Accenture Life Insurance and Annuity Platform (ALIP) is part of the tech vendor’s life insurance services. Credit: Ronnie Overgoor on Unsplash.

US-based life insurer Ohio National Financial Services has selected Accenture to modernise its core systems and transform processes. 

As part of the tie-up, Ohio National’s business was consolidated into the Accenture Life Insurance and Annuity Platform (ALIP), which is part of Accenture Life Insurance Services.

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It is said to have improved operating efficiencies and supported $50m in new premiums through a new indexed Universal Life (IUL) product, among others.

Ohio National’s partnership with Accenture is part of a broader IT modernisation strategy. 

It is aimed at enabling Ohio National to expand into new product lines, enhance customer experience, increase distribution, and improve underwriting.

Ohio National senior vice president of operations Danielle Ivory said: “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.

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“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.”

Accenture life and annuity products and platforms business lead Shay Alon said: “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

“ALIP will help the carrier adapt to accelerating change and evolving customer demands. This modernisation is a pivotal step in driving innovation and future revenue growth.”