Accenture has acquired Altus Consulting from Equisoft to enhance its services for insurance and investments clients in the UK.
Financial terms of the transaction have not been disclosed.
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This move aims to improve Accenture’s capabilities in offering “end-to-end transformation” projects for its clients.
Set up in 2005, Altus Consulting offers advisory services, leveraging data-driven insights and detailed modelling.
The company has knowledge of the operating models, data structures and platforms that underpin financial services organisations.
It specialises in designing and delivering business and technology solutions to help clients navigate complex challenges, improving administration processes, customer experience, and product design.
Its project portfolio covers workplace and individual pensions, annuities, investment and asset management solutions, as well as speciality markets and general insurance segments including motor and medical insurance.
As part of the deal, Altus Consulting’s team will join Accenture’s Insurance practice in the UK, bringing expertise in areas such as distribution, risk and regulation, operating models, data and technology.
The acquisition also adds a range of software products, including an operational and regulatory impact assessment tool.
Accenture UK & Ireland Insurance lead Carmina Lees said: “A strong financial services sector is the backbone of a thriving economy in the UK, with insurers helping customers through some of the most challenging periods of their lives. Advances in technology present a significant opportunity to create growth and efficiencies for this vital sector but only if they can harness it.
“Our acquisition of Altus Consulting will accelerate our goal of helping clients to reinvent their business, building digital capabilities that enable them to better serve customers as they plan for their futures.”
This latest acquisition builds on several strategic moves by Accenture in recent years, including the purchases of BCS Consulting and Mudano, to expand its financial services capabilities in the UK.
With the divestiture, Equisoft will retain the former Altus software business, maintaining its focus on offering software products and tools for the life insurance, pensions and investments sectors.
In September last year, Accenture and US-based insurance company F&G entered into a partnership to bolster the latter’s technology infrastructure to drive growth in its annuity business.
