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Policy Administration

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Accenture Debuts Enhanced Technology Offerings at ACORD LOMA Insurance Systems Forum

Among the systems revamped include Accenture Claim Components, Accenture Policy Components and the Accenture Life Insurance Platform.

This week Accenture (New York) unveiled newly improved claims and policy administration solutions designed to help P&C and life insurance carriers to focus on operational efficiency and profitable growth by enhancing process automation and multi-channel distribution integration. Among the systems revamped include Accenture Claim Components, Accenture Policy Components and the Accenture Life Insurance Platform.

“As the markets show signs of recovery, insurers are broadening their focus from cost reduction to efficiency and profitable growth,” said Gilles Biscay, managing director and head of Accenture’s insurance industry software solutions. “By simplifying their internal operations while driving highly differentiated services, insurers can take advantage of the upturn to pull away from competitors. Proven software solutions play a pivotal role by providing advanced processing tools and reducing the time it takes to launch products across multiple channels.”'

The upgraded version of Accenture's .NET-based Claim Components solution allows insurers to rapidly and cost-efficiently launch claims management solutions for mobile devices, the vendor asserts.' It also enables mobile field resources such as claims adjusters to collect and transmit information during on-site investigations; and it supports rapid and easy deployment of Internet telephony connections between customer service and claims professionals through insurers’ call centers, Accenture says.

Accenture's end-to-end Policy Components solution enables insurers to access leading-edge technology in a flexible, component-based product configuration and policy administration platform, according to the vendor. Built on the same Microsoft .NET technology and components as the Accenture Claim Components solution, the Accenture Policy Components consists of independent but interoperable modules that cover the lifecycle of core insurance functions, from product creation to quoting and underwriting, through back-office core transaction processing, Accenture says. The solution is built to cover all lines of business and includes multi-channel and multi-country capabilities.

The upgraded Accenture Life Insurance Platform enables insurers to bring new and modified products to market faster with enhanced actuarial, mathematical and statistical functions that support complex product calculations to facilitate configuration of new product requirements, Accenture claims. The platform has also been enhanced to reduce implementation costs through more efficient product testing, additional configurable business processes and a common front-end.

Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio

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