Accenture Policy Components Overview

Report
Accenture Policy Components
Overview
July 2010
Copyright © 2010 Accenture All Rights Reserved. Accenture, its logo, and High Performance Delivered are trademarks of Accenture.
What is Accenture Policy
Components?
• Accenture Policy Components helps insurers create innovative product
portfolios, across personal, commercial and specialty lines, and to
transform their processes and systems
• Configurable products and processes can be tailored to all distribution
channels
• Components can be implemented individually or as part of a broader
migration strategy
• The respective components address key parts of the insurance process,
enabling you to improve your systems, your service and your results
Copyright © 2010 Accenture All Rights Reserved.
2
Where are we coming from and what´s
new?
Accenture has been in the policy P&C software business for more
than 12 years . . .
 managing effectively millions of General Insurance policies in leading
European insurers
 handling all major Commercial and Personal business lines through a
diversity of distribution channels (agents, brokers, underwriters, call center,
direct, aggregators, banks…)
 Most recent product launch is the new Insurance Product Factory in 2009
… and we continue evolving our policy P&C assets
 Extended configuration utilities for product factory and policy management
planned for end of 2010
 New policy workstation for distribution, fully integrated with product factory
and back-office policy management by Q3FY11
 Continuous evolution of the full policy P&C components suite to adapt to
new market needs (channels, countries…)
Copyright © 2010 Accenture All Rights Reserved.
3
What Does Policy Components look like?
Distribution Channels
• Product Config
• Rule, Rate & Form Config
• Policy Application Config
Product
Factory
Policy
Workstation
Core
Policy Admin
UW Desktop
Integration
Services &
• Front End Quote & Rate
• New Business, Endorse &
Renew
• Clearance & Registration
• Account Management
• Exposure Management
• Issuance and Form
Production
• Back End Transactions
Extended Policy Admin
Enterprise
Components
Foundational Architecture
Copyright © 2010 Accenture All Rights Reserved.
4
Accenture Policy Components, new generation
end-to-end property and casualty (P&C) product
and policy management solution
Functionality & Attributes
Policy Components functional coverage :
Product
Manufacturing
Marketing
and
Distribution
Underwriting
and New
Business
Policy Holder
& Producer
Services
Supported by five Policy Components modules:
Product Factory
Policy Workstation
Core Policy Admin
UW Desktop
Extended Policy Admin
• Native multi-channel, multi-country, multilanguage, multi-currency support
• Centralizes product definition and rules
(rating, underwriting, forms) through an easyto-use desktop system for business users.
Seamlessly integrated with the policy module
• Self-service portal for customers & agents:
Quote & buy and policy self servicing
• Preconfigured standard products & processes
• Simple integration with other internal &
external systems & channels
• Independent interoperable modules – flexible
yet robust.
• Applications can be implemented as
a comprehensive solution or individual ones
can be chosen and integrated in the insurer’s
IT landscape
According to Accenture’s customers surveyed by Celent: unanimous high scores for the functions of rating, premium
accounting, business rules and product definition; Experience around integrating with external data sources was
described as “easy”, and around making significant changes was “excellent”. With respect to Accenture’s handling of
the project implementation, references were agreed that project management, scoping, and responsiveness were all
excellent. Celent: US & European General Insurance Policy Administration Systems 2009*
Copyright © 2010 Accenture All Rights Reserved.
5
The Accenture Product Factory is a
comprehensive suite of capabilities that support
all centralized product management activities
•
•
•
•
•
•
Functionality & Attributes
Enhancing the Asset
Salient Facts
Component-based solution for P&C personal,
commercial & specialty lines product mgmt.
Cohesive workstation for consistent and
collaborative product development, testing,
deployment and project mgmt.
Centralized product definition, configuration and
modification through reusable templates and
components
Adaptable services to integrate with tools for
underwriting rules, rating, form selection and tasks
Business impact modeling to validate product
changes against production data sets and
evaluate premium or decision impacts
Product-centric deployment and run-time model
The new Product Factory is the evolution
and consolidation of the assets formerly
known as (fka) Insurance Configuration
Components, the Accenture Insurance
Solution Product Factory and the
Actuator.
Latest version of the software includes:
• Product development workstation
complemented with screen &
processes configuration
• Business impact modeling
• Deployment and run-time adapters
• Pre-defined product templates
Insurers can expect significant
business benefits:
• A 20 to 30 percent market
growth acceleration through
faster speed to market and
improved quote and newbusiness hit ratios
• A greater proportion of highmargin business ; improved
loss-cost results by 2 to 5 pts
• A dramatic increase in the
number of tailored offerings
• A 30 to 50 percent reduction
in IT expenses and increased
IT throughput
“Based upon Accenture technology, our enhanced product development suite is designed to satisfy the
needs of our growing customer base and support product innovation well into the future. We are pleased to
make Accenture our technology and consulting provider for this important initiative.”
‒ Tom Troy, senior vice president, Safeco Business Insurance
“The Insurance Configuration Components is an impressive step forward in both product configuration and more broadly in
product management which can be purchased separately allowing a company to benefit from these products with out
necessarily committing to a large up front investment. “ - Celent P&C PAS NA report – June 2009
Copyright © 2010 Accenture All Rights Reserved.
6
Accenture Policy Workstation, a state-of-the-art
underwriting solution for P&C personal,
commercial & specialty lines
Functionality & Attributes
• Provides a single web-based workstation that
integrates all front-office transaction s and
leverages existing systems and data for more
efficient and effective policy operations
• Intelligent application data capture
• Self-service portal for real-time quote & buy
• Centralized business rules, segmented
workflow & predictive pricing
• Real-time collaboration between business units
• Coordinated agency relationship management
• Integrated account service across
products/business units
• Collaborative underwriting network of
knowledge sources
Enhancing the Asset
Salient Facts
The new Accenture Policy
Workstation is the evolution of the
front-office functionality of the
Accenture Insurance Solution ,
extended with new capabilities such
as screen and processes
configuration. Latest version of the
software includes:
• Enterprise location data services
• Full cycle automation from
submissions/quotes to renewals
• Book management & operational
reporting
• Pre-built standard processes and
rules
Credentials included:
• Used to manage millions of
policies worldwide
• Thousands of users
• Manages all General Insurance
business lines (personal,
small/mid commercial, specialty
lines)
"Accenture offered an invaluable software
asset for automating underwriting processes as well as a plan for
helping us quickly implement our goals for seamless customer service.”
‒ Bob Eichenberger, vice president of front office product
management at Fireman's Fund Insurance Company
Accenture has more than 30 underwriting clients
According to Gartner’s “Now Is the Time for P&C Insurers to Invest In Underwriting
Workstations”
- April,
worldwide, including
14 ofreport
the top
20 US insurers
2009, Accenture was recognized as the only vendor that provides the granular back-office underwriting functionality
clients
are Fireman’s Fund, RSA and
and automation of business processes for commercial insurance Among
productsthe
for leading
P&C insurers
globally.
Hanover Insurance
Copyright © 2010 Accenture All Rights Reserved.
7
Accenture Underwriting Components –
a component-based solution for
P&C personal, commercial & specialty lines
Underwriting Components Software
Account Folder
UW
Utilities
AMS Data
Transformation
Name & Address
SQPR, Location/Building
UW Task Assistant, Dynamic Risk
Assessment
Partner Integration Framework
AICS Architecture
Functionality & Attributes
• Centralized business rules, segmented workflow & predictive
pricing
• Underwriting skill & service needs aligned with risk complexity &
distribution access methods
• Real-time collaboration between business units
• Coordinated agency relationship management
• Integrated account service across products/business units
• Web-based underwriting desktop & rule development workstation
• Collaborative underwriting network of knowledge sources
Enhancing the Asset
Latest version of the software includes:
• Enterprise location data services
• Used to manage +250,000 policies worldwide
• Integration with PitneyBowes Group 1 and MapInfo
• Over 5,000 users
• Full cycle automation from submissions/quotes to renewals
• Most policies managed by Accenture Underwriting
Components are larger, complex and higher revenue • Book management & operational reporting
• Pre-built standard processes and rules
policies
Salient Facts
According to Gartner’s “Now Is the Time for P&C Insurers to Invest In Underwriting Workstations” report - April,
2009, Accenture was recognized as the only vendor that provides the granular back-office underwriting
functionality and automation of business processes for commercial insurance products for P&C insurers globally.
Copyright © 2010 Accenture All Rights Reserved.
8
Accenture Core Policy Administration and Extended
Administration modules provide full back-office support
to insurers looking for an end-to-end Policy solution
Functionality & Attributes
• Multi-channel, multi-country, multilanguage, multi-currency
• Preconfigured processes: lower costs,
greater speed and flexibility
• 6 month out-of-the-box
implementations
• Simple integration with other systems
& channels
• Independent interoperable modules –
flexible yet robust
Enhancing the Asset
Salient Facts
The new Accenture Core Policy
Administration and Extended
Administration modules are the
evolution of the asset fka Accenture
Insurance Solution. Latest version of
the software includes:
• Extended channel support (e.g. web
services for aggregators )
• Multiple platform deployment options
that optimize development and
execution in production to reduce the
Total Cost of Ownership (TCO)
• Used to manage +10 million policies
worldwide
• Over 40,000 users
• Used by insurers that operate in multiple
countries
• Used for all lines of insurance business,
including complex commercial lines
• Servicing multiple channels
• Powerful analytics
CORE POLICY ADMINISTRATION
Policy
Servicing/
Renewal
Commissions
Billing
End to End
Documentati
on Mgmt
EXTENDED POLICY ADMINISTRATION
Reinsu
rance
Payments
&
Collections
Regulatory
Compliance
Technical
Accounting
Copyright © 2010 Accenture All Rights Reserved.
“Accenture’s Insurance Solution was a key
component … because it allowed us to build our
new operational and business models and in turn
reduce our expense ratio by several percentage
points over a two year period.”
– Juan de Blas – Zurich Financial: Services Spain
COO (Operations, Support & Claims Director)
Business
Intelligence
99

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