December 5, 2011: Accenture and BNP Paribas have entered into an 8 year business process outsourcing agreement for managing BNP’s life insurance policies in France. Under the agreement, Accenture will manage functions including administration of the call centers and ancillary business operations of BNP Paribas Credit Group. This will help BNP to focus on their core business activities.
With this agreement BNP Paribas aims at improving the quality and efficiency of the service they offer to the client. This will be made possible by making use of the information technology platform offered by Accenture along with their expertise and experience in the domain. The information technology platform developed by Accenture is designed to evolve as an industry standard, which will assist BNP Paribas to achieve its growth strategy and reassure its market position in the group life insurance business.
According to Didier Decombes, executive director, Accenture Financial services group, in the present day market insurance companies are striving to streamline their operations to develop potential business opportunities. He added that the primary objective of Accenture is to offer best in class quality and cost effective services to clients and to assist insurers to achieve their business strategy in France and across the world.
With increased regulations and the need to manage risk in dynamic market, the life insurance sector is undergoing drastic changes. Daniele Presutti, Managing director of Accenture Life Insurance Services says that this situation provides insurance companies with opportunities to increase their market share. To realize these opportunities companies go for outsourcing that will aid them to strengthen their abilities to achieve their objectives.
Accenture with its rich experience and expertise in various industries has been able to win deals with various companies from different sectors, and different geographical locations. The increasing popularity of its cloud computing, virtualization, ERP, and SI has enabled the company to achieve tow digit sales and earnings growth for four consecutive quarters.
The top management at Accenture believes that the flow of new business will continue for quite long. However they face tough competition from International Business Machine (IBM) and reduced spending as a result of debt crisis in Europe.
Accenture Life Insurance Services which come under the Financial Services group of Accenture offers service to about 60 life insurance, annuity and pension clients across the globe.
Presently Accenture enjoys Zach #3 rank, which means a short term Hold rating.