Accenture Software for Insurance –
Credentials
December 2010
Copyright © 2010 Accenture All Rights Reserved. Accenture, its logo, and High Performance Delivered are trademarks of Accenture.
Credentials Usage
Each credential includes a client overview, business challenge, Accenture’s approach and benefits
delivered. You can find more details on many of these credentials, including contact information, in
the Knowledge Exchange (https://kx.accenture.com/C6/Credentials/Pages/Credentials.aspx).
Usage guidelines are noted in the lower-left corner of each slide. Before using any credential, please double
check usage permissions with the client director.
If you have new/additional engagement work that we can include, or if you have feedback on any of these
credentials, please contact:
Kim Badland, Accenture Software for Insurance Marketing Lead
Mark Klinge, Accenture Software Marketing Director
Copyright © 2010 Accenture All Rights Reserved.
2
Affirmative Insurance
Claims Transformation Services Win Card
Client Background
Affirmative Insurance Holdings, Inc. is a distributor and
producer of personal non-standard automobile insurance
policies to individual consumers in highly targeted
geographic markets. Affirmative currently offers products
and services in 13 states, including Louisiana, Texas,
Illinois, California and Florida.
Challenge
Accenture has been selected to license and implement its
claims solution at Affirmative Insurance Company as part
of the insurer’s transformation program aimed at helping
centralize and automate its claims-handling operations.
Accenture will replace Affirmative’s current claims system
with Accenture Claim Components Solution, representing
the first application of the technology within the nonstandard auto insurance market.
External Use Approved. Visit
Approach
At Affirmative, the solution will support core claims transactions from first
notification of loss through final payment. The implementation of Accenture
Claim Components Solution at Affirmative represents the first application of
the technology within the non-standard auto insurance market, which covers
drivers who find it difficult to obtain insurance from standard insurance
companies due to their driving record, their lack of prior insurance, or other
factors. Currently, Accenture Claim Components Solution is used by five of
the top 10 US insurance carriers and helps process approximately one-third of
all property and casualty insurance claims in the United States.
In addition to the license of the Accenture Claim Components Solution, which
is built with Microsoft .Net 2.0 technology, Accenture is providing outsourced
application maintenance and infrastructure services to Affirmative under a
broad information technology transformation initiative, which the insurer
began last year.
KX for full posting. Posted March 2008.
Copyright © 2010 Accenture All Rights Reserved.
3
Chubb Corporation
Claims Transformation Services
Client Overview
Formed in 1882, the Chubb Corporation is a premier US property and
casualty insurance company with a market capitalization of $13 billion.
Each year, more than 12,000 Chubb employees process 160,000 claims in
31 countries throughout North America, Europe, South America and the
Pacific Rim. The company runs more than 130 international offices, is
ranked among the top 15 US insurers, and enjoys a global reputation for
superior service.
Business Challenge:
In 1999 Chubb realized its outdated claims system was beginning to
compromise its continued success. Claims service had always been a
key differentiator for Chubb and the company believed advanced
technology support would enable its staff to continue delivering superior
levels of service. Chubb's existing system, a 27-year-old mainframebased legacy claims application, was hampered by limited capacity and
high maintenance costs. While implementing a new system would incur
some risk—potentially exposing the organization to delays and costs—
Chubb wanted the benefits of a customized solution, along with the
convenience and cost attractions an off-the-shelf package could offer.
Accenture's Approach
Chubb partnered with Accenture to enhance existing assets and to build
new components for claims financial processing. Using a customized
claims application, the joint team of 220 professionals developed a new
desktop workstation that enabled claims staff to handle all aspects of the
claims process. The team followed this with a new financial transaction
processing system for the Workers Compensation Line of Business to
replace the insurer's core legacy application. Accenture also provided
change navigation and program management services to ease the
transition to the new claims environment.
Work was split between Chubb's head office and the Accenture Claim
Delivery Centre, a dedicated facility concentrating on advanced claims
research and technical development. This laboratory and testing facility
provides ready access to the latest Microsoft tools and to more than 130
highly skilled personnel.
Innovation Delivered
With the new, Web-based claims management system, Chubb reduced
total cost of ownership by retiring several legacy systems. Claims
handlers benefited from increased functionality and easy access to realtime information, which freed them to focus on improving customer
service. The initiative was successfully completed in less than 17 months,
half the time normally associated with this type of project. The short
timescale was a direct result of implementing Claim Components (an
Accenture Insurance Asset) and using a customized claims application
based on a tried and tested core product."
External Use Approved (contact: Shon Bose, 21/61006)
(see Knowledge Exchange)
Copyright © 2010 Accenture All Rights Reserved.
4
Fireman’s Fund Insurance Company
Claims Transformation Services
Client Background
Fireman’s Fund is a premier property and casualty insurer. It provides
personal, commercial and specialty insurance products throughout the
United States. As of year-end 2007, the insurer had assets of more than
US$10 billion and gross written premiums of more than US$6 billion.
High Performance Delivered
The solution has improved Fireman’s Fund’s loss and expense ratios,
minimizing claim expenses by reducing the time required to handle a
claim and enabling adjusters to spend more time on value-add and
customer-facing activities. This was achieved by:
Challenge
In 2006, Fireman’s Fund was seeking an enterprise-wide claims
processing platform to support all their major lines of business: auto,
property and general liability in both the personal and commercial
business units. In seeking to implement a standardized operational model
for claims processing, Fireman’s Fund hoped to improve their
performance in two important ways: improving their loss ratio (the
percentage of premiums that pay for claims) and improving their expense
ratio by increasing the efficiency with which they handled claims.
• Getting claims to the right claim adjuster quickly and efficiently. Sixty
percent of claims are now automatically assigned to specialized adjusters.
• Providing the right data to the claims adjuster in an easy-to-use format.
• Claims data analysis for guiding the adjuster through the most efficient
adjudication process.
• Detailed analysis of all claims, enabling fraud detection, recovery
potential and unwanted payout trends.
Approach
Accenture research shows that insurers must excel in four key areas to
achieve high performance in claims: claims segmentation, information
access and management, human performance, and organizational
effectiveness. For insurers to excel in these areas, their success is
directly linked to technology.
Fireman’s Fund selected Accenture to help with the claims transformation
because of its deep experience in the insurance industry and its specialist
expertise in claims transformation. Accenture also had extensive
knowledge of Fireman’s Fund’s business, having completed a number of
enterprise underwriting projects with the firm between 2003 and 2006.
To assist Fireman’s Fund in transforming its claims operation—a function
that encompasses people, process and technology—Accenture
implemented its Claim Components Solution. The Accenture Claim
Components Solution brings a standard, automated, repeatable process
to every aspect of claims handling, resulting in better control of the
expenses of handling a claim and better customer service.
The initiative has also reduced time spent on data entry by hours—and in
some cases, days—through automated feeds of critical claims and policy
data that used to be gathered manually. Real-time insights into
underwriting processes have made Fireman’s Fund more nimble.
Accenture has met or beaten every delivery date, remaining fully on- or
under-budget. The claims transformation initiative is enabling Fireman’s
Fund to address the key areas required to achieve high performance in
claims.
“The solution delivery success is a direct reflection on the knowledgeable
and energetic Accenture team lead by Lars Tandrup. Their ‘can-do’
attitude and willingness to succeed helped us overcome barriers and
create innovative and creative solutions to meet Fireman’s Fund’s
needs… The partnership is so strong that it became difficult for an
outsider to tell who belonged to the Accenture team, the IBM team, FFIC
(Fireman’s Fund Insurance Company) IT or FFIC business.”
– Sissi Tcherazi, IT Senior Director, Fireman’s Fund.
External Use Approved (contact: John Del Santo)
(see Knowledge Exchange for more information)
Copyright © 2010 Accenture All Rights Reserved.
5
OneBeacon
Claims Transformation Services
OneBeacon Insurance Group is using the Accenture Claim Components Solution to process insurance claims for its business, personal and specialty line
divisions.
“Efficient claims management is critical to meeting our primary responsibility as an insurance company, which is to help our customers recover from
insured losses,” said Phil Sibilia, senior vice president of claims at OneBeacon Insurance Group. “Accenture's ongoing investment in the Accenture Claim
Components Solution enables us to continuously enhance our operations and thus deliver world-class claims services.”
The Accenture Claim Components Solution is a suite of software components that operates on a robust Web-based platform and is designed to help
insurers improve the effectiveness and reduce the costs of their claims-handling operations. It can support more than 300 core claims transactions, and
easily integrates with a full range of claims interfaces, including agent portals, damage estimating systems, injury evaluation systems, and self-service
online claims systems. The Accenture Claim Components Solution, currently used by five of the top 10 property and casualty insurers in North America,
helps process approximately one-third of all property and casualty insurance claims in the United States.
The solution in use at OneBeacon features an enhanced user interface, Web services framework, and Microsoft .NET 2.0 technology. The Accenture Claim
Components Solution version 6.0, developed with assistance from Avanade, a joint venture of Accenture and Microsoft, also offers the option of a new
dynamic "question and answer" architecture.
“For property and casualty insurers, claims processing is their single largest operating cost, and the most important customer-facing function,” said
Michael A. Lucarini, senior executive and global head of Accenture's claims solutions. “Striving for the highest efficiency, excellence and innovation
possible within the claims operation is vital to high performance in the insurance industry.”
External Use Approved
Source: Accenture News Release, July 10, 2007
Contact: David Radvany. Visit Knowledge Exchange
Copyright © 2010 Accenture All Rights Reserved.
6
RSA
Claims Transformation Services
Client Background
RSA is a leading multinational insurance group. The company has
operations in over 30 countries and provides its products and
services to more than 20 million customers in over 130 countries.
For 2007, the Group reported net written premiums of UK£5.8
billion.
Challenge
In early 2003, a new Group CEO, Andy Haste, was appointed by the
Board with one main goal, to make RSA, a stronger, higher
performing business, one that delivered to shareholders and one
that customers and employees could again be proud. Following a
comprehensive strategic review, he and his team drew up a
demanding set of objectives aimed at turning the business around.
These included strengthening the Group’s capital position,
building a new management team, embedding a performance
culture, and transforming the operational performance of its
ongoing business.
The operational transformation program has had two elements.
The first has been to restructure and de-risk the ongoing portfolio
by focusing on general insurance and by successfully exiting life
and underperforming businesses. The second has been a
demanding operational improvement program. Two key targets
were publicly announced: to cut the expenses of the Group’s
ongoing businesses by UK £270 million and to achieve a
combined operating ratio of 100 percent on average across the
insurance cycle for the Group’s ongoing business (combined
operating ratio is a measure of industry profitability).
Critical to the transformation program was a fundamental
restructure of the UK claims business. The objective was to
improve claims performance by implementing a new operating
model to drive reductions in claims indemnity costs and claims
expenses.
Verbatim use only. Contact: Suzanne Cull 43-43806
(Please use the version given on KX)
Copyright © 2010 Accenture All Rights Reserved.
Approach
Andy Haste brought in Accenture to team with RSA as the partner to
implement this fundamental restructure. This would exploit Accenture’s
industry insights, transformation expertise, software assets and
outsourcing capabilities. The two companies structured a contract with a
risk and reward payment arrangement based on the delivery of the
program benefits, within budget and on schedule. Both organizations
stand to gain by making progress over the course of a three-year plan to
transform the insurer.
The transformation program was comprehensive and included:
- Implementing a new operating model comprised of a Rapid Response
Unit for claims notification and settlement of simple claims, and a
segmented back-office for handling complex claims
- Establishing an offshore claims processing center for claim notification
and recovery
processing
- Implementing Accenture Claim Components Solution as the single claims
handling system across the operations
- Implementing consistent organization, team and job structures and reengineered business processes across the operations
-Establishing supply chain arrangements with suppliers to optimize
UK£500 million in spend across motor, commercial property and indirect
spend categories
RSA and Accenture staff have worked side by side in integrated teams to
deliver the new Claims operating model. Accenture assembled a strong
global team with extensive experience in large-scale program delivery,
claims transformation, claims system delivery and outsourcing.
High Performance Delivered
The Claims transformation program began in October 2003. Within three
years, the target operating model and supporting system were fully
implemented.
The Claims program is a significant contributor to RSA’s transformation
program and strategic plans. At the end of 2005, the Claims indemnity
costs were reduced by more than UK£130 million per annum, and Claims
expenses were reduced by more than UK£5 million per annum. (Read
complete story in knowledge exchange)
7
Fireman’s Fund Insurance Company
Underwriting Transformation Services
Client Background
Fireman’s Fund is a premier property and casualty insurer. It provides
personal, commercial and specialty insurance products throughout the
United States. As of year-end 2007, the insurer had assets of more than
US$10 billion and gross written premiums of more than US$6 billion.
Challenge
As part of its efforts to become a high-performance business and reduce
the risk associated with underwriting decisions, Fireman’s Fund wanted
to transform its underwriting operations across all lines of business. This
would give its underwriters tools that would enable them to quickly adapt
to market changes, helping to improve risk decisions and sustain
profitable growth.
• Business user tools that allow fast and easy underwriting, pricing,
workflow and assessment questions to support new market opportunities,
product innovations and changes in risk exposure.
• Automation of the data collection and cleansing process while providing
authoritative location data for use across all underwriting, policy and
claims processes.
By automating routine tasks and enhancing its account management
capabilities, Fireman’s Fund can build upon its disciplined underwriting
process while helping underwriters focus on intelligent market growth
and account servicing through fluctuating market cycles.
Approach
To transform its underwriting operations, Fireman’s Fund leveraged the
full suite of the Accenture Underwriting Components Solution, a Webbased software platform designed to help improve the efficiency and
effectiveness of insurers’ underwriting processes through rules-based
technology. The Accenture underwriting solution, built on Microsoft .NET
technology and running on a Microsoft Windows Server, enables insurers
to conduct underwriting transactions through the use of Web services.
High Performance Delivered
More than 500 commercial underwriters and their teams now use the new
underwriting platform and are achieving several points of combined loss
and expense improvement as well as increased target account growth.
The Accenture Underwriting Components Solution provides underwriters
with industry-leading capabilities, such as:
Overall, Fireman’s Fund has lowered its expenses by several basis points
and is positioned to write new business more consistently, leveraging
best practices from across the company in an automated manner.
• Dynamic risk assessment based on question-and-answer dialogues
designed to help institutionalize Fireman Fund’s underwriting expertise.
The claim solution has lowered Fireman’s Fund’s claim expenses by
reducing the time required to handle a claim and enabling adjusters to
spend more time on value-add and customer-facing activities.
Accenture has met or beaten every deadline date and remained on or
under budget on all projects delivered at Fireman’s Fund.
External Use Approved (contact: John Del Santo)
(see Knowledge Exchange for more information)
Copyright © 2010 Accenture All Rights Reserved.
8
Generali
Outsourcing; Insurance BPO Services
Client Background
Generali is an international life insurance and employee benefits group
that offers the full spectrum of insurance and investment products to
individuals and corporations. Represented by more than 331 companies
in some 40 geographical markets, it has approximately 46 million
customers and assets under management worth more than €398 billion
(2007). It was ranked the number-four insurer by Fortune Global 500 (©) in
2008. In line with its commitment to provide shareholders with sustained
high growth (revenue has grown at more than the average market rate
since 2004), Generali purchased two life insurance companies: Le
Continent and Zurich France.
Challenge
While acquisition is a favored means of achieving rapid growth, it is not
without its challenges. Generali recognized it needed to integrate the two
new closed blocks of business as quickly and smoothly as possible.
More than that, it had to do it without undertaking complex system or
process re-engineering, or investing heavily in new technology. All the
while, it had to maintain a consistent level of customer service, to allay
concerns about the impact of the acquisitions. And because Generali
pursues growth through organic expansion as well as acquisition, the
integration had to be achieved without distracting key personnel from
their first priority: new product development to exceed market growth.
Approach
Accenture has an impressive track record of providing insurance BPO
services to French, European and global carriers—it manages more than
2 million life policies alone. Its Insurance Data Migration Factory is a tried
and tested tool for migrating large databases from clients’ legacy
systems to Accenture Insurance BPO Services’ one-to-many systems.
And its life insurance processing platform, which is relied on by a number
of leading carriers, has proved its ability to deliver high quality back
office administration at a significantly lower cost than clients can achieve
on their own.
The integration of Generali’s two new blocks of business entailed the
transfer to Accenture of some 150,000 policies. The Insurance Data
Migration Factory was used to ensure that all records were rapidly and
accurately converted and moved onto a shared processing platform.
Policy administration for closed books was transferred to Accenture
Insurance BPO Services, which involved the standardization and
automation of processes. The responsibility for customer care was taken
over by Accenture Insurance BPO Services’ call center.
High Performance Delivered
The project has been a notable success. Data migration was achieved at
speed, and Generali's policy processing smoothly transferred to
Accenture. The industrialized processing model, with its economies of
scale and
best-practice components, generated immediate cost savings and quality
gains. Administration costs were reduced by more than 50 percent at the
same time as customer satisfaction was improved and processing backlogs reduced: within three months, the stock of requests and complaints
was reduced by two thirds. All of this was achieved without major capital
expenditure, and without Generali having to divert resources and energy
from new product development to overseeing the integration project.
By helping Generali successfully industrialize its processes, Accenture
has added impetus to its journey to high performance.
External Use Approved (contact: Louise Butler-Green, +61 2-90055576)
(see Knowledge Exchange, Dated: May 14th, 2009)
Copyright © 2010 Accenture All Rights Reserved.
9
Large Insurance Holding Company
Underwriting Transformation Services
Client Background
This Large Insurance Holding Company is a U.S.-based insurance and
financial services holding company and offers a wide range of insurance
products to individuals, small businesses and middle market institutions.
Specifically, it provides personal automobile, homeowners, workers'
compensation, commercial automobile and commercial multiple-peril
insurance coverage through two of its Insurance subsidiaries. In 2003,
the company reported sales of $3.2 billion and net income of nearly $87
million.
Approach
Accenture quickly partnered with the company to build an Underwriting
Workstation solution that would improve underwriting processes within
the company's commercial lines.
Challenge
Like many US carriers, the company's commercial lines were showing
signs
of poor profitability from years of underwriting discipline and price
erosion.
To rapidly return to profitability, it knew it needed to identify the root
cause of its poor UW behaviors and institute a rigorous improvement
program. For help, the company turned to Accenture who brought deep
underwriting expertise.
Accenture helped the company conduct a thorough analysis of its
existing underwriting capabilities. Results of the audit revealed that the
company needed to:
In designing an application that would replace the company's legacy
registration, clearance and WIP systems, and establish an "umbrella"
workstation environment over its legacy system, the team leveraged the
Accenture Underwriting Components Solution.
•
•
•
•
•
Clarify and consistently act within its underwriting risk appetite
Institutionalize best practice underwriting processes
Train underwriting staff on fundamentals through repeatable
frameworks
Improve its customer data integrity and account management
capabilities
Improve the underwriting environment to support continual
learning, rapidly introduce strategic changes and liberate the
underwriter to focus on the market.
Contact approval required. (contact: Gail E.
McGiffin, 30/13880)(see Knowledge Exchange)
Copyright © 2010 Accenture All Rights Reserved.
The Accenture/Large Insurance Holding Company team relied on
resources from Accenture's insurance solution group, Accenture's
Delivery Center in Mumbai, and Accenture's Avanade partners to help
design and implement the new system in just 10 months.
This solution is a software platform and business process vision focused
on improving underwriting efficiency, effectiveness and overall
profitability. It helps inject greater discipline and more consistent
behaviors to an organization's underwriting decisions. It also enhances
information management and collaboration across the entire underwriting
process. Among the Accenture Underwriting Solution components
applied to this project were: Underwriting Task Assistant; Account
Folder; Name & Address; and Underwriting Utilities.
The new solution provides underwriters with an integrated, Web-based
desktop that interfaces with their policy and point-of-sale applications.
High Performance Delivered
With Accenture's help, the company is saving time, increasing revenues
and improving loss ratios. According to the company's chief information
officer, "The Accenture Underwriting Components Solution provides a
unique data model and modular software components to help enhance
our account and activity management." The business value of this
innovative solution translates into more than $3 million in annual
benefits.
In short, the Accenture Underwriting Components Solution is helping the
company gain a competitive advantage by providing a more disciplined
underwriting process, automating routine tasks and facilitating timely and
accurate account management. In these ways, the new underwriting
system marks a significant milestone in the company's journey to
10
becoming a high-performance business.
RSA
Accenture Insurance Solution
Client Background
RSA is a leading multinational general insurance group. The company has
operations in 28 countries and provides its products and services to more
than 20 million customers in over 130 countries. For 2007, the Group
reported net written premiums of UK £5.8 billion.
Challenge
In early 2003, a new Group CEO, was appointed by the Board with a goal,
to make RSA, a stronger, higher performing business, one that delivered
to shareholders and one that customers and employees could again be
proud. Following a comprehensive strategic review, a demanding set of
objectives was drawn up aimed at turning the business around. These
included strengthening the Group’s capital position, building a new
management team, embedding a performance culture, and transforming
the operational performance of its ongoing business.
The operational transformation had two elements. The first was to
restructure and de-risk the ongoing portfolio by focusing on general
insurance and by successfully exiting life and underperforming
businesses. The second was a demanding operational improvement
programme. Two key targets were publicly announced: to cut the
expenses of the Group’s ongoing businesses by UK £270 million and to
achieve a combined operating ratio of better than 100 percent on average
across the insurance cycle for the Group’s ongoing business (combined
operating ratio is a measure of industry profitability).
A key component of the operational improvement programme was a
significant investment in the key segments in which RSA operate as well
as enhancing the Underwriting that underpinned pricing. Through multiple
mergers and acquisitions the business had acquired several systems and
a variety of manual processes. Many of the policies details were stored on
paper files and underwriting was often performed manually.
Verbatim use only. (contact: Suzanne Cull 43-43806)
Visit KX for more.
Copyright © 2010 Accenture All Rights Reserved.
Approach
Accenture was appointed to work with RSA as the strategic partner to
implement the transformation. This would exploit Accenture’s industry
insights, transformation expertise, software assets and outsourcing
capabilities. The two companies structured a contract with a risk and reward
payment arrangement based on the delivery of the programme benefits, within
budget and on schedule. Both organizations were aligned to gain by delivering
against the five year plan to transform the insurer.
The comprehensive programme included:
-Implementing Accenture Insurance Solution (AIS) across the majority of RSA’s
Corporate and Small Business segments as well as its Broker & Affinity
Personal Motor books. AIS supports the full lifecycle from Quote & Buy, to
Servicing, Single View of Customer, Billing, Agency and Agent Accounts, Risk
Aggregation. It is integrated with Accenture’s Claim Components to give full
cycle claims support
- 22 strategic products have been developed to take forward new business for
the equivalent of more than 80 legacy products. The legacy book of over
500,000 policies is being migrated onto the new systems
- New risk appetite,supported by the automated underwriting facility within AIS,
to select the best risks and to price them appropriately
- Commonality of operational processes that are consistent across products
enabling cross-skilling. 1000 retrained underwriters and clerical staff.
Operational efficiency driven by automated processes such as scanning,
indexing, workflow, centralised print
- Automated controls and automated underwriting licences
- Call centre capability for broker and direct to affinity customer channels and
EDI capability for Broker
- A new data warehouse to support MI for operations, and as a granular source
of data for pricing decisions and portfolio analysis
- An integrated Product factory to give the business greater control over their
products and their rating flows.
High Performance Delivered
AIS implementation has supported RSA in driving forward product and process
rationalisation. Many manual processes have been eliminated. 1000+ staff are
using the AIS system to support their work. It gives RSA the system support to
reduce underwriting leakage through optimised risk appetite, underwriting
excellence and controls. Migration of the legacy book is underway. (Full story
in Knowledge Exchange)
11
Safeco
Product Transformation Services Win Card
Safeco Selects Accenture to Implement New Insurance Product Configuration System
NEW YORK and SEATTLE; May 15, 2008 – Safeco (NYSE: SAF) has selected Accenture (NYSE: ACN) to help implement a new product development system for its
commercial and personal insurance businesses. The purpose of the new system, which will be based on the newly unveiled Accenture Insurance Configuration
Components Solution, is to help centralize and enhance Safeco’s product development capabilities across all geographies.
“Customer satisfaction, growth and efficiency are Safeco’s highest priorities,” said Tom Troy, Senior Vice President, Safeco Business Insurance. “Based upon Accenture
technology, our enhanced product development suite is designed to satisfy the needs of our growing customer base and support product innovation well into the future.
We are pleased to make Accenture our technology and consulting provider for this important initiative.”
Safeco is the charter client of the new Accenture Insurance Configuration Components Solution, an advanced modular software application offering a full range of
product configuration capabilities for medium and large property and casualty (P&C) insurers. The solution is the newest addition to Accenture’s broad and evolving suite
of P&C technology solutions, which also includes market-leading claims, underwriting and policy administration software. Accenture is expected to help Safeco adapt
and implement the solution by the end of 2008.
The Accenture Insurance Configuration Component Solution was originally developed by Accenture in close collaboration with Microsoft and Avanade, a company
created by Accenture and Microsoft. Its key features include: Support for centralized product definitions that can be configured and maintained by business users;
interoperability with leading external engines for insurance underwriting, rating and forms; a product developer’s workbench that allows product changes to be premodeled for their impact on premiums; and Microsoft .NET 3.0 for support of Web services and full services-oriented architecture.
“The Product Development Suite is a key component in Safeco’s strategy to modernize its product and policy systems and allow for greater innovation in the product
development process,” said Kurt Schulenburg, Director, Product & Policy Information Technology, Safeco. “The ability to quickly configure and analyze new product logic
will improve speed to market and reduce implementation costs associated with introducing new products to the marketplace.”
“Efficient product configuration is one of the most challenging operational objectives for P&C carriers today,” said Gail McGiffin, senior executive in Accenture’s
insurance practice. “Our new component-based solution frees leading insurers like Safeco of the traditional limits of legacy policy systems, enabling them to rapidly
develop and deploy their product offerings, efficiently centralize their product management operations across product and regulatory lines, and integrate their product
systems with other best-of-breed technology and information tools.”
About Accenture
Accenture is a global management consulting, technology services and outsourcing company. Combining unparalleled experience, comprehensive capabilities across all
industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become highperformance businesses and governments. Its home page is www.accenture.com.
About Safeco
Safeco, in business since 1923, is a Fortune 500 property and casualty insurance company based in Seattle, WA. Safeco is also one of the nation’s leaders in the sale
and service of surety bonds.
Source: Accenture News Release, May 15, 2008 (contact: Sean Conway, +1 (917) 452 6444) Visit Knowledge Exchange.
Copyright © 2010 Accenture All Rights Reserved.
12
Zurich España
Product/Policy/Billing Trans Services
Client Background
Founded in 1872, Zurich Financial Services Group is an insurance
corporation, headquartered in Zurich, Switzerland, employing 70,000 people in
60 countries. Zurich España, a division of Zurich Financial Services Group,
has 130 branches serving more than 1.8 million customers. It offers a
comprehensive range of products for individuals covering non-life and life
insurance. The non-life products include property, accident, health, auto,
liability, specialty lines and financial risk coverage.
Challenge
As a result of a series of mergers and acquisitions, Zurich España inherited
many different information systems, products and claims processing
methods. As Zurich España consolidated, it recognized the need to rationalize
its information systems and adapt the technology to handle the new Euro
currency. Additionally, fragmented information about customers and policies
limited Zurich España’s ability to effectively plan and adapt its business
strategies that were heavily focused on its customers.
Approach
During a competitive bid in 1997, Zurich España selected Accenture because
of its proven implementation capabilities and global business approach. Over
the next three years, Accenture and Zurich España designed and built an
innovative application, Accenture's Insurance Solution, to centralize and
manage all information and operations. Previously, each business unit used
different software for various life and non-life products, and customers often
had to contact distinct business units for separate types of insurance.
Accenture built a set of standard applications to centralize the common need
of all products. These applications, including Product Development, Policy
Administration, and Claims Administration software, support and process
product and policy types using a single method and incorporate built-in
technical components, like print facilities, security and documentation
management. By storing all operations and data on the central network, this
environment interfaces easily with multiple client platforms and facilitates
common procedures for Zurich España’s branches, agents, brokers and callcenters.
"Accenture’s Insurance Solution was a key component in the implementation
of our new customer service focused strategic initiatives. It allowed us to
build our new operational and business models as well as reduce our expense
ratio by several percentage points over a two year period.”
– Mr. Juan de Blas – COO Operations, Support and Claims Director
Each distribution channel can access policy information about customers, create
and manage policies and process claims, making the Insurance Solution a real
multi-channel application. Additionally, because it accommodates all of Zurich
España’s product lines, any distribution channel can handle all of a customer's
needs, increasing the quality of Zurich España’s customer service, client
satisfaction and retention rate. Product Development is the most innovative
component of Accenture’s Insurance Solution. Formerly, it took up to six months
to create a new product or to modify an existing
product. Product Development, built using Accenture’s technical expertise and
Zurich España’s industry knowledge, reduced Zurich España’s time to market
from six months to two weeks! Business users define and update products in
Product Development, with minimal IT support, reducing reliance on the IT
department and increasing Zurich España’s responsiveness to market changes.
Zurich España wanted the flexibility to adjust its business strategy to match
shifting industry and customer demands. So Accenture designed the new system
to be modular, scalable and able to adapt to future anticipated changes in
technology, strategy and products. Insurance Solution technology allows new
distribution channels to be configured, which simplifies mergers and acquisitions
by integrating additional companies. The technology is configured to handle
multiple currencies and
can be translated into multiple languages.
High Performance Delivered
Together, Zurich España and Accenture have designed and built a solution to
standardize insurance processes. Accenture’s Insurance Solution facilitates
Zurich España’s ability to quickly adjust to changes in the market and reduces
costs, specifically:
• Decreasing Zurich España’s costs by unifying common operations to
efficiently manage accounting, send policy notifications and process claims
• Centralizing customer information to improve underwriting. Distribution
channels now access complete customer profiles and ratings, thereby
lowering expense and loss ratios
• Improving quality of service, customer satisfaction and retention rates by
integrating distribution channels. Reducing the costs and easing integration
of acquired businesses through the multi-company capabilities of this
solution
• Increasing Zurich España’s cross-selling opportunities across business
lines with a common, customer-centric platform
• Giving Zurich España the flexibility to change business strategies and
facilitate global international business and IT strategies by providing a
functional architecture that supports multinational activities
External Use Approved (see Knowledge Exchange)
Copyright © 2010 Accenture All Rights Reserved.
13
North American Life Insurance Company
Life Insurance Consolidation Services
Client Background
Founded in 1860, North American Life Insurance Company is the fourth largest
mutual life insurance company in the United States. As of December 31, 2005, the
insurer had US$24.8 billion in assets. With more than 5,000 employees, 2,900
financial representatives and over 80 agencies nationwide, the company and its
subsidiaries protect individuals, businesses and their employees with life,
disability, health and dental insurance products, and offer 401(k), financial
products and trust services.
Challenge
North American Life Insurance Company was facing a challenging competitive
environment and wanted to increase market share while lowering operating costs.
North American Life Insurance Company’s business process involved many steps
ranging from prospect information, to provision of illustrations, and entry of
application data from paper applications. The existing data entry application was
inefficient, difficult to maintain, inconsistently applied across distributors, and
lacked the agility to introduce new products rapidly. The process of underwriting
and issuing a policy was largely manual and paper-intensive. None of the
processes—from application and underwriting to policy issue—could share
information, making it almost impossible to accurately track new business cases
and provide quality service to agents. The company needed to reduce cycle times
and increase efficiency in the application, underwriting and issue process.
Furthermore, multiple legacy administration systems slowed new product
introductions and were expensive to operate from the perspective of customer
service and IT maintenance.
The situation required, among other things, that North American Life Insurance
Company consolidate and simplify its IT infrastructure. The insurer recognized
that it needed a next-generation administration system to solve the issues. North
American Life Insurance Company turned to Accenture to help develop a business
case and bring the benefits of straight-through processing (STP) to policy
administration and claims.
External Use Approved
Contact: John Gorman 732 767 3511. Visit Knowledge
Exchange.
Copyright © 2010 Accenture All Rights Reserved.
Approach
Accenture and North American Life Insurance Company partnered to introduce STP
using the Accenture Life Insurance Platform for its individual life insurance business.
The multi-phase project reengineered and automated the home office process while
streamlining the sales process by integrating sales tools in the field. The system
automated the movement of a case from inception at the time of sale straight through to
the end of the process, facilitating all the steps required to activate the new policy,
including automated interfaces with partners and other internal systems.
North American Life Insurance Company’s agents can use laptops to complete a ‘smart’
application, ensuring good-order applications, generating required forms and collecting
electronic signatures. Once new applications are uploaded, both agency and North
American Life Insurance Company home office staff review the application and begin the
underwriting process. Ordering, receipt, and evaluation of medical requirements are
automated using a rules engine. A new imaging and workflow system further enhances
the process. Once approved, policies can be printed at the agency.
Beyond streamlining processes, North American Life Insurance Company views STP as a
way to retain and acquire new agents. Younger, technology-savvy people new to the
workforce expect enhanced tools and experienced agents will appreciate the ease of
doing business with North American Life Insurance Company.
North American Life Insurance Company is also implementing a policy administration
solution for universal life and variable universal life insurance policies. The conversion of
the whole life business is in the planning stages.
High Performance Delivered
North American Life Insurance Company now has a more streamlined and proactive
approach to core business processing – from point of sale through ongoing
administration. The Accenture Life Insurance Platform has provided North American Life
Insurance Company with a highly efficient distribution and operating model, putting the
insurer on the path to be more competitive, increase market share and lower costs. The
implementation has resulted in significant improvements both in North American Life
Insurance Company’s general agency network and in the home office for both the
underwriting and new business organization and policy administration, including: faster
policy issue cycles, eliminating the time required to send insurance policies through the
postal mail, and offering efficient, personalized customer service.
North American Life Insurance Company is on track to achieve improvements in new
business cycle time from quotation to issue, quality levels, and new product introduction
cycle times. With benefits for customers, agents and the home office, North American
Life Insurance Company has taken a major step toward achieving high performance.
14
Security Benefit
Life Insurance Consolidation Services
How Accenture Helped
Client Background
Security Benefit is based in Kansas and has more than 100 years of experience in
the financial services industry, with $19.3 billion in assets under management in
2007. It provides retirement plan services and investment products. Security
Benefit also provides an array of financial programs to various markets and offers
investment options through partnerships with leading money managers.
Business Challenge
The executive team at Security Benefit, a leading North American life insurance
firm, determined that the company needed a new administration system as part of
an overall IT transformation strategy. This strategy would better align Security
Benefit’s technology with their changing business model, taking advantage of
innovations to leapfrog the competition by dramatically reducing speed to market
for new products.
Aging legacy mainframes, running COBOL and a patchwork of add-on systems,
had become too costly and complex to maintain—and bringing new annuity
products to market often took more than a year. In turn, the legacy systems
contributed to a cumbersome administrative process that impeded customer
service.
• To move toward high performance, Security Benefit sought to:
• Replace its twin mainframe administrative systems with a single “Rules Based”
platform. This was part of an overall initiative to eliminate all of its mainframebased applications
• Develop new supporting downstream applications and complete full integration of
technology solutions across the enterprise-wide processing platform
• Reduce IT and direct service costs while increasing customer service capacity,
efficiencies and quality
• Enable a shorter product development lifecycle and speed cost/benefit analysis
for product changes
• Shorten system back-up times and improve front-office technology and service
delivery capabilities
Security Benefit selected Accenture to provide its new policy administration system
and in just eight months the Accenture Life Insurance Platform (ALIP) was fully
implemented and operational with a new product for Security Benefit. All legacy
mainframe systems were decommissioned within two years of going live on the new
platform. This included a conversion of more than 250,000 policies from multiple
administration platforms. More than fifty other mainframe applications were also
replaced, greatly simplifying Security Benefit’s enterprise technology platform.
Together, Accenture and Security Benefit created an integrated and dedicated
team, which proved to be the key to its success. Five IT professionals and three
business-side staffers were responsible for creating a seamless interaction between
IT and business interests and breaking down any barriers to the ALIP System’s
implementation. Accenture and Security Benefit worked together to develop an
innovative conversion approach, taking the guesswork out of a process that is
normally very complex and difficult. Two project managers—one from Accenture
and one from Security Benefit—reported together every three weeks to the
company’s Program Management Office, which oversees all corporate-wide
projects. The integrated team structure optimized the roll-out process and facilitated
faster returns on the company’s investment.
High Performance Delivered
Accenture has continued to support the maintenance and enhancement of the
platform. The company currently processes over one million customer accounts per
year.
Specific benefits delivered include cost savings of approximately $7 million per
year, with direct service cost per policy reduced by 45%. Significant gains in
customer service capacity and efficiency were also seen, with policies per FTE
increasing by 120%; customer service costs lowered by 31%; cost per transaction
decreased by 27%; transaction volumes increased by 50%; and overall quality
improved (with an average quality level of 99.8%). In turn, IT costs decreased
across the board, with IT staff reductions of 35%; infrastructure costs lowered by
23% and PC help desk costs by 25%.
The improved processing times and front- and back-office integration lowered cycle
time to less than an hour and reduced the number of applications and systems.
This enabled faster cost/benefit analyses to determine feasibility of product
changes, facilitated a shorter product development cycle cut new product roll-out
time by 65% while tripling new product releases. Finally, system back-up time
decreased to two and a half hours with no staff overhead.
External Use Approved.
(Visit KX for more information; Date: 30th April, 09)
Copyright © 2010 Accenture All Rights Reserved.
15
Southern Farm Bureau Life Insurance Company
Front Office-Marketing/Sales/Service Transformation
Solution
Southern Farm Bureau Life Insurance Company Adopts Accenture’s Front-Office Technology Platform
NEW YORK; May 14, 2008 – Southern Farm Bureau Life has selected Accenture (NYSE: ACN) to implement a technology system that will enable their agents to
complete and submit life insurance policy applications to the insurer’s home office electronically.
The new front-office system will be based upon the Accenture Life Insurance Platform, a Web-based technology designed to help insurers enhance the speed and
efficiency of policy application processing, underwriting and policy administration through the automation of routine tasks. At Southern Farm Bureau Life, the solution will
support the policy application process for permanent life insurance, term life, adjustable premium life and all riders available within these products.
“Providing electronic application entry to all of our 4,200 agents can help improve our overall efficiency by reducing data errors and omissions that tend to occur on our
current paper-based system,” said Randy Johns, Senior Vice President, policy administration, Southern Farm Bureau Life. “This is also part of our initiative to help
shorten the time to book new business and pay commissions, improve the sale of our life products and ultimately gain new advantages.”
John Gorman, a senior executive in Accenture’s insurance practice, said, “Life insurers continue to seek new and creative ways to improve agent efficiency. At the same
time, they are pursuing strategies that will make it easier for customers to do business with them. By extending electronic application capabilities directly to the point of
sale with new technologies, Southern Farm Bureau Life has shown a definitive strategy to improve both the producer and customer experiences and achieve high
performance in the marketplace.”
About Accenture
Accenture is a global management consulting, technology services and outsourcing company. Combining unparalleled experience, comprehensive capabilities across all
industries and business functions, and extensive research on the world's most successful companies, Accenture collaborates with clients to help them become highperformance businesses and governments. With 178,000 people in 49 countries, the company generated net revenues of US$19.70 billion for the fiscal year ended
Aug. 31, 2007.
About Southern Farm Bureau Life Insurance Company
Founded in 1946, Southern Farm Bureau Life Insurance Company has been serving the life insurance needs of its members and customers for over 60 years. Farm
Bureau Insurance offices are located in counties and parishes in Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Texas
and Virginia with over 4,200 agents providing competitively priced life insurance products. Its motto is “Helping You Is What We Do Best”. At the end of 2007, the
company had over $87 billion of life insurance in-force and $9.9 billion of total assets. The Corporate office of Southern Farm Bureau Life is located in Jackson
Mississippi.
External Use Approved (see Knowledge Exchange)
Source: Accenture News Release, May 14, 2008 (contact: John Gorman, 732-767-3511)
Copyright © 2010 Accenture All Rights Reserved.
16
Zurich Financial Services Group
Underwriting Transformation Services Win Card
Zurich Financial Services Group Selects Accenture’s Underwriting Solution to Support its P&C Operations
NEW YORK; Oct. 7, 2010 – Accenture’s (NYSE: ACN) underwriting solution has been selected to support Zurich Financial Services Group’s (Zurich) property
and casualty (P&C) insurance operations globally.
Zurich intends to leverage the Accenture Underwriting Components to support a wide range of business services, including new business submission,
clearance and quoting across all lines of its P&C operations. Zurich uses the Accenture Underwriting Components’ data model also to further standardize
and streamline its data management processes. Zurich will implement the solution in North America and Europe with the license to later expand into other
geographies.
“The Accenture Underwriting Components data model and business services are expected to have a positive impact on our existing programs and enhance
our underwriting processes,” said Tom Peach, Chief Information Officer of Zurich in North America. “Accenture’s underwriting software is a valuable
addition to our technology portfolio.”
“Leading insurers such as Zurich recognize the importance of underwriting management in maximizing the overall performance of the organization,” said
John Vale, a senior executive in Accenture’s Insurance practice. “Leveraging the Accenture Underwriting Components, Zurich is gaining the benefit of a
proven industry software solution known for raising the performance of insurers’ underwriting functions through a more disciplined underwriting process,
automation of routine tasks and improved decision-making.”
About Zurich Financial Services
Zurich Financial Services Group (Zurich) is an insurance-based financial services provider with a global network of subsidiaries and offices in North
America and Europe as well as in Asia-Pacific, Latin America and other markets. Founded in 1872, the Group is headquartered in Zurich, Switzerland. It
employs approximately 60,000 people serving customers in more than 170 countries.
About Accenture
Accenture is a global management consulting, technology services and outsourcing company, with approximately 204,000 people serving clients in more
than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research
on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The
company generated net revenues of US$21.6 billion for the fiscal year ended Aug. 31, 2010. Its home page is www.accenture.com.
About Accenture Software
Accenture Software combines deep technology acumen with industry knowledge to develop differentiated software products, including a broad range of
insurance industry solutions that are used by more than 100 insurers in over 25 countries. As a dedicated global organization, Accenture Software offers
innovative software-based solutions and the unmatched skills of experienced professionals to enable organizations to meet their business goals and
achieve high performance.
Source: Accenture News Release, October 7, 2010 (contact: Sean Conway, +1 (917) 452 6444) Visit Knowledge Exchange.
Copyright © 2010 Accenture All Rights Reserved.
17
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