Accenture (NYSE: ACN) announced the availability of Accenture Duck Creek Policy Administration release 5.1, the latest version of its policy administration and rating software platform and a key component of its Property & Casualty (P&C) Insurance software suite. The new release provides functionality aimed at helping insurers improve account management and underwriting efficiencies, combined with features designed to reduce implementation time and cost.
“Insurance companies are looking for advanced technologies that enable them to respond quickly to shifting market demands,” said Michael A. Jackowski, global managing director, Accenture Software for P&C Insurance. “This release includes a number of application performance enhancements such as improved rating and underwriting rules processing, particularly for high volume scenarios common to top tier insurers.”
New capabilities of the software are intended to help users:
- Easily manage account data for large commercial risk quoting and policy processing. New enhancements provide key support for consolidating and maintaining customer information across multiple lines of business, helping to ensure data quality and consistency.
- Quickly access information with an updated user interface highlighted by a new toolbar. An improved, customizable toolbar enables the user to add, manage and complete their tasks at any stage in the policy administration and rating process, thereby facilitating an optimized workflow.
- Get products to market faster. Updated product templates assist users with regulatory standards compliance up to 90 days ahead of the content effective date, encouraging first-mover status. The templates include high quality country-wide Insurance Services Office (ISO) and National Council on Compensation Insurance (NCCI) bureau content.
- Streamline the testing process. Accenture Duck Creek Test Automation Center (TAC) gives users the ability to design reliable automated test scripts for Accenture Duck Creek Policy and Billing installations without the need to learn computer scripting language. TAC also allows test engineers and testers to refine testing focus, resulting in significant savings in time and costs over projects that employ manual testing.
To accelerate Accenture Duck Creek’s global adoption, pre-configured templates for commercial property owner’s products are now available for the UK market. These templates, based on Polaris standards and supporting iMarket connectivity, help to enable rapid implementation of commercial property owner’s line of business with lower cost and lower risk.
To enable insurers to benefit from additional state-of-the-art technologies while reducing implementation time and costs, third-party solutions pre-integrated with Accenture Duck Creek Policy Administration are available as an option. The pre-integrated solutions provide insurers with:
- Accurate and complete location data. Pitney Bowes Software’s Address Verification and Geo-Coding provides underwriters with the data they need to make informed decisions with respect to risk location and loss exposure.
- Increased insight into complex risks. Advisen’s Market Insight presents a comprehensive view of the marketplace by providing risk exposure, market segment data, as well as broker and carrier information, aiding in enabling more informed decision making.
- Seamless access to enterprise-wide documents. OnBase, Hyland Software’s enterprise content management (ECM) solution, provides insurers with a near-effortless way to manage policy documents. The latest release of Accenture Duck Creek Policy Administration enables users to access information associated to a policy, including standard policy attachments, ad hoc files or related documents or data, at any stage in the policy administration process.
Accenture’s award-winning policy and claims software offers carriers an integrated suite of software with modules that can be implemented individually or as part of a broader migration strategy. The combined software enables insurers of all sizes to benefit from a flexible suite of P&C software to configure products, transact lines of business and process claims.
Accenture is a global management consulting, technology services and outsourcing company, with 257,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$27.9 billion for the fiscal year ended Aug. 31, 2012. Its home page is www.accenture.com.
Accenture Software combines deep technology acumen with industry knowledge to develop differentiated software products. It offers innovative software-based solutions to enable organizations to meet their business goals and achieve high performance. Its home page is www.accenture.com/software. For P&C Insurance software, its home page is www.accenture.com/pcsoftware.