Accenture's Property & Casualty Insurance Rating Software Solution Receives Industry Awards for Functionality, Technology
NEW YORK--(BUSINESS WIRE)-- Accenture's (NYS: ACN) property and casualty (P&C) insurance industry rating software solution, Accenture Duck Creek Rating, received two XCelent Awards in Celent's latest report titled "P&C Stand-Alone Rating Systems: An ABCD Analysis of Vendor Solutions in North America1."
The Accenture Duck Creek Rating engine was recognized with awards in two areas:
The XCelent Technology Award for the leading solution in "Advanced Technology," which is based on several evaluation criteria, including usability for both business and systems administration users, as well as the modernity of programming language used, range of databases and application servers supported, and flexibility of data model.
The XCelent Functionality Award for the leading solution in "Breadth of Functionality." Celent reviewed each vendor's system against the functionality demanded by P&C insurers, and Accenture Duck Creek Rating's ability to support both the rating and the product development process was found superior.
"How accurately an insurer determines what to charge for a specific risk and how precise their rating function is determines how profitable they will remain," said Michael A. Jackowski, global managing director of Accenture Software for P&C Insurance. "These awards demonstrate our commitment to helping our P&C clients pursue profitable growth by providing them with highly advanced technology, usability and functionality to effectively manage all aspects of product definition."
Celent is a leading industry analyst firm focused on the application of information technology in the global financial services industry. Launched in November 2010 to acknowledge vendor excellence, Celent's XCelent Awards are designed to help financial institutions and technology providers stay abreast of industry trends by evaluating the shifting vendor marketplace and awarding technology best practices. An excerpt of the full report is available on Accenture's website.
"Besides its use of .NET, the Accenture Duck Creek Rating engine has extensive service capabilities, and leverages its technology to offer extensive flexibility to the end user," said Michael Fitzgerald, analyst at Celent and author of this report. "Insurers who want to push rating beyond arithmetic and formulaic updates and into product management should consider the solution."
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 property & casualty (P&C) software to configure products, transact lines of business and process claims.
1 Celent, "P&C Stand-Alone Rating Systems: An ABCD Analysis of Vendor Solutions in North America," by Michael Fitzgerald, March 29, 2013
Accenture is a global management consulting, technology services and outsourcing company, with approximately 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 P&C Insurance software, its home page is www.accenture.com/pcsoftware. Accenture's P&C insurance software is also part of Accenture Property & Casualty Insurance Services. By applying its extensive industry knowledge to continuously enhance its software, Accenture helps insurers reduce operating costs, and drive growth through better customer interaction and product innovation.
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