Accenture Life Consolidation Services
Accenture LifeConsolidation ServicesAchieving sustainable high performancethrough platform consolidation
Life & annuity platformconsolidationAchieve up to 35 percent faster time-to-marketand position to accelerate top-line growthToday’s market is creating unprecedented challenges and opportunitiesfor insurers. The nature of financialmarkets has changed, as has theglobal economy itself. AccentureHigh Performance Business researchclearly shows that industry leadersunderstand the power of innovationto drive necessary changes and gaincompetitive advantage. These companieshave recognized the need forfundamental change to their businessmodels, and are redefining the boundariesof high performance in order to pullaway from the competition.To improve results, the high performersare fundamentally changing their coststructures while differentiating theircustomer value propositions. Theseinsurers are successfully meeting shiftingconsumer buying behaviors withfaster speed to market for innovativenew products.2 Accenture Life Consolidation ServicesInsurers also increasingly have tocope with a more complex distributionenvironment as consumers adoptnew channels for interaction. Researchby Accenture1 shows that to achievehigh performance in this environment,carriers need to have a deep andactionable understanding of theircustomers, and they need todevelop an effective multi-channeldistribution strategy.To help achieve these capabilities, leadinglife and annuity insurers are consolidatingtheir IT platforms as part of an overallstrategy to transform their businessoperations and improve the effectivenessof sales and distribution functions.Based on Accenture research2 andexperience, life platform consolidationoffers significant rewards for insurers,including: 35 percent faster speed to market. 26 percent lower IT application andinfrastructure costs. 19 percent reduction in operationalcosts.Further, those insurers that outsourcedsome or all of their business processesalong with consolidation achieved thebest results—on average, their benefitswere 17 percentage points higherthan those that consolidated their lifeplatforms without outsourcing.Life and annuity insurers seeking tobecome high-performance businessesalso use platform consolidation tobuild global, hub-type operating modelsthat create cross-country synergies ofcost, revenue and growth. In the AsiaPacific region, where economies are at
different stages of development, carriersare using several hubs to obtain thebenefits of consolidation across similareconomies—and to provide the basisfor expansion into new countries.1 Accenture Insurance Multi-Channel DistributionCustomer Survey.2 Accenture Global Survey into Life InsurancePlatforms.Hubs provide a consistent and costeffective foundation, thus freeinggeographic teams to focus on buildingdifferentiating capabilities for theirspecific markets. Through platformconsolidation, they are gaining innovativecapabilities that distinguish them inregional markets, increased operationalefficiency throughout the policy cycle,and the agility to be competitive in avolatile insurance market. Hubs arealso helping insurers to lower the costof new products, a particularly importantfactor in some emerging marketswhere price is critical.3
Flexible, innovative ITremoves impedimentsto change and highperformanceComplicated and burdensome backoffice processing infrastructure, a realityat most life insurance companies,presents significant opportunities toreduce costs and streamline IT operationsto make them more flexible. Thistranslates into a big advantage whenseeking to enhance existing products,launch new products or move swiftlyinto new markets. A modern coreprocessing capability can be a servicedifferentiator and a vital enabler oforganic and inorganic growth.Accenture’s analysis reveals thathigh-performance insurers display thefollowing characteristics: Integrated, seamless and transparentcustomer service. Consistent focus on simplifying theoperational model and infrastructure.4 Accenture Life Consolidation Services Ongoing metric-driven processimprovement, standardization andautomation. Focus on continuous improvementand development of talent.High-performance insurers use businessand technology innovation to gainfour key, differentiating characteristicsacross their IT infrastructure:A strategic IT platformcombined with a commonfront endConsolidate and centralize multipleback-office, open-block policy systemsinto a single strategic platform fromwhich to develop and deliver productsand services with a common set ofstandardized components. A commonstrategy for the front end leveragesexisting investments for closed-blockprocessing and enables consistentservice delivery.Rationalized processingplatformsOptimize, automate and simplifyback-office processing and IT platforminfrastructures for easier maintenance,significant cost reduction, smootherlaunch of new products and swiftermovement into new markets.Shared servicesDeploy shared services strategies toincrease standardization, improveworkforce performance and betterserve customers.Optimal sourcing andreplatformingTake advantage of a managed hostingor outsourcing model to gain industryleading practices and economiesof scale that accelerate platform
consolidation, ease entry into newmarkets and free company resourcesto focus on customer service andretention.Experience shows that a comprehensiveIT platform consolidation programhelps insurers: Shift to a lower cost base and alsoprepares them to transition to anoutsourced delivery model wherecosts are variable. Sell complex insurance productsthrough multiple channels. Optimize human resource requirements. Meet the terms of increased regulatoryscrutiny. Deliver customer service experiencesthat are truly tailored, creating adistinct competitive advantage. Free up non-discretionary IT spendfor value-adding projects.5
Accenture provides provensolutions to consolidate life& annuity platforms forsuperior, sustainable resultsAccenture has 40 years’ experience inthe life insurance industry, combinedwith a broad range of skills, tools anda deep knowledge base—including ourHigh Performance Business research—to help life and annuity insurers achievesuccessful platform consolidation.Through Accenture Life InsuranceConsolidation Services, we provide acustomer-centric business model thatenables insurers to use IT platforminnovation and flexibility to outpacecompetitors. We have helped leadinglife insurance companies acceleratetheir product development cycleby 30 percent, lower their businessoperations costs by up to 20 percent,and reduce their IT and operationalcosts by up to 40 percent.6 Accenture Life Consolidation ServicesTo help life insurers achieve suchresults, our solutions and servicescomprise key integrated componentsfor life platform consolidation:Accenture LifeInsurance PlatformOur leading, field-tested life and annuitypolicy administration solution hasalready been successfully implementedin North America, Europe and AsiaPacific. Gartner, in its 2009 MarketScopereport, rated Accenture “Positive”based on its analysis of the AccentureLife Insurance Platform.3Proven tools and frameworksThe Accenture Insurance Data MigrationFactory has platform-agnostic methodsand tools that allow rapid migrationof complex life and annuity portfolios.It has supported more than 50implementations and migrated morethan 30 million insurance policiesglobally. The Accenture ApplicationModernization and Optimization practiceoffers solutions to help insurers maximizethe benefits from legacy systems.Our proprietary Accenture DeliveryMethods and associated frameworkand tools are used across consultingprojects and delivery centers andallow us to help insurers to realizethe business case, mitigate risk, increasedelivery efficiency, and consistentlyaccelerate the pace of transformation.
Complete service anddelivery offeringWe provide a full suite of servicesand delivery capabilities that includeoffshore application developmentand maintenance teams, and over4,500 specialized insurance deliveryresources across the globe to offeronshore, near-shore or offshore optionsaccording to client need. We canassume responsibility for some or allinsurance processes on a variety ofoutsourcing models, including sharedservices, business process outsourcingor application service provision. Wealso offer systems integration andextensive consulting services, includinginsurance operating models and processexcellence. The Accenture GlobalDelivery Network, which providesIT and business process outsourcingservices onshore, near-shore andoffshore, can further enable theconsolidation of the life platform.Decades of experienceComponent-based approachComplex, multinational systemsimplementation and delivery have beenAccenture’s core business for over 40years, and we have harvested thatexperience in our delivery methodology,estimating models and programmanagement practices.Accenture can help clients developa gradual consolidation path that isless risky than a “big bang” approach.The Accenture Life Insurance Platformis component-based and, in addition,we have a suite of tools and frameworks designed to smooth the pathtoward consolidation.IndustrializationAccenture’s insurance offerings aredesigned to help enable an insurer toindustrialize its core business processes,standardizing and streamlining toleverage the benefits of scale, andthus helping achieve lasting costreductions and meaningful improvementsin product and service quality.Application portfoliooptimizationAs part of the consolidation process,Accenture can help clients optimizetheir entire IT portfolios by assessingthe economic, functional and technicalviability of each critical application.In this way, the Accenture ApplicationPortfolio Optimization practice helpsorganizations increase business valueand decrease overall costs.3 Gartner, 2009 MarketScope for North AmericanLife Insurance Policy Administration Vendors.7
The Accenture Life InsurancePlatform: Trusted bymore than 50 leading lifeinsurance organizationsworldwideThe Accenture Life Insurance Platform,in particular, offers clients a full rangeof top-rated life policy processingsolutions that support individual,group life and annuity products. It isa highly advanced system that enablestrue straight-through processingacross the entire life insurance andannuity life cycle. Its common, internationalized base platform supportsfeatures such as rules-driven capabilitiesand standardized interfaces to allowtrue synergies in cross-country initiatives,such as the launch of products acrossmultiple geographies.As a trusted solution for more than50 leading insurers and distributors,the Accenture Life Insurance Platformhas the proven ability to scale to meetthe needs of major transformationaland outsourcing initiatives. It has anunmatched track record of helping8 Accenture Life Consolidation Servicescarriers enhance service quality,improve customer satisfaction,increase time to market, reducepolicy administration expenses andaccelerate high performance.An advanced product rules engine—includes standard actuarial, mathematicaland statistical functions to providecomprehensive support for lifeinsurance and annuity calculations.The Accenture Life InsurancePlatform—features at a glanceUnlimited capability—to define newcalculations and table rates via userdefined functions and multidimensionalproduct tables.This is a very versatile platform thathas been designed to cater for virtuallyevery situation faced by a life insurer(Figure 1). We have recently upgradedthe solution to include all types ofgroup business as well as traditionalindividual life insurance.Major features and benefits include:A state-of-the-art rules engine—dramatically improves flexibilityfor product innovation andprocess improvement.Configurable process management—streamlines data capture and workflow,and enables straight-through processing.Modern, Web-based user interface—provides easy, controlled access toall users.Open, services-based architecture—XML standards facilitate integration withexisting software and communicationwith business partners.
Case studySecurity Benefit boosts revenue with new IT platformSecurity Benefit’s single ITplatform drives new revenueon its path to high performanceAccenture helped Security Benefit, aprovider of retirement plan services,investment products and otherfinancial services, create a singleIT platform based on the AccentureLife Insurance Platform. The newsolution was operated for SecurityBenefit by its subsidiary, SE2, whichprovides business technology andprocessing solutions for the financialservices and retirement planning sector.The new platform provided SecurityBenefit with dramatic value, increasingindividual annuity premiums by morethan 30 percent annually and reducingbusiness costs by US 7 million ayear. Because Security Benefit nowmaintains its own product rules,it can develop and launch newproducts much more quickly thanpreviously. Other benefits include: 40 percent greater contract volumes. 40 percent lower IT operating costs. Faster time to conduct cost: benefitanalyses in determining feasibilityof product changes. Better support for an aggressivebusiness acquisition strategy.With the Accenture Life InsurancePlatform, Security Benefit hassucceeded in capturing additionalproduct revenue and becominga more competitive provider ofannuity services. 30 percent lower service costsper policy. 20 percent lower IT and customerservice staffing requirements.Layered architecture—replaceablecomponents confirm the system canadapt as technology and businessrequirements change.A single platform—based on J2EE,which enables greater economies ofscale and efficiency.A fast-processing, scalable solution—supports millions of policies acrossmultiple customer segments, saleschannels, products and businessprocesses.Figure 1. The Accenture Life Insurance Platform addresses all of the eightbasic steps in the policy life cycleIllustration& QuotationClaimsAdministrationand PayoutsAccountMaintenanceNew AccountSet UpProduct &Rules ritingPolicy Issue9
Case studyAccenture migrates millions of policies while Generalicontinues its ‘business as usual’The Generali Group is oneof Europe’s largest insuranceproviders and the biggestEuropean life insurer, with2009 total premium incomeof more than 95 billion. Itis also one of the world’s topasset managers with assetstotaling more than 544 billionin 2009, and a unique realestate operator with a propertyportfolio of more than 33 billion.Founded in 1831 in Trieste,Italy, the company has 85,000employees worldwide and 70million clients in 68 countries.The Generali Group occupies a leadershipposition in Western European marketsand an increasingly important placein Eastern Europe and Asia. In adrive to focus on efficiency and costcontainment while sustaining growth,the Generali Group in 2004 acquiredZurich Financial Services Group andContinent in France, prompting a needto consolidate their existing operations.Generali chose Accenture to work onthe post-merger integration to achievehigh quality results with a minimalimpact on the smooth running of itsdaily operations.10 Accenture Life Consolidation ServicesAccenture used the Accenture InsuranceData Migration Factory to: Merge the property and casualtysystems of Zurich and Continentinto the Generali systems. In lessthan a year and a half from thecommencement of the project tothe full decommissioning of theexisting systems, 1.9 million policieswere migrated from the twoseparate source systems. Rationalize Generali’s healthcaresystems, which involved eightmigrations of more than 100,000individual and group policies—andlinked payments—both customizedand standard, from two existingsystems to three target systems ina 18-month program. Rationalize Generali’s life insurancesystems, which involved more than12 distinct portfolios with nearly400,000 individual and group policiesbeing migrated to six target systems,including a business processoutsourcing solution for themanagement of a closed bookof more than 100,000 policies.The four-year program included11 separate migrations.What is more, Generali was notrequired to divert resources andenergy from new product developmentto oversee the integration project,since the Accenture Insurance DataMigration Factory converted all therecords, rapidly and accurately.“The Accenture Insurance Data MigrationFactory delivered an exceptionalservice in a rapid timeframe,” saidBeatrice Honnore, Directeur EtudesDommages et Assurances de Personnes,Generali Group, France. “Above all, wewere able to continue to operate ourbusiness seamlessly; as a companythat handles seven million clients,making sure we could maintain‘business as usual’ was essential toour overall performance.”High performancedeliveredWith an ever-increasing demand fordata and an economic climate thatplaces a strain on scarce resources,there are clear benefits to employingdata migration experts enabled byan automated toolset to developmigration routines efficiently. Usingthe Accenture Insurance Data MigrationFactory, organizations can focus ondelivery of a new platform, align theirresource plans to meet the criticalneeds of the business and, ultimately,achieve high performance.
Getting started withAccenture to makeit happenAccenture is ready to help you consolidateyour IT platforms as part of youroverall life transformation journey.There are, of course, different ways inwhich insurers may get started. Forsome, it may begin with a diagnosticsexercise to identify and quantifybusiness improvements for bothoperational effectiveness and efficiency.For others, we can help executespecific solutions or componentsagainst an existing consolidation plan.Not only do we have an exceptionallystrong track record of delivery withinprescribed budgets and schedules. Weare also willing to link a portion of ourremuneration to the success of lifeconsolidation programs. We believethat this type of commercial arrangement can provide a powerful alignment of interests and objectives, anddemonstrates our commitmentto working with you to drive highperformance throughout yourbusiness journey.To learn more about AccentureLife Consolidation Services andhow we can help your companyachieve high performance,visit www.accenture.com/lifepolicyservices.ContactFor more information or to arrange aconsultation, please contact:North AmericaRussell Norrisrussell.d.norris@accenture.comEurope, Africa and Latin AmericaGigi Morgantigianluigi.morganti@accenture.comJerome de Gallejerome.de.galle@accenture.comAsia PacificGlenn Rogersglenn.rogers@accenture.com11
Copyright 2010 AccentureAll rights reserved.Accenture, its logo, andHigh Performance Deliveredare trademarks of Accenture.About AccentureAccenture is a global managementconsulting, technology services andoutsourcing company, with approximately204,000 people serving clients inmore than 120 countries. Combiningunparalleled experience, comprehensivecapabilities across all industries andbusiness functions, and extensiveresearch on the world’s most successfulcompanies, Accenture collaborateswith clients to help them becomehigh-performance businesses andgovernments. The company generatednet revenues of US 21.6 billion for thefiscal year ended Aug. 31, 2010. Itshome page is www.accenture.com.
Accenture Life Insurance Platform Our leading, field-tested life and annuity policy administration solution has already been successfully implemented in North America, Europe and Asia Pacific. Gartner, in its 2009 MarketScope report, rated Accenture "Positive" based on its analysis of the Accenture Life Insurance Platform.3 Proven tools and .
Accenture Wealth Management kendra.thompson@accenture.com With over 17 years of broker dealer and advisory industry experience, Kendra is focused on wealth management strategy. Based in Toronto, she leads Accenture Wealth Management globally. Edward Blomquist Research Lead Accenture Wealth and Asset Management edward.a.blomquist@accenture.com
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Database Consolidation Workbench Plan -Gives consolidation advice by identifying candidate databases for the designated consolidation platform using AWR data Migrate -Implements consolidation plan by migrating databases to new consolidation platform using EM's provisioning features Validate
President & CEO 5Star Life Insurance Company Senior Associate Editor A.M. Best Media Production Specialist A.M. Best CEO AALU Sales and Client Management Lead Accenture Sales Director Accenture Principal Director Accenture Senior Manager - Sales Accenture Life & Annuity Software Sr. Insurance Industry Analyst Acxiom .
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CONSOLIDATION TEST 1.Objective Consolidation test is used to determine the rate and magnitude of soil consolidation when the soil is restrained laterally and loaded axially. The Consolidation test is also referred to as Standard Oedometer test or One-dimensional compression test. This test is carried out on saturated soil specimens,
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