New York, June 4, 2001 – Accenture, the world’s leading provider of management and technology consulting services and solutions, today announced the rollout of a new suite of component-based solutions that can be customized to help property/casualty insurers increase claims processing efficiencies and reduce loss costs.
Called “Claim Components,” the suite of solutions enables property/casualty insurers to automate claims processing using the Internet. Claim Components has already been implemented at five leading property/casualty insurers and is currently used by more than 5,000 claims professionals.
“With roughly 80 percent of insurers’ annual revenue being consumed by claims, insurers can no longer afford to rely on outdated claims performance technology,” said David Hollander, the partner responsible for the Accenture Claims Solution Group.
According to a recent Accenture study, "Unlocking the Value of Claims" – an analysis of more than 7,000 settled claims throughout North America and Europe – new technology and workforce training can help insurers reduce claim settlement costs by up to 15 percent.
“Reusable components accelerate the development of a custom claims system,” noted Vic Guyan, a partner in Accenture’s Claims Solution Group. “Implementing our solution is likely to reduce the typical claims technology delivery time with some clients potentially by as much as 12 to 24 months, enabling insurers to see a return on their investment sooner.”
Claim Components includes the following features:
Claim Folder:Serves as a structured repository of data where handlers document the claim; the Claims Folder is the basis by which handlers collaborate across the Web. Claim Task Assistant: Generates automated to-do lists, based on individual features of a claim; assigns tasks to the appropriate person, regardless of location, organizational structure or claim complexity. Claim Contacts: Holds all names, addresses and contact information of everyone involved with a claim; allows carriers to manage vendors and track customer service promises. Claim Financials:Manages all of the financial transactions necessary to replace existing legacy claims systems, including reserving, payments, receipts, transaction authority, statistical coding, transfer of transactions across claims, financial balancing as well as the administrative functions required for financial processing. Claim Utilities:Provides the user with the means to communicate with all parties involved in the claim and document actions taken.
The Accenture Claim Components are built on a proven Microsoft-based technical architecture known as I-CBA/M (Internet Component-Based Architecture for Microsoft). The I-CBA/M Technical Architecture was designed to address the scalability needs and flexibility requirements of large claims processing applications.
Accenture is the world’s leading provider of management and technology consulting services and solutions, with more than 70,000 people in 46 countries delivering a wide range of specialized capabilities and solutions to clients across all industries. Accenture operates globally with one common brand and business model designed to enable the company to serve its clients on a consistent basis around the world. Under its strategy, Accenture is building a network of businesses to meet the full range of any organization’s needs -- consulting, technology, outsourcing, alliances and venture capital. The company generated revenues of $9.75 billion for the fiscal year ended August 31, 2000 and $5.71 billion for the six months ended February 28, 2001. Its home page is http://www.accenture.com.
About Accenture’s Claims Solution Group
Accenture’s Claims Solution Group comprises 130 full-time professionals based in a dedicated facility that serves as the center for Accenture’s advanced claims research and technology development. At the facility, Accenture creates and customizes claims solutions and runs end-to-end property and casualty applications for its clients.
Learn more about Accenture’s work in claims. http://www.accenture.com/xd/xd.asp?it=enWeb& xd=Industries\Financial\Insurance\insu_claims.xml