CLIENT CASE STUDY


Leading Italian insurer: Platform modernization services

Learn how Accenture helped a leading Italian insurer transform its IT function to recapture life insurance market share.

Overview

Much like other Italian insurers, this leading insurer was experiencing low volume and slow growth, and losing market share in its life insurance business. The insurer recognized that to bounce back, it would need to transform its life insurance business.

Accenture proposed an IT transformation project consisting of outsourcing, platform migration and restructuring support.

The insurer expects to see significant benefits from the IT transformation, including increased innovation through multichannel distribution, new products, quicker time-to-market and reduced IT costs.

Opportunity
The Italian insurance industry faced a slowdown in business volume and premium growth, particularly in life insurance, which affected the insurer’s ability to achieve overall profitability. After losing market share in the life insurance business, this leading insurer recognized that a reorganization of its life business would be necessary to stimulate growth.

Solution

Accenture leveraged the strong relationship it already enjoyed with the insurer’s senior executives and proposed an IT transformation project that would:

  • Reduce operations costs through outsourcing.
  • Transform the operating model with a new life insurance platform.
  • Minimize the impact on employees.

Over the three-and-a-half-year project lifespan, Accenture would:

  • Maintain and enhance applications in the insurer’s life insurance business.
  • Migrate the insurer’s life portfolios to Accenture’s Life platform.

Results
The insurer expects to see significant benefits from the transformation, including:

  • Improved innovation through multichannel distribution.
  • Increased number of new products.
  • Quicker time-to-market.
  • Reduced IT costs.

Topics Highlighted

Insurance