Accenture Clients Receive 2013 'Model Bank of the Year' and 'Model Insurer of the Year' Awards From Leading Industry Research Firm
Firms Cited for Industry Leadership Based on Deployments of Alnova Financial Solutions, Accenture Claim Components and Accenture Duck Creek Software
NEW YORK--(BUSINESS WIRE)-- Accenture (NYS: ACN) clients BBVA Compass and XL Group were identified as the "Model Bank of the Year" and the "Model Insurer of the Year" for 2013, respectively, by financial services industry research firm Celent. The awards were based upon their successful deployments of Accenture software, which were detailed in the Celent Model Bank 2013 and Celent Model Insurer 2013 reports published earlier this year.
BBVA Compass, a top 20 U.S. bank, was named "Model Bank of the Year" for executing one of the first successful core infrastructure replacements for a major U.S. bank in more than a decade. Accenture helped implement Alnova Financial Solutions, its core banking software platform, across the bank's more than 700 branches in seven U.S. states. Alnova has helped the bank reduce the time it takes to open a new deposit account from more than 40 minutes to as little as five, and reduced its time to market with new products by up to 75 percent.
XL Group, a global insurance and reinsurance company, was named "Model Insurer of the Year" for deploying a centralized global multi-channel claims management system that supports its operations in more than 20 countries. The insurer selected Accenture to help replace its legacy claims systems using Accenture Claim Components, Accenture's claims processing software. Accenture Claim Components enabled XL to quickly launch a portal, giving its customers access to claims-related information online and through mobile devices.
Another Accenture client, U.S. property and casualty insurer Mutual Benefit Group (MBG), was named among Celent's 17 "Model Insurers" for the reuse of its agent rating portal which was built with Accenture Duck Creek software. Launched in 2007 to help grow MBG's personal lines business by giving agents instant access to quotes, the portal now supports nearly all major lines, including 99 percent of MBG's automobile and 85 percent of its homeowners' new business with no manual intervention.
"We're delighted by the recognition that BBVA Compass and XL Group have received," said Colin Davies, managing director, Accenture Software. "Advanced software is at the heart of business today. Effectively implementing industry-leading software that delivers real results for the business is what we're all about."
"Innovation in core technology is a major differentiator in today's financial services marketplace," said Richard Lumb, group chief executive, Financial Services, Accenture. "These were not just bold and successful technology initiatives; they were fundamental business transformations of the kind that help firms compete for the long term. We are proud to join Celent in congratulating our clients."
The core banking implementation was supported by Accenture Core Banking Services, a business service within Accenture's Financial Services operating group, which has helped design and implement core banking systems for more than 200 institutions globally. The insurance software implementations were supported by Accenture Property and Casualty Insurance Services, a business service within Accenture's Financial Services group that provides management consulting, technology and outsourcing services to property and casualty insurers to help them achieve profitable growth though product innovation, enhanced customer interactions and reduced operating costs.
Accenture is a global management consulting, technology services and outsourcing company, with 261,000 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 Banking software, its home page is www.accenture.com/bankingsoftware. For P&C Insurance software, its home page is www.accenture.com/pcsoftware
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