) recently announced that it will be managing a claims processing
system for United Fire Group Inc. along with its subsidiaries.
Financial terms of the deal were kept confidential.
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United Fire Group specializes in providing property and casualty
(P&C) insurance, life insurance and annuities to roughly 43
U.S. states. The insurance carrier has been rated "A" (i.e.
Excellent) by A.M. Best Company, a credit rating firm focused on
the banking and insurance sectors.
Per the contract, Accenture will offer its claims management
software application (Accenture Claim Components), which will
make the task of claim settlements easy for United Fire Group.
Accenture Claim Components solution monitors every detail from
the time the loss is reported to claim settlement and recovery by
deploying various analytical tools to arrive at the settlement
With the solution, the insurance carrier will be able to serve
its independent agents and clients better. As the solution will
automate the claims processing system, supervision and staff
engagement for the system will be less, which will lower
Accenture has been serving the insurance vertical for years.
Continuous insurance deal wins underscore the efficacy and
popularity of its services. With the acquisitions of Duck Creek
(Jul 2011) and avVenta (Oct 2012), Accenture has enhanced its
insurance platform, which is helping insurance carriers to adapt
to changing market conditions and gauge future requirements,
thereby enabling them to run high-performance businesses.
Accenture has been winning deals continually from the insurance
sector. Though this is encouraging, we believe similar product
offerings from the likes of
Computer Sciences Corp.
International Business Machines Inc.
) are concerns.
Currently, Accenture has a Zacks Rank #4, (Sell). Investors can
have a look at
Guidewire Software Corp.
), which has a Zacks Rank #2 (Buy) and is worth buying.