Insurance Industry: Services Overview

The insurance landscape has changed: Customers’ expectations have increased; new and emerging technologies such as digital and mobile are causing cracks in the traditional distribution model; and reduced profit as well as increased regulatory oversight is causing many insurers to rethink the very foundations of their business.

Accenture provides insurers with a comprehensive range of insurance-specific services and combines this with a strong track record of generating business value. We combine visionary management consulting services with a portfolio of software assets and a network of business processing centers to create a closed-loop that helps guarantee the success of our engagements.

Our P&C and Life business services consist of the following:

Accenture P&C Insurance Services is a portfolio of offerings that help insurers reduce expenses and raise profitability through scalable technology-enabled improvements. Accenture’s areas of focus include:

Claims Services
Distribution Services
Policy Services
Software: Policy and Claims

Accenture Life Insurance Services can help insurers transform every aspect of their business, from product development, policy administration and technology platforms to rethinking distribution models to accommodate changing customer preferences and technological trends. Accenture’s areas of focus include:

Distribution Services
Life Insurance BPO
Platform Modernization
Software: Accenture Life Insurance Platform

Accenture collaborates with insurers to help plan and implement the complex business and operational changes needed to achieve high performance in a volatile market. We currently serve 34 of the top 40 largest insurers and work with 28 of the top 35 insurance companies ranked in the Fortune Global 500.

We combine our decades of insurance management consulting with a suite of industry-leading software assets, a network of Business Process Outsourcing centers and our innovative Insurance Data Migration Factory.

Unlike many players, Accenture provides management consulting services as well as the implementation capabilities and technological support required to achieve the business goal. This closed loop helps ensure our clients achieve their desired outcome.

We constantly perform research and benchmarking exercises to identify trends and develop roadmaps our clients can use to turn opportunities into profitable growth. The depth of our insurance expertise allows us to help insurers close the gap between their performance and the metrics currently achieved by industry leaders.  

Our progressive approach helps enable greater certainty of outcomes by selling on the basis of quantified, predictable business value and by sharing risk with our clients.

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.