U.S. Property and Casualty Insurer Selects Accenture for Claim Components

By Deepika Mala
TMCnet Contributor

Accenture (News - Alert), a global management consulting, technology services and outsourcing company, has signed a multi-million dollar agreement with a leading U.S. property and casualty insurer.

Under the terms of this agreement, Accenture will provide claims management support on Software as a Service basis. The latest version of the Accenture Claim Components will be leveraged to process claims management operations for the insurer’s automobile line of business.

Carriers, with the help of Accenture’s claims management services, delivered from the cloud will be able to have variable capacity and better align costs with the volume of claims activity.

Officials said that the new installation will complement and upgrade the insurer's current version of the Accenture Claim Components to handle the several million claims the insurer processes each year.

Accenture Claim Components is a leading claims processing software platform which supports more than 300 core claims transactions and integrates with a full range of claims interfaces, including policy management systems, agent portals and third-party systems.

“Leveraging leading-edge SaaS (News - Alert)-based claims management software will enable insurers to improve the claims reporting and claim handing process, while reducing operating costs, and at the same time deliver meaningful service differentiation at the point of need,” said Michael A. Jackowski, global managing director of Accenture Software for P&C insurance, in a release.

Insurer, by utilizing the claims application in a SaaS-based model, while leveraging cloud technologies, will be able to increase its flexibility and business agility.

John Del Santo, global managing director of Accenture's Insurance practice, said, “Enabling efficient and accurate claims reporting is key to improving customer satisfaction and loyalty because it’s the point where policy holders can evaluate how effectively their insurer is handling their claims when they need them the most.”

In related news, BNP Paribas Cardif and Accenture signed an eight-year Insurance Business Process Outsourcing Agreement under which Accenture will manage an important portfolio of BNP Paribas Cardif's group life insurance policies business in France, including the administrative management of the insurer's call centers and ancillary accounting operations.