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Creates Business Analysis Center of Excellence to Achieve 40 Percent Cost Reduction
A leading property and casualty insurance company in the US was looking to provide an outstanding insurance product-buying experience for its customers and agents, to complement its strict underwriting practices and pricing strategy. Its current business analysis resource pool lacked strong techno-functional skills and threatened the IT organization’s ability to deliver critical projects that improve agent effectiveness and offer customers new products and features.The company turned to Accenture to establish a team of insurance business system analysts in a global delivery model; develop an implementation roadmap for creating an insurance business analyst center of excellence; adopt a distributed agile software development approach; and continually improve requirement delivery, application development, maintenance and business analysis. Today, the company has an experienced team of business analysts and a robust, predictable engine in place for developing and releasing underwriting, policy administration and agent-facing application enhancements, contributing to two percent retention of market share in the personal insurance market.
The business was under pressure to launch new products and provide better agent and customer experience to maintain market share in the personal insurance division. Past projects were delayed due to a lack of skilled business analysts. There was an increasing demand for business analyst leads, techno-functional skills as well as agile requirement delivery knowledge. The company lacked business analysis as well as a comprehensive requirements development and management approach along with tools, processes and metrics. To ensure critical projects were delivered on time and under budget, the company turned to Accenture as the Preferred Business System Analysis (BSA) provider in a co-sourcing model to execute a multi-year Business Analysis capability transformation program to set up a Business Analysis center of excellence.
Leveraged Accenture’s delivery centers in India to establish a business analysis center of excellence and conducted maturity assessment, planning and execution of the roadmap, providing industry knowledge and defining client-centric business analysis processes, templates, quality guidelines, metrics and tool adoption.
Helped the company build a global business analysis delivery model by replacing established multi-vendor resources with highly-skilled business analysts located in Accenture’s Global Delivery Network in India—creating a flexible and cost-effective staffing model to meet project demands around the globe.
Successfully supported three new product launches—auto, property and umbrella—re-platforming the policy administration systems to support auto product and, in the future, property products, along with three major direct-to-consumer programs aimed at providing quick quotes to customers and enhancing user interface experience to agents.
Delivered a multi-year $50+ million auto product strategy program aimed at revamping a popular auto insurance product. Delivered a multi-year $40 million policy administration re-platforming program, using agile methodology for the first time at the company.
Through the adoption of distributed agile methods, revamped the policy administration system and agent-facing applications to quickly implement complex requirements into an improved user interface.
Helped bring greater speed, quality and cost effectiveness to the IT organization through end-to-end application development control services.
Working with Accenture, the company:
Increased organizational efficiency and maturity of the company’s business system analysis competency center from a Level 1 to Level 3.
Moved away from a capacity services approach to a shared delivery responsibility in an agreement with Accenture and higher accountability model.
Created a strong business analyst work force with techno-functional requirement development and management skills around the globe for greater participation in projects to improve the agent experience, launch new products to enhance customer experience and leverage the web as the most important direct to consumer channel.
Reduced the overall application development costs by 40 percent.
Enabled the company’s business analysis practice to take on greater challenges at a 30 percent reduced cost.
Launched a series of new auto and home insurance products and features at 40 percent lower costs by leveraging Accenture’s global delivery model and improved overall customer satisfaction receiving a 7 out of 7 score from client leadership with industry differentiation and higher accountability.
Based on program’s success, the company has now expanded the model across the enterprise with Accenture’s business analysts working for three additional divisions.
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