UK Insurer 1st Central Processes More Than 100 Million Insurance Quotations with Help from Accenture
Accenture (NYSE: ACN) announced that Accenture’s Duck Creek Rating
software product has helped UK-based specialty car insurer 1st
Central achieve growth since its founding in 2008.
“1st Central has grown rapidly from just 62 employees to more
than 500, selling over a million car insurance policies and serving more
than 250,000 customers today,” said Peter Johnson, CIO, 1st
Central. “This growth and profitability would not have been possible
without a robust and flexible rating software solution like Accenture
Duck Creek Rating. The software’s granular rating functionality and
codeless configuration capabilities enable us to immediately react to
market opportunities and generate price changes -- multiple times daily,
if required – providing the competitive edge we need in order to
increase market share. It also offers a straightforward integration with
the major aggregators operating in the UK marketplace, which helps
customers quickly find a competitively-priced insurance quote.”
1st Central completes an average of 400,000 to 750,000
insurance quotes daily through the software, at a rate of less than one
second per quote. Last year the insurer processed more than 130 million
quotes resulting in the sale of approximately 200,000 car insurance
policies.
‘We are delighted with the success that 1st Central has had
with Accenture Duck Creek Rating,” said Albert Juanals, managing
director and head of Accenture Software for P&C Insurance in Europe,
Africa and Latin America. “The performance achieved by 1st
Central provides a tangible example of how flexible and powerful this
solution is. With its codeless configuration capabilities, Accenture
Duck Creek Rating allows insurers’ business teams to manage all updates
and changes in-house with limited intervention from their IT
departments, offering customer-tailored pricing that will help position
them to win in a crowded marketplace.”
Accenture Duck Creek Rating is part of Accenture’s award-winning Duck
Creek policy and claims (P&C) software suite, which 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 P&C software to configure products, transact lines of business and
process claims.
About 1st Central
1st Central is part of the First Central Group (Group), founded by Ken
Acott, Pat Tilley, Peter Creed and Mike Leonard as a provider of online
motor insurance. 1st Central provides a variety of services to the
Group’s Gibraltar based intermediary and insurance companies and the
Group has enjoyed exponential growth since its launch in 2008, with
around 300,000 customers and one million policies sold since launch.
A period of investment in the business throughout 2011 and 2012 has seen
1st Central reinforce its management team with recognised market
experts, embed a scalable policy administration platform which is
equipped for further growth, integrate advanced fraud detection
technology and implement a sophisticated end-to-end claims management
system. The Group is now firmly established as a successful market
leader within the motor insurance market and is ready to move into its
next phase of sustained growth and expansion.
About Accenture
Accenture is a global management consulting, technology services and
outsourcing company, with approximately 266,000 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.
Copyright Business Wire 2013