New York - Global services provider Accenture has unveiled enhanced claims and underwriting solutions designed to help property/casualty insurers industrialize their operations by simplifying and modernizing their core systems and streamlining their customer service and underwriting capabilities.
The Bermuda-based company's latest version of Accenture Claim Components solution now has a dashboard analytic tool that gives claims handlers and supervisors a real-time view of their claims workloads, tasks, processing status and other metrics. The upgraded solution, which also features a graphical user-interface and a range of newly automated claims functions to enable straight-through processing, was designed to reduce claims processing inefficiencies, and accelerate claims resolution.
The upgraded Accenture Underwriting Components solution provides a centralized location intelligence management feature in a packaged solution. The feature reduces from days to minutes the time required to gather location-related catastrophe-risk information from multiple sources, verify its accuracy and store it centrally for easy access by everyone involved in the underwriting process, claims the company.
The Accenture Claim Components solution uses Web-based technology to help insurers improve the efficiency of their claims-handling operations through the automation of routine tasks. It supports core claims transactions from first notification of loss through final payment. Used by five of the top 10 U.S insurance carriers, Accenture Claim Components helps process approximately one-third of all P&C insurance claims in the , reports Accenture. The solution also is used by several of the largest insurers in Europe , where it has contributed to significant and sustained underwriting improvements.
"The P&C insurance industry is in the midst of a softening market with heated competition for growth among regional and international players and unprecedented service demands from customers and agents," says Gail McGiffin, senior executive and Accenture's insurance underwriting software solutions and services lead. "Companies can outperform the market by embracing industrialized operating models that simplify their internal operations while driving highly differentiated services built with proven technology solutions."
In addition to its new dashboard analytic tool, version 7.0 of the solution now has an express claims-handling features for automated, straight-through payment processing, more sophisticated automatic assignment of claims to handlers, and automatic loss and expense reserve creation.
The new version also features upgraded technology based upon the Microsoft .NET 3.0 framework, enabling full services-oriented architecture; and a redesigned user-interface, including a new navigation framework, improved search results format and higher screen resolution.
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