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Technology major Accenture (ACN - Snapshot Report) has teamed up with SAS Institute for the implementation of the SAS Risk Management module for the insurance solution group of a large insurance company called Folksam.
The selection of Accenture was natural for SAS as the tech and consulting major has great execution capabilities. In February 2012, SAS Institute selected Accenture to help implement the solution at Folksam.
Group companies such as Folksam General and Folksam Life will be using this solution. This particular solution is expected to help Folksam increase the automation process of the solvency-related calculations and is also expected to support the reporting process under the European Union’s Solvency II directive.
Moreover, the company’s endeavor to expand in Asia is also encouraging. With the threat of a downturn looming large over Europe, most of the IT behemoths are turning their focus toward Asia. With the emergence of hi-tech innovations there, Accenture could ink deals in technology services, as well as outsourcing and consulting services.
Some industry experts believe that the consulting/outsourcing/offshore combination continues to support the global enterprise demand for high-end but cost-effective service delivery. Given its global footprint and client base, Accenture remains well positioned to benefit from multiple technology drivers including cloud initiatives, SaaS, mobility, digital marketing, analytics and others.
Apart from offering new solutions and introducing new products, Accenture recently witnessed top management churn. The company appointed Christopher L. Smith as the U.S. federal chief technology and innovation officer. We believe that Accenture will benefit from his rich federal government experience as he had earlier served in several senior positions with the General Services Administration and the Internal Revenue Service and was also associated with the Air National Guard for nearly 25 years.
Given the current economic turmoil in Europe, Asia has emerged as a potential target for most of the tech majors. However, increasing competition from IBM Corp. (IBM - Analyst Report), strained spending environment and significant European exposure may temper growth going forward.
Currently, Accenture has a short-term Buy rating, denoted by a Zacks #2 Rank.
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