Accenture (NYSE: ACN) has signed a ten-year contract with Generali France, the second largest general insurer in France, to manage a portfolio of more than 100,000 individual life insurance policies that Generali France no longer underwrites, markets or promotes. Generali France is one of the main foreign subsidiaries of the Generali Group, Europe’s largest life insurer.
The agreement, signed in February 2012, is designed to maintain superior customer service on behalf of Generali France while lowering operating cost. Accenture will reengineer the insurer’s policy management processes and increase automation through the newly enhanced Accenture Life Insurance Platform, Accenture’s industry-leading life and annuity insurance policy administration software, resulting in enhanced levels of service and greater productivity. The platform has been adapted to the French individual life insurance market, including the French tax regime.
“To maintain profitable growth, insurers will have to increase customer loyalty and reduce operating costs,” said Daniele Presutti, managing director of Accenture Life Insurance Services. “The agreement will enable Generali France to focus on client relationship and product development while reducing costs and operational risks and increasing productivity by standardizing and automating its policy management processes.”
“We are pleased to have Generali using the Accenture Life Insurance Platform to manage individual life insurance policies,” said Francois Metzler, head of Accenture Software for life insurance in Europe, Africa and Latin America. “The agreement demonstrates that our investment in enhancing our life software platform to meet the needs of the French individual life insurance market is paying off. We have high expectations for growing our business in France and look forward to delivering software solutions to other French companies in the future.”Accenture Life Insurance Services, a business service within Accenture’s Financial Services operating group, serves more than 60 life insurance, annuity and pension clients worldwide.