Our Insurance industry comprises two business services—Life Insurance and P&C Insurance services—each of which consist of a portfolio of offerings that are listed below:
Life Insurance Services
Platform Modernization – Replacing a number of aging computer systems with one modern life insurance platform can provide carriers with rapid and more frequent product introductions. Platform modernization also reduces expenses, lowers policy acquisition costs and better utilizes IT resources.
Distribution Services – Achieving profitable growth in the digital age demands a distribution model that has a deeper, more actionable understanding of customer segments and the ability to develop and offer customized products, services and experiences across a wide range of channels.
Life Insurance BPO – Many life insurers have already discovered how outsourcing some or all of their business processes can result in improved service levels and reduced costs. Policy processing costs `can be reduced by 25 to 40 percent; management is freed-up to consider more strategic opportunities while customers and agents experience better service with fewer errors.
Software: Accenture Life Insurance Platform – The Accenture Life Insurance Platform (ALIP) is viewed as the industry’s leading life insurance platform by many analysts and experts. It combines illustrations, eApps, underwriting and policy administration into one flexible platform, speeding time to market, reducing operational costs and facilitating true multi-channel capabilities.
Property and Casualty Services
Distribution Services – The time tested distribution model of agents and brokers selling within their community is under strain as new generations of insurance buyers are drawn towards other channels. To remain competitive, insurers must develop deeper, more actionable segmentation strategies that offer the right product to the right customer using the most effective channel.
Policy Services – The core business of selling and servicing insurance policies has remained relatively unchanged for the past two decades. Technology advances and current market realities have placed these processes under a microscope as companies strive to simultaneously reduce policy processing, improve service and increase speed to market.
Claims Services – The role of claims professionals is being redefined with a sharper focus on the delivery of improved claims outcomes. Technology is enabling this shift, improving settlement accuracy, detecting fraudulent activity earlier in the claims cycle and enabling a new data-driven claims process.
Software: Policy and Claims – Accenture Duck Creek insurance software is an industry-leading suite offering one of the most comprehensive sets of processing capabilities for the P&C insurance market — from product configuration and definition to policy management, including underwriting, billing, rating, ISO-based products support and claims management.