optimise its processes and improve service delivery.
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The initiative is part of F&G’s broader cloud modernisation strategy, which seeks to advance its annuity offerings and elevate the experiences of its customers, agents, and distributors.
ALIP’s automated and configurable processes will enable F&G to handle exceptions more effectively and provide tailored capabilities to its network of financial representatives throughout the US, the tech vendor said.
ALIP, a cloud-native digital insurance platform, equips life insurance and annuity providers with tools for product and business development, underwriting, policy administration, and claims, all supported by data analytics.
The platform can be deployed in modules or as a comprehensive solution, aligning with insurers’ broader migration strategies.
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By GlobalDataALIP is a component of the Accenture Life Insurance Services suite.
The use of ALIP is anticipated to expedite F&G’s case management workflow, simplifying the processing of new applications and automating tasks to enhance case manager efficiency and reduce handling times.
With these improvements, F&G hopes to offer more personalised services, including specialised case management for substantial contracts and intricate sales.
F&G SVP of operations Catherine James said: “Our collaboration with Accenture is helping our teams create the best experience for our valued distribution partners and our customers.
“With the platform now live, we’re better positioned to gain more operational efficiencies, offer faster service and expand our distribution channels to drive innovation and future business growth.”
Accenture life and annuity products and platforms business lead Shay Alon said: “With the continued rise of cloud and AI services in the insurance industry, carriers are recognizing their transformative power. This is a pivotal step for F&G to continue to scale its technology architecture.
“Leveraging ALIP’s deep industry and technology expertise, we’re collaborating with F&G teams to deliver the speed and agility today’s economy demands, helping them achieve their business objectives.”
In January 2024, F&G secured a $250m preferred stock investment from its parent company, Fidelity National Financial.
