) will offer its Software as a Service (SaaS) solution to Berkshire
Hathaway Specialty Insurance (BHSI) to improve its business
process. Per the agreement, Accenture will leverage its cloud
platform to streamline BHSI's business process thereby optimizing
its operating costs.
Moreover, BHSI will be using Accenture Duck Creek Suite to
better serve its clients by efficient claim management techniques
and billing processes.
Accenture has been serving the insurance vertical for years.
Continuous insurance deal wins underscore the efficacy and
popularity of its services. This has also positively impacted its
In the last reported quarter, Financial Services revenues, which
combine banking, capital markets and insurance, increased 4% year
over year and helped Accenture register 1% increase in revenues.
Other operating segments were either down or remained flat on a
It is worth mentioning that Accenture's foothold in the
insurance solutions market was further strengthened by the
acquisitions of Duck Creek (Jul 2011) and avVenta (Oct 2012).
Synergizing these acquisitions has enhanced Accenture's insurance
platform, which, in turn, is helping insurance providers to adapt
to the changing market conditions, gauge future requirements and
run high-performance businesses.
Nonetheless, the competition in the insurance sector is also
increasing with players like
Computer Sciences Corp.
) coming up with cost-effective solutions.
These companies have also started aggressive marketing to grab a
chunk of the insurance market, with a special focus on the emerging
ones. Thus, we believe that Accenture has to come up with
innovative and customized solutions for its insurance customers to
maintain its current position in the market.
Currently, Accenture has a Zacks Rank #3 (Hold).
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