Accenture to acquire Duck Creek Technologies

BANGALORE, INDIA: Technology services and outsourcing company Accenture, announced on Thursday that it has entered into an agreement to acquire Duck Creek Technologies, a privately-held company that specializes in software solutions for the property and casualty (P&C) insurance industry.

The acquisition is expected to strengthen Accenture's capabilities to support P&C insurers of all sizes. It will enhance Accenture's ability to help insurers react faster to changing market conditions, quickly launch products that match consumers' evolving needs, and improve customer satisfaction, while reducing operating costs, stated a press release.

The terms of the transaction, which might close within the next 30 days, however, were not disclosed.

The company statement said that the acquisition will complement Accenture's existing P&C, component-based software platforms and will give Accenture an industry-leading suite of software with one of the most comprehensive spectrums of processing capabilities for the P&C insurance market - from product configuration and definition to policy management, including underwriting, billing, rating, ISO-based products support and claims management.

"Duck Creek is a leader in the P&C policy administration market as demonstrated by its customer base and its sales momentum," said John DelSanto, global managing director of Accenture's Insurance practice.

He added that this acquisition would reinforce their presence in the marketplace while expanding their offerings to significantly more clients, including in the mid-market.

Colin Davies, global managing director of Accenture Software, said, "This acquisition will enable us to provide insurers with a leading, comprehensive component-based P&C software platform, with modules that can be implemented individually or collectively. It will be as part of a broader migration strategy, while reducing the total cost of ownership."

"We both will bring together a powerful set of industry skills, technology services and implementation capabilities for P&C insurance clients, who will also benefit from additional experience, scale and R&D investment," said Steve Hall, president and CEO of Duck Creek.