Accenture boosts Insurance practice with acquisition of Altus Consulting

Accenture has beefed up its financial services capabilities in the UK market with the acquisition of Altus Consulting, in a move that adds around 70 consultants to its ranks.

Altus Consulting was founded in 2005 by a small group of friends who believed financial services could operate much more efficiently with technology. Since then, the firm has grown to a 70-person consultancy with expertise in multiple industry segments, including insurance, pensions, investments and wealth.

The company helps its clients design and delivers business and technology solutions that improve operations, customer experience and product design, and is known for its deep knowledge of the operating models, data and platforms that power financial services organisations.

Part of global software company Equisoft since 2021, Accenture has now acquired Altus Consulting – terms and conditions of the deal have not been disclosed. The former software business Altus Consulting is not part of the deal and remains with Equisoft.

The team of Altus Consulting will join Accenture’s Insurance practice in the UK, which according to clients and peers ranks as one of the leading practices in the country.

“Advances in technology present a significant opportunity to create growth and efficiencies for insurers, 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,” said Carmina Lees, Insurance lead for Accenture in the UK & Ireland.

William Pritchett, global lead for Accenture’s Retirement practice, added: “Altus Consulting is a trusted advisor across the insurance and investment industries, bringing relevant experience and intellectual property to enhance Accenture’s ability to address key challenges in the industry.”

The deal continues a streak of deals for Accenture in the UK, with over 20 add-ons closed since over the past five years.

Meanwhile, for Altus Consulting, the joining of forces with the global powerhouse will enable its team to up its services and impact towards clients, said CEO Martyn Evans.

“By joining Accenture, we gain the resources to dramatically enhance our offering to clients, whilst maintaining the values and approach that helped us build such a strong business. The move will allow us to deliver end-to-end transformation programmes at scale, from strategy and vision right through to design and delivery. We’re excited about the future and to see the impact we can make for our clients with our shared vision.”