Accenture plc (ACN) recently announced that its Duck Creek insurance suite will be deployed by Mountain States Insurance Group. Financial terms of the deal were kept confidential. Per the contract, Accenture will offer its property and casualty (P&C) policy software solution to the Group to replace the latter???s legacy system for new product ideas and processing of clients??? claims.
Founded in 1937, Mountain States Insurance Group offers a wide range of P&C insurance solutions for small and midsize businesses. To maintain its leading position, as well as service goodwill, the company is leveraging Accenture???s Duck Creek Policy Administration and Duck Creek Billing. The solution will enable the carrier to settle Property and Casualty claims as and when a loss is incurred.
This apart, the company has also implemented Accenture???s product configuration software application, to make its commercial lines and workers compensation products more efficient.
Accenture took over the P&C insurance solutions provider Duck Creek Technologies, in August 2011. The combined force helped Accenture in offering more comprehensive software solutions, while providing customers with the hassle-free processing of P&C claims.
In February 2012, West Bend Mutual Insurance Company deployed the Accenture Duck Creek P&C policy software suite.
Accenture has been serving the insurance vertical for years. Continuous insurance deal wins underscore the efficacy and popularity of its services. With Duck Creek, Accenture further enhanced its insurance platform, which is helping insurance carriers in adapting to changing market conditions and gauging future requirements, thereby enabling them to run high-performance businesses. The popularity of the Duck Creek suite forced Mountain States Group to choose Accenture???s services.
We are encouraged by the steady flow of new business and believe that the trend will continue. However, increasing competition from IBM Corp. (IBM), a strained spending environment and Accenture???s broad European exposure (roughly 40.0%) may temper its growth prospects to some extent.
Currently, Accenture has a short-term Hold recommendation, denoted by the Zacks #3 Rank.
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