NEW YORK; Sept. 5, 2006 – Accenture has completed its previously announced acquisition of NaviSys, a privately held company that specializes in software solutions for the North American life insurance industry.
“Accenture’s acquisition of NaviSys comes at an opportune time for the industry, as carriers struggle to meet market demands and reduce operating costs in the face of outdated legacy systems,” said Matt Josefowicz, head of the insurance practice at Celent, an industry research firm that recently published a study on consolidation in the insurance software industry. “We see this acquisition – and the broader consolidation taking place across the vendor landscape, as a positive development for both insurers and vendors, as both sides will benefit from deeper resources to support innovative solutions.”
The acquisition gives Accenture an industry-leading life insurance platform with a full spectrum of processing capabilities, from front-office sales to back-office policy administration. Accenture will maintain and invest in NaviSys’ existing products and services and leverage NaviSys software to develop new business process outsourcing (BPO) services for life insurers in North America. NaviSys works with more than 50 leading insurance companies and insurance distributors worldwide, including 17 of the top 20 U.S. life insurers.
“Accenture’s financial and R&D resources and its Global Delivery Network will promote continued growth and innovation of NaviSys’ industry-leading software,” said David Hollander, senior executive in Accenture’s Insurance practice. “In parallel, we will work with our clients to create new business processing services, based on NaviSys technology and Accenture’s global sourcing assets, to help life insurers reduce operating costs on closed books of business and on open books.”
“Together, Accenture and NaviSys are mapping a path to the highest levels of efficiency, quality and productivity for our clients,” said Michael A. Roe chief executive officer of NaviSys. “This combination of industry expertise, proven and scalable technologies, and relentless focus on business outcomes marks a new era of core processing excellence and cost reduction for North American life insurers.”
NaviSys is part of Accenture’s Financial Services operating group, which serves 44 of the top 50 insurance companies worldwide. BPO services will be delivered by Accenture Insurance Services, a unit specializing in insurance BPO.
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 133,000 people in 48 countries, the company generated net revenues of US$15.55 billion for the fiscal year ended Aug. 31, 2005. Its home page is www.accenture.com.