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1 Copyright © 2008 Accenture All Rights Reserved. U.S. Insurance Company Mergers & Acquisitions Services; Product/Policy/Billing Trans Services Client Background With nearlyUS$200 billion in statutory assets, this U.S. Insurance Company is one of the largest insurance and financial services companies in the world. The company offers a full range of insurance products and financial services for customers’ home, car, family and financial security. U.S. Insurance Company has approximately 40,000 employees and more than 15 million policies in force. Business Challenge When U.S. Insurance Company merged with another insurer it needed help to integrate the product, business and technology platforms supporting two different distribution channels into a single set of processes and technologies. U.S. Insurance Company hoped to achieve a simplified operating environment for its commercial lines products across both independent and captive agent channels. Approach Accenture was selected because of its deep insurance industry knowledge and expertise in delivering large, complex post-merger integration programs. The multi-year collaboration between Accenture and U.S. Insurance Company is comprised of five programs under a common umbrella, including: Conversion for the exclusive agent channel. Commercial lines and selected personal lines expansion for the independent agent channel. Consolidation to improve and enhance the product, business and technology platforms for both exclusive agent and independent agent channels. Provide a common imaging and workflow solution across channels which allows channels to share work and facilitates common business processes. Commercial Business Intelligence capabilities for both the exclusive agent and independent agent Channels Accenture’s role consisted of program and project management responsibilities associated with the large complex delivery, and included the use of Accenture’s Global Delivery Network resources in Chennai, India, to facilitate offshore development and testing. Accenture brought specialist insurance business architecture skills to bear to support U.S. Insurance Company’s requirements. High Performance Delivered By teaming with Accenture, U.S. Insurance Company is realizing several business benefits. It has consolidated its 16 disparate commercial policy operational systems to a single technology platform thereby reducing operating expenses. In addition, U.S. Insurance Company has increased revenue via expanded markets for the independent channel, provided additional automation for commercial processing, and reduced training and maintenance expenses. It has also facilitated improved analytical reporting and better decision making on commercial lines business via one common data warehouse. Specific measurable benefits include: A customer retention rate of more than 80 percent during system consolidation, coupled with premium increases per customer. More than tripling the automatic account renewal rate for packaged commercial policies, and more than doubling it for property policies Saving about US$1 million in the first year from policy renewals that required no processing and/or underwriting intervention. Electronic document processing has saved approximately US$2 million. Accenture has helped U.S. Insurance Company manage its merger effectively and cost-efficiently, helping the company to stay competitive and to move closer to high performance. External use approved of alias name only. (see Knowledge Exchange, https://kx.accenture.com ) https://kx.accenture.com
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