A computer software flowchart (Image: Thinkstock)

Accenture has opened the curtains onto a major life insurance technology project.

The consulting firm announced Wednesday that it has set up a major new system for a giant life insurer, Principal Financial Group Inc.

(Related: Making Annuities Friendlier, With Insurtech)

The Des Moines, Iowa-based carrier is now using the Accenture Life Insurance & Annuity Platform (ALIP) to run its operations, according to Accenture.

Accenture says the system can provide straight-through processing for new life and annuity business, and connect Principal smoothly with the other companies it works with.

ALIP can support product development, new-business development, underwriting, policy administration, claims and payout, Accenture says.

Accenture first announced the Principal deal in October 2016, without giving Principal’s name.

 

— Read Principal Completes Acquisition of Wells Fargo’s Retirement & Trust Business, on ThinkAdvisor.

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