Firms pool efforts to provide digital services to insurance industryPosted On: Apr. 18, 2016 12:00 AM CST
Management consultant Accenture and private equity firm, Apax Partners have partnered to advance claims, billing and policy administration software for the insurance industry.
London-based Apax will acquire a 60% stake in Accenture’s Duck Creek Technologies, with Accenture retaining a 40% stake. The joint venture will operate as a new and independent company, Apax said in a Monday statement.
This partnership is meant to accelerate the development of Duck Creek products and technologies. Accenture will collaborate with Duck Creek to help insurers take advantage of the Internet of Things, Big Data analytics and other emerging technologies. Chicago-based Accenture will serve as consulting partner for Duck Creek Technologies, according to the statement.
“The insurance sector is on the cusp of a digital revolution that will redefine how it operates,” John Cusano, senior managing director and head of Accenture’s global insurance practice said in the statement. “This joint venture will open the door to a brave new stage of development. Apax’s record of investing in technologies that become category leaders has made them an ideal partner in this venture. We look forward to helping shape and deliver leading-edge digital technologies for our clients through this agreement and maintaining a substantial interest in Duck Creek’s growth and success.”