F&G and Accenture Collaborate to Optimize Technology Platform Capabilities for Retail Annuity Growth
Business Wire 16-Sep-2024 7:59 AM
Cloud modernization program cultivating engagement between carrier, its customers and distribution partners
F&G Annuities & Life, Inc (F&G) (NYSE:FG), a leading U.S. provider of insurance solutions serving retail annuity and life customers and institutional clients, announced a strategic collaboration with Accenture (NYSE:ACN) to enhance F&G's technology platform capabilities to optimize and scale operations for future growth through the utilization of Accenture's Life Insurance and Annuity Platform (ALIP).
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F&G Annuities & Life, Inc (F&G), a leading U.S. provider of insurance solutions serving retail annuity and life customers and institutional clients, announced a strategic collaboration with Accenture to enhance F&G's technology platform capabilities to optimize and scale operations for future growth through the utilization of Accenture's Life Insurance and Annuity Platform (ALIP). (Graphic: Business Wire)
F&G has embarked on a cloud modernization program to drive new business growth for its Annuity business and bolster its customer, agent and distributor experiences using the ALIP platform running on Microsoft Azure. Powered by automated and configurable processes, ALIP enables F&G to more efficiently deal with exception handling and offer customized capabilities to its growing distribution network of financial representatives across the U.S.
"Our collaboration with Accenture is helping our teams create the best experience for our valued distribution partners and our customers," said Catherine James, SVP Operations, F&G. "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."
ALIP will accelerate F&G's case management process by streamlining new application processing and automating tasks to improve case manager productivity and reduce overall handling time. F&G can now offer more personalized services, such as special case management for large contracts and complex sales and can more quickly respond to each distributor's needs while providing greater transparency, flexibility and support for its partner network.
Shay Alon, who leads Accenture's Life and Annuity Products and Platforms business, 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."
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 payout, 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. ALIP is part of Accenture Life Insurance Services. Learn more at www.accenture.com/lifeandannuitysoftware.
About Accenture
Accenture is a leading global professional services company that helps the world's leading businesses, governments and other organizations build their digital core, optimize their operations, accelerate revenue growth and enhance citizen services—creating tangible value at speed and scale. We are a talent- and innovation-led company with 750,000 people serving clients in more than 120 countries. Technology is at the core of change today, and we are one of the world's leaders in helping drive that change, with strong ecosystem relationships. We combine our strength in technology and leadership in cloud, data and AI with unmatched industry experience, functional expertise and global delivery capability. We are uniquely able to deliver tangible outcomes because of our broad range of services, solutions and assets across Strategy & Consulting, Technology, Operations, Industry X and Song. These capabilities, together with our culture of shared success and commitment to creating 360° value, enable us to help our clients reinvent and build trusted, lasting relationships. We measure our success by the 360° value we create for our clients, each other, our shareholders, partners and communities. Visit us at www.accenture.com.
About F&G
F&G is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of insurance solutions serving retail annuity and life customers and institutional clients and is headquartered in Des Moines, Iowa. For more information, please visit www.fglife.com.
Forward-Looking Statements and Risk Factors
This press release contains forward-looking statements that are subject to known and unknown risks and uncertainties, many of which are beyond our control. Some of the forward-looking statements can be identified by the use of terms such as "believes", "expects", "may", "will", "could", "seeks", "intends", "plans", "estimates", "anticipates" or other comparable terms. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: general economic conditions and other factors, including prevailing interest and unemployment rate levels and stock and credit market performance; natural disasters, public health crises, international tensions and conflicts, geopolitical events, terrorist acts, labor strikes, political crisis, accidents and other events; concentration in certain states for distribution of our products; the impact of interest rate fluctuations; equity market volatility or disruption; the impact of credit risk of our counterparties; changes in our assumptions and estimates regarding amortization of our deferred acquisition costs, deferred sales inducements and value of business acquired balances; regulatory changes or actions, including those relating to regulation of financial services affecting (among other things) underwriting of insurance products and regulation of the sale, underwriting and pricing of products and minimum capitalization and statutory reserve requirements for insurance companies, or the ability of our insurance subsidiaries to make cash distributions to us; and other factors discussed in "Risk Factors" and other sections of F&G's Form 10-K and other filings with the Securities and Exchange Commission (SEC).
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