Accenture to Acquire NaviSys, a Leading North American Life Insurance Software and Services Provider.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Accenture (NYSE NYSE See: New York Stock Exchange : ACN ACN Accenture (stock symbol) ACN Accenture ACN Australian Company Number ACN Automatic Collision Notification (US DOT) ACN Acetonitrile ACN Anglican Communion Network ) has agreed to acquire NaviSys, a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. that specializes in software solutions for the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. life insurance industry. Terms of the transaction, which is expected to close within the next 60 days, were not disclosed. The acquisition will give Accenture an industry-leading life insurance platform with a full spectrum of processing capabilities, from front-office sales to back-office policy administration. Accenture will maintain and enhance NaviSys' existing services and leverage NaviSys software to develop new business process outsourcing Business process outsourcing (BPO) is the contracting of a specific business task, such as payroll, to a third-party service provider. Usually, BPO is implemented as a cost-saving measure for tasks that a company requires but does not depend upon to maintain its position in (BPO BPO Business Process Outsourcing BPO Benevolent & Protective Order (of Elks of the USA) BPO Benzoyl Peroxide BPO Business Process Optimization BPO Broker Price Opinions BPO Buffalo Philharmonic Orchestra ) services for life insurers in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . The new BPO services will be designed to help insurers end their dependence on legacy systems, reduce their cost structures, increase operating efficiencies, and refocus their efforts on designing and delivering new products. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. research firm NelsonHall, the market demand for outsourced business processes, such as policy administration and claims processing, and third-party administration services in the North American life insurance industry is expected to triple in size by 2010, to $2.17 billion. "The multitude of legacy core business systems in use at most carriers today is one of the most costly and problematic operational issues facing the North American life insurance industry," said David Hollander, senior executive in Accenture's Insurance practice. "By acquiring NaviSys, we can help insurers overcome this problem with comprehensive solutions that enable them to reduce their cost structures, increase efficiency, and accelerate new product introductions." NaviSys works with more than 50 leading insurance companies and insurance distributors worldwide, including 17 of the top 20 U.S. life insurers. The company will become part of Accenture's Financial Services operating group, which serves 44 of the top 50 insurance companies worldwide. BPO services will be delivered by Accenture Insurance Services, a unit specializing in insurance BPO. "As part of Accenture's Insurance practice, we will enhance the services we offer clients with the resources and scalability of a major global solutions provider," said Michael A. Roe chairman, president and chief executive officer of NaviSys. "With deep industry expertise, proven technology leadership and extensive global sourcing assets, Accenture and NaviSys together can deliver powerful innovation to the life insurance industry." About Accenture Accenture is a global management consulting, technology services and outsourcing company. Committed to delivering innovation, Accenture collaborates with its clients to help them become high-performance businesses and governments. With deep industry and business process expertise, broad global resources and a proven track record, Accenture can mobilize the right people, skills and technologies to help clients improve their performance. With more than 133,000 people in 48 countries, the company generated net revenues of US$15.55 billion for the fiscal year ended Aug. 31, 2005. Its home page is www.accenture.com. |
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