Bermuda-based Accenture has unveiled newly enhanced claims, underwriting and policy administration solutions designed to help property and casualty (P&C) and life insurers reduce costs and streamline insurance processes.
In the current economic environment, reducing cost without jeopardizing future revenues is critical for insurers, said Gilles Biscay, an Accenture senior executive and the companys insurance solutions lead. Our newly enhanced solutions are designed to provide advanced processing tools for insurers while lowering operating costs and reducing the time it takes to implement the solution.
The latest version of Accenture Claim Components Solution includes a self-service portal for customers and agents, extended workers compensation first notice of loss (FNOL), and new automated test tools. A set of pre-built standard processes, patterns and tasks have also been added to help accelerate insurers return on investment.
Accentures P&C product and policy management solution is designed to provide multi-channel support, including an extended agent Web site with additional functionalities which cover all policy administration processes. The solution also includes a powerful business intelligence system that provides statistical analysis to help insurers manage their full insurance lifecycle. Among the new features are pre-configured products and processes to help insurers reduce the cost and time it takes to implement new policy administration systems.
The upgraded Insurance Configuration Components Solution provides product development productivity tools to help manage product development projects and the release and deployment of those products to distribution channels and customers in a timely fashion. These features are designed to allow insurers to bring new and modified products to market faster, helping them stay one step ahead of the competition.
Accenture has enhanced the Accenture Life Insurance Platform, its industry-leading life insurance policy administration platform, by adding the capability to help insurers manage group benefit plans. In addition, the new solution has been modified to enable internationalization and to support more detailed product calculations.
Accenture Claim Components Solution
The Accenture Claim Components Solution is a Web-based technology solution designed to help insurers improve the efficiency of their claims-handling operations through the automation of routine tasks. Currently used by more than 65,000 claims handlers worldwide to process approximately 40 million insurance claims each year, the Accenture Claim Components Solution supports core claims transactions from first notice of loss through to financials and reserve management.
In addition to the new automated test tools and the pre-built processes, patterns and tasks, the new version of the Accenture Claim Components Solution has been enhanced with support for portal architecture that can help insurers, as well as their agents and brokers, access claims for loss reporting or view the status of their claims. The enhanced solution can also extend the first notice of loss configurable, dynamic questions and answers process to the workers compensation line of business.
The upgraded Accenture Claim Components Solution can process more than 3,000 insurance claims per hour and support end-user response times of less than two seconds for 17,000 claims handlers at once, according to a recent performance test of the Accenture Claim Components Solution conducted by Accenture, Microsoft and HP.
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