INSURANCE TECHNOLOGY

Accenture Named a Leader in the 2021 Gartner® Magic Quadrant™ for Life Insurance Policy Administration Systems, North America

Accenture | August 26, 2021

For the eighth consecutive time, Accenture has been named a Leader in the Gartner “Magic Quadrant for Life Insurance Policy Administration Systems, North America, for the Accenture Life Insurance and Annuity Platform.

“We’re excited and believe that we were again recognized by Gartner for our advanced capabilities and deep industry expertise that are helping life and annuity carriers across North America accelerate their digital transformations and provide seamless experiences for customers and employees,” said Shay Alon, who leads Accenture’s Life and Annuity Products and Platforms business. “In our opinion, our positioning reflects how Accenture’s cloud-first approach is helping carriers combine technology and human ingenuity to bring new products to life and accelerate growth and innovation.”

The report’s authors note, “As insurers focus on getting ready for the new normal or resetting for new market conditions, they must be adequately prepared with the right foundation for success. They go on to explain that “As life insurance CIOs execute against their modernization roadmaps, they should be aligning core system characteristics with those needed in what will be a very dynamic and fast-changing market.”

ALIP is a robust and configurable cloud-native digital insurance platform that offers life insurance carriers and annuity providers advanced capabilities for product development, new-business development, underwriting, policy administration, claims and pay-out, underpinned by data analytics. It is available as an integrated suite of software with modules that can be implemented individually or as part of a broader migration strategy.

*Gartner, Inc., “Magic Quadrant for Life Insurance Policy Administration Systems, North America,” Richard Natale, Rajesh Narayan, August 10, 2021.

Gartner Disclaimer
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. Gartner and Magic Quadrant are registered trademarks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.

About Accenture
Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 569,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities.

Spotlight

Millennials’ craving for the personal touch should also inform product design. Millennials are suspicious of off-the-shelf insurance policies, perceiving them to be poor value and irrelevant to their needs of Generation Rent. Instead, they want to take control of what they insure and for how long, building a bespoke cover that is flexible, transparent and cost-effective: 93 percent of our respondents agree that customizable, flexible products will be important to attract Millennials.


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Spotlight

Millennials’ craving for the personal touch should also inform product design. Millennials are suspicious of off-the-shelf insurance policies, perceiving them to be poor value and irrelevant to their needs of Generation Rent. Instead, they want to take control of what they insure and for how long, building a bespoke cover that is flexible, transparent and cost-effective: 93 percent of our respondents agree that customizable, flexible products will be important to attract Millennials.

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