Accenture's (NYSE:ACN) underwriting solution has been selected to support Zurich Financial Services Group's (Zurich) property and casualty (P&C) insurance operations globally.
Zurich intends to leverage the Accenture Underwriting Components to support a wide range of business services, including new business submission, clearance and quoting across all lines of its P&C operations. Zurich uses the Accenture Underwriting Components' data model also to further standardize and streamline its data management processes. Zurich will implement the solution in North America and Europe with the license to later expand into other geographies.
"The Accenture Underwriting Components data model and business services are expected to have a positive impact on our existing programs and enhance our underwriting processes," said Tom Peach, Chief Information Officer of Zurich in North America. "Accenture's underwriting software is a valuable addition to our technology portfolio."
"Leading insurers such as Zurich recognize the importance of underwriting management in maximizing the overall performance of the organization," said John Vale, a senior executive in Accenture's Insurance practice. "Leveraging the Accenture Underwriting Components, Zurich is gaining the benefit of a proven industry software solution known for raising the performance of insurers' underwriting functions through a more disciplined underwriting process, automation of routine tasks and improved decision-making."