Ohio National Engages Accenture to Accelerate Technology Modernization
(Image credit: Jake Blucker/Unsplash.)
Ohio National Financial Services (Cincinnati) engaged Accenture (Dublin) 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, according to a joint statement. 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 percent on nearly 12,000 new applications., the statement says. 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 companies say.
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,” comments Danielle Ivory, SVP, Operations, Ohio National. “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, according to the joint statement.
Adapting to Accelerating Change and Evolving Customer Demands
“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,” comments 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.”
Accenture describes ALIP as a robust and configurable cloud-native digital insurance platform underpinned by data analytics. The system 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, according to the vendor.
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