Using its technical know-how to its advantage,
) has been winning several major deals of late. Recently, insurance
company Zurich Insurance Group selected Accenture's Duck Creek
Policy software suite to help accelerate its product development
processes and enhance customer service. Financial terms of the deal
were kept confidential.
Per the contract, Accenture will offer its Duck Creek Policy (which
includes Duck Creek Billing, Claims and Policies and property and
casualty) software solutions to the Group for its general insurance
business in the United Kingdom, which would improve processing of
Zurich Insurance Group happens to be one of the largest insurers
serving its customers both in the global and local markets. The
company provides general insurance, life insurance and farmer
insurance, globally. To manage its worldwide insurance operations,
the company has had to adopt efficient software solutions.
Accenture's expertise in providing various insurance solutions
prompted Zurich to select its insurance suite.
The solution will enable the carrier to settle property and
casualty claims as and when a loss is incurred. It will thus be
able to maintain its market leading position and service goodwill
by leveraging Accenture's Duck Creek Policy suite.
Accenture has been serving the insurance vertical for years.
Continuous insurance deal wins underscore the efficacy and
popularity of its services. With the Duck Creek acquisition (in Jul
2011), Accenture further enhanced its insurance platform. The
solution helps insurance carriers to adapt to changing market
conditions and gauge future requirements, thereby enabling them to
run high-performance businesses.
In spite of regular deal wins, competition continues to increase at
a steady pace, especially from companies like
Computer Sciences Corp.
). Additionally, a strained spending environment as well as
significant exposure to Europe may temper growth to some extent.
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 #2 (Buy).
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