Accenture Unveils Enhanced Claims, Underwriting & Policy Administration Solutions to Help P&C Insurers Industrialize Their Operations
Upgraded claims, underwriting and policy administration technologies aim to help simplify internal operations and support differentiated service capabilities
PARIS; Feb. 19, 2008 – Accenture has unveiled newly enhanced claims, underwriting and policy administration solutions designed to help property and casualty (P&C) insurers industrialize their operations by simplifying and modernizing their core systems and streamlining their customer service and underwriting capabilities.
“For nearly two decades, our core insurance software solutions have provided a decisive advantage to insurers worldwide through our unique technology development approach and deep insurance industry expertise,” said Gilles Biscay, an Accenture senior executive and the company’s insurance solutions lead. “Our latest investments in insurance claims, underwriting and policy administration solutions are raising industry standards for large-scale automation, process efficiency and strategic growth.”
· The latest version of Accenture Claim Components Solution has been enhanced with a powerful new dashboard analytic tool that gives claims handlers and supervisors a real-time view of their claims workloads, tasks, processing status and other metrics. The upgraded solution, which also features a state-of-the-art graphical user-interface and a range of newly automated claims functions to enable straight-through processing, was designed to reduce claims processing inefficiencies, and accelerate claims resolution.
· The upgraded Accenture Underwriting Components Solution provides the industry’s first centralized location intelligence management feature available in a packaged solution. The new feature reduces from days to minutes the time required to gather location-related catastrophe-risk information from multiple sources, verify its accuracy, and store it centrally for easy access by everyone involved in the underwriting process.
· The Accenture Insurance Solution – Accenture’s P&C policy administration solution, which has been enhanced with a new portal which provides agents and brokers with access to their quote and policy portfolios, billing information, pending tasks, training materials, and internal and external news.
“The P&C insurance industry is in the midst of a softening market with heated competition for growth among regional and international players and unprecedented service demands from customers and agents,” said Gilles Biscay. “Companies can outperform the market by embracing industrialized operating models that simplify their internal operations while driving highly differentiated services built with proven technology solutions.”
More information on Accenture’s newly enhanced insurance solutions appears below.
Accenture Claim Components Solution
The Accenture Claim Components Solution is a Web-based technology solution designed to help insurers improve the efficiency of their claims-handling operations through the automation of routine tasks. It supports core claims transactions from first notification of loss through final payment. Used by five of the top 10 U.S insurance carriers, Accenture Claim Components Solution helps process approximately one-third of all P&C insurance claims in the United States. The solution is also used by several of the largest insurers in Europe, where it has contributed to significant and sustained underwriting improvements.
In addition to its new dashboard analytic tool, version 7.0 of the solution has added express claims-handling features for automated, “straight-through” payment processing, more sophisticated automatic assignment of claims to handlers, and automatic loss and expense reserve creation. The new version also features:
· Upgraded technology based upon the Microsoft .NET 3.0 framework, enabling full services-oriented architecture; and
· A redesigned user-interface, including a new navigation framework, improved search results format, and higher screen resolution.
More information about Accenture Claim Components Solution and Accenture’s claims services is available at:
Accenture Underwriting Components Solution
The Accenture Underwriting Components Solution, a rules-based application built with Microsoft .NET 3.0 technology, is used by more than a half-dozen leading P&C insurers worldwide, including several of the top U.S. carriers, and one of Europe’s largest multi-national insurers. Its scalable, modular architecture and business-oriented user-interface are designed to help North American and European insurers improve underwriting efficiencies, promote consistent underwriting practices and increase their effectiveness at evaluating and servicing risks.
Recent upgrades were designed to help insurers improve the speed and accuracy of their risk selection and pricing. In addition to its new centralized location intelligence management capability, new features of the solution include:
· New dynamic risk assessment tools based upon customized question-and-answer dialogues;
· Business user tools that allow fast and easy configuration of rules for underwriting, pricing, workflow and assessment questions; and
· A common desktop with a cohesive interface and central information repository to support work prioritization and risk collaboration.
More information about Accenture Underwriting Components Solution and Accenture’s underwriting services is available at:
Accenture Insurance Solution
The Accenture Insurance Solution (AIS) is an end-to-end product and policy management solution for P&C insurers. It helps insurers increase their economies of scale with comprehensive pan-European system support for all lines of insurance businesses and a modular design that covers all core insurance functions -- from product development to customer relationship management, including rating, issuance, billing, cash-flow and reinsurance.
The solution is designed to help P&C insurers create innovative product portfolios and transform their processes and systems for developing, deploying and managing their portfolios. The new AIS version 5.0 also features:
- A powerful new agent and broker portal that offers the widest range of online support features available in a commercial software package. The new portal is designed to increase operating efficiencies, with online support for rating and quoting, submission and issuance, policy changes, and billing; and
- An enhanced architecture for more-efficient exchange of the large blocks of online policy data frequently encountered in large commercial lines of business such as fleet management.
Accenture Insurance Solution is used by more than a half-dozen leading insurers to manage their products across multiple countries, including the United Kingdom, France, Italy, Spain, Belgium and several countries in Latin America. More than 6 million policies are managed through AIS by Accenture clients including AIG Entrepreneur, BBVA, Dexia and Zurich Spain.
More information about Accenture Insurance Solution and Accenture’s P&C policy services is available at: https://www.accenture.com/Global/Services/By_Industry/Financial_Services/Insurance/Services/InsurancePropCasualty.htm.
Accenture is a global management consulting, technology services and outsourcing company. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. With more than 175,000 people in 49 countries, the company generated net revenues of US$19.70 billion for the fiscal year ended Aug. 31, 2007. Its home page is www.accenture.com.
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