Switzerland & Colombia–(via Business Wire)–Accenture (NYSE:ACN) recently completed building and implementing a new core insurance information technology system for Zurich Insurance Group (ZURN, OTCQX: ZURVY), marking the insurer’s entrance into the property and casualty (P&C) business in Colombia as part of its strategy for expansion in Latin America.
Accenture implemented the new system, based on TIA Technology’s core insurance solution, which supports underwriting, policy administration and claims management for the insurer’s P&C personal and commercial lines and is integrated with Zurich’s regional IT systems.
“Entering into the Colombian insurance market is an important component of Zurich’s expansion strategy into Latin America,” said Victoria Bejarano, CEO of Zurich’s Colombia operation. “Accenture has been a great partner in helping us implement this strategy, delivering results on time and in full compliance with regulatory demands, so that we can quickly meet the needs of local insurance consumers.”
Accenture provided implementation and support services to Zurich through its local facilities in Brazil and Colombia, as well as through its Global Delivery Network using a center in Pune, India.
“Latin America continues to be a promising market for insurance expansion, even as regulatory demands and competition are increasing,” said Andre Rezende, a managing director in Accenture’s Insurance practice in Colombia. “This is the third country in which we have implemented this solution for Zurich, in addition to Brazil and Venezuela, and we look forward to continuing to work with the company on its strategy for expansion in the region.”
“Colombia is an expanding market for insurance and we are pleased to support Zurich’s successful operational launch through the implementation of an insurance core system, which we accomplished in less than ten months and in full regulatory compliance,” said Juan Antonio Garcia, a managing director in Accenture’s Financial Services practice in Colombia.
Zurich Insurance Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX.