Overview
Duck Creek provides an industry-leading suite of core software solutions to P&C insurers, including policy administration, rating, claims, billing, analytics and reporting, and digital engagement solutions. The Duck Creek Suite is a complete end-to-end offering that addresses the full insurance lifecycle. It can be fully deployed, or its components can be implemented as best-in-class standalone solutions. Our Platform empowers insurance providers to define, develop, sell, and service innovative insurance products through unsurpassed speed, reach, quality, and flexibility.
The Duck Creek Platform is the technical foundation for all of our products. Inherent openness, configurability, and common functionality across Duck Creek applications speed and simplify processes, foster transparency across functions and bring more and better information to bear on every decision more quickly.
Duck Creek addresses evolving market needs through its unique combination of P&C applications and industry content designed to solve a wide range of insurance use cases across all lines of business. Duck Creek's low-code platform is designed to drive change and rapid delivery via SaaS, providing all of the services and support needed to move faster and more efficiently; together, these unique differentiators enable insurers to accelerate speed to market, increase agility, lower total cost of ownership, and focus on innovation in entirely new ways.
Duck Creek Policy (Policy) enables P&C insurers to deliver insurance products at scale in an era of rapid customer-centric innovation and growth. Policy supports the full quote to bind lifecycle and transactions for both straight-through-processed and heavily underwritten products — all on the same platform and in any distribution channel. Policy is designed to be a powerful and flexible administration tool supporting the rapid rollout of new products and configurable self-service portals for all channels from consumer to broker. insurers can rapidly respond to new product demand for any channel, often deploying in as little as 30 days using our robust low-code product definition tools made accessible to all applications in their enterprise. Built-in, straight-through processing means many policy transactions are processed without underwriter intervention. Highly flexible pricing and user-driven rules help heavily underwritten products experience streamlined processing without sacrificing underwriting experience. Duck Creek provides insurers flexibility in managing products across multiple business lines, including Personal, Commercial, and Specialty.
Duck Creek Rating (Rating) provides insurers with a flexible, scalable product configuration and quoting capability, which enables them to realize new revenue opportunities, increase speed to market, and reduce product development costs. Rating allows insurers to quickly develop new rates and maintain products for all lines of business, with their choice of how to implement. insurers can choose a strategic approach by implementing a stand-alone rating engine for a new line of business only or opt to replace a legacy rating engine. Its user-friendly, single-point-of-change tools help drive product consistency, accelerated development, and change processes, enabling and accelerating business growth while reducing IT workloads. Rating can be utilized as a black-box rating solution (stand-alone, integrated into a carrier’s existing policy administration system) or as a tightly integrated component within the Duck Creek Policy solution.
Industry Content - Duck Creek's Content Exchange offers Line of Business Kits containing the basic structure (e.g., UI workflow, rating, support tables, etc.) for a wide variety of insurance products. Customers can use these Line of Business Kits as accelerators to speed the configuration of the carrier's proprietary products.
Line of Business Kits include:
• Personal Lines such as Homeowners, Watercraft, and Auto (for the US, UK, and AU), Umbrella, Pet Insurance
• Non-ISO Commercial Lines for CPP, Crime, GL, and Property and Specialty Lines for D&O, EPL, Excess, Medical Professional Liability, Professional Liability, Professional Crime Liability, Professional Lines Package, and Cyber. There are also a growing number of international products designed to support the Australian Commercial market and markets in the EU.
• Duck Creek Commercial Lines Templates (Templates) - Duck Creek offers comprehensive ISO, NCCI, AAIS, and state bureau-based Workers' Compensation product definition templates to aid insurers in rapid product definition. Templates offer rates, rules, forms, statistical coding, and state taxes/surcharges by product. Templates also offer a subscription service whereby products receive monthly circular updates administered by an expert staff of insurance professionals, allowing insurers to stay current with their bureau filings.
Duck Creek Billing (Billing) is a comprehensive bill management solution supporting improved operational efficiencies, cost savings, and increased revenue recognition. Billing provides all core billing capabilities, such as billing and collections, commission processing, disbursement management, and general ledger interface capabilities for all lines and bill types in a single solution. insurers can rapidly deploy new pay plans, payment methods, and service fees quickly and efficiently. The intuitive user interface reduces training time and improves employee productivity, leading to better customer service. Considered a leader in performance and scalability, Duck Creek Billing can handle a diverse range of billing requirements for all insurance products.
Duck Creek Claims (Claims) enables P&C insurers to make faster, smarter claims-handling decisions and improve how they support and reassure customers in an era of increasing automation and personalization. Claims support the entire claims lifecycle from First Notice of Loss (FNOL) to investigation, payments, negotiations, reporting, and closure in a single integrated solution. Claims is a comprehensive claims-management solution supporting more efficient claims processes and improved customer service, leading to reduced claims expense and enhanced business agility through the automation of routine tasks. Insurance insurers worldwide have implemented this software to manage claims across a broad array of Commercial, Personal, and Specialty lines of business.
Duck Creek Clarity enables insurers to attain actionable insights from data, driving decisions promptly and operational change at the speed of business. Clarity does so by providing insurers the ability to:
• Gather data from across internal operations (Rating, Policy, Claims, Billing), legacy systems, and external sources, including data lakes and device/IoT data
• Manage and curate data to attain and sustain high data quality and relevance across the entire organization
• Create and propagate data changes nimbly, using business-level expertise
• Support business reporting needs across core operations, from executives to management to end-user levels
• Drive advanced analytics and AI/machine learning endeavors with high degrees of confidence
• Take intelligent action to achieve profitable growth and customer satisfaction goals.
Duck Creek Digital Engagement (Producer) – Producer enables P&C insurers to deliver genuinely valuable and satisfying experiences, resulting in more productive and loyal users. Powered by the Duck Creek Platform, the Producer family of products leverages content configured within core systems as a common foundation to create operational efficiencies and speed to market by avoiding redundant maintenance. Extensive persona-based UX research is incorporated into designs, and workflows are visually appealing, intuitive, and easy to use. ACORD standard XML can be ingested via a direct connection to agent systems or via Turnstile PDF integration, automating the creation of new quotes in a single step. In addition, Channel Connect can be used to automate integration with comparative raters, allowing agents and brokers to rapidly find the best rating option to meet their customer's needs.
Duck Creek Distribution Management (Distribution Management) enables P&C insurance insurers to effectively drive revenue growth through their producer network in an era of increasing competition. With the ability to customize processes related to their sales channels, automate activities, and make changes on the fly with simple, easy configurations, insurers can increase the productivity of their producer networks while increasing operational efficiencies and ensuring continuous compliance. Distribution Management manages all aspects of the producer lifecycle, including onboarding, contract generation, compensation and management, appointment renewals, and terminations. insurers can keep a pulse on their producer networks with tools like performance reports and forecasting plans while also empowering agents with the information they need to succeed through self-service portals.
Duck Creek Reinsurance (Reinsurance) enables P&C insurers to increase the efficiency of their reinsurance programs. By automating critical reinsurance financial and administrative processes, Reinsurance Management helps maximize recoverables, reduce claims leakage, and improve data analytics and financial reporting. by providing a comprehensive reinsurance management solution, allowing insurers to manage reinsurance partners, contracts, bills, recoveries, and payables. Additionally, Reinsurance Management supports all reinsurance structures, automates payment calculations and bill production, provides full audit trail analytics, produces statements, bordereaux, cover letters, footnotes, & supporting details, and more.
