Friday’s announcement that Accenture Ltd. agreed to acquire NaviSys Inc. is yet another sign of how tough it is for independent software vendors to survive in the life insurance market, a researcher says.

Accenture, a technology firm in Hamilton, Bermuda, is buying NaviSys, Edison, N.J., for an undisclosed sum.

Independent software application vendors are finding it a challenge to maintain growth and financial stability because the life insurance industry represents a highly competitive and price-sensitive market, says Cynthia Saccocia, research area director of the insurance practice at Tower Group Inc., Boston.

Acquisitions represent consolidation of available software applications in the insurance market toward a short list of large enterprise solution providers, she says.