NEW YORK; July 10, 2007 – Accenture (NYSE: ACN) today announced that OneBeacon Insurance Group is using the Accenture Claim Components Solution to process insurance claims for its business, personal and specialty line divisions.
“Efficient claims management is critical to meeting our primary responsibility as an insurance company, which is to help our customers recover from insured losses,” said Phil Sibilia, senior vice president of claims at OneBeacon Insurance Group. “Accenture’s ongoing investment in the Accenture Claim Components Solution enables us to continuously enhance our operations and thus deliver world-class claims services.”
The Accenture Claim Components Solution is a suite of software components that operates on a robust Web-based platform and is designed to help insurers improve the effectiveness and reduce the costs of their claims-handling operations. It can support more than 300 core claims transactions, and easily integrates with a full range of claims interfaces, including agent portals, damage estimating systems, injury evaluation systems, and self-service online claims systems. The Accenture Claim Components Solution, currently used by five of the top 10 property and casualty insurers in North America, helps process approximately one-third of all property and casualty insurance claims in the United States.
The solution in use at OneBeacon features an enhanced user interface, Web services framework, and Microsoft .NET 2.0 technology. The Accenture Claim Components Solution version 6.0, developed with assistance from Avanade, a joint venture of Accenture and Microsoft, also offers the option of a new dynamic "question and answer" architecture.
“For property and casualty insurers, claims processing is their single largest operating cost, and the most important customer-facing function,” said Michael A. Lucarini, senior executive and global head of Accenture’s claims solutions. “Striving for the highest efficiency, excellence and innovation possible within the claims operation is vital to high performance in the insurance industry.”
Accenture is a global management consulting, technology services and outsourcing company. Committed to delivering innovation, Accenture collaborates with its clients to help them become high-performance businesses and governments. With deep industry and business process expertise, broad global resources and a proven track record, Accenture can mobilize the right people, skills and technologies to help clients improve their performance. With more than 158,000 people in 49 countries, the company generated net revenues of US$16.65 billion for the fiscal year ended Aug. 31, 2006. Its home page is www.accenture.com.
OneBeacon Insurance Group offers a range of specialty and segmented commercial and personal insurance products sold primarily through select independent agents. As one of the oldest property and casualty insurers in the United States, OneBeacon traces its roots to 1831 and the Potomac Fire Insurance Company. Today, OneBeacon’s specialty insurance products are available countrywide, and commercial and personal lines are offered in select geographic territories. OneBeacon’s U.S. headquarters is in Canton, Massachusetts. The company is publicly traded on the New York Stock Exchange under the symbol “OB” (NYSE: OB).