Duck Creek Policy

Duck Creek Policy enables P&C carriers to deliver insurance products at scale in an era of rapid, customer-centric innovation and growth. It supports the full policy lifecycle administration process with automation and workflow management capabilities, an integrated development environment for insurance products, and pre-built content, so that carriers can go to market faster, increase operational efficiencies, and improve customer satisfaction – built using low-code tools and delivered in a SaaS model.

Quote
Duck Creek Policy’s dynamic workflow and robust integration capabilities make it easy to quote policies - improving pricing speed and accuracy.

Key Functionaity:

• Quick quote workflow– allowing carriers to define required data capture at differenct states of the quoting process - providing streamlined quoting capabilities
• Optimized to take advantages of external data sources to speeed capture of intake data
• Straight through processing rules support low touch and true no-touch quoting and issuance
• Automated quote proposal / letter generation
• Omni-channel, responsive user experience - connecting with customers and insureds on their terms

Underwrite

Intelligent underwriting assigns resources and provides guidence throughout the underwriting process. Underwritier Workbench offers additional add-on capabilities.

Key Functionality:

·Various levels of automated underwriting depending on the complexity of the risk

·Intelligent use of available data can further reduce the time to underwrite the quote or policy and drive appropriate workflow

·Account level access to view activity across the account

·Underwriter dashboard supports workload management and balancing

·Online collaboration and documentation to document underwriting process and decisions

New Business

Reduce quote converstiontime and costs by converting all quote data to new business policy data.

Key Functionality:

·Full access to quoting and underwriting history

·Quote data automatically converted to new business policy data, eliminateing re-keying.

·Document triggering and pre-fill incorporated in issuance process

·Policy details provide access to policy notes, notifications, and attachments, creating an electronic file folder.

Endorse

Optimize underwritiers', CSRs', and processor's workflows, making midterm policy chnges with intelligent endorsement processing.

Key Functionality:

·Quickly view all endorsements activity across all terms of a policy - ensuring transaction accuracy.

·Automated out-of-sequence and cross-term endorsements, reducing processing time and improving customer satisfaction.

·Ability to view premium impact prior to transcation issuance - reducing the need to offset transactions.

·Third-party information ordering and automated underwriting improve data accuracy, pricing, and underwriter performance.

Audit

Capture exposures and premiums through regularly scheduled interim audits and final audits - managing both internal and external expectations of audit premium due or owed.

Key Functionality:

·Support forboth interim and final audits

·Return premium held until audit on cancelled policies

·Post-audit declaration page

·Ability to void and waive audits

·Track audit transactions separately from policy transactions

·Monthly reporting and self-audit capabilities

Renew

Seamlessly renew policies through automated renewal processing.

Key Functionality:

·Accurately rate and underwrite renewal policies using effective date-driven rates and rules assignments

·Intelligently generate renewal policy documents, selecting the correct form edition dates

·Automatically issue renewal quotes or policies based on defined workflow and udnerwriting criteria

·Incorporate loss data and re-order third-party data during renewal processing

·Auto non-renewal policies based on defined criteria or manually non-renewl policies

Cancel

Efficiently processed cancellations, either system-generated or manual, allow processors to focus on more complex customer requests.

Key Functionality:

·Automated cancellation processing based on defined rules

·Manually initiated cancellation

·Support for short-rate cand pro-rata cancellations

·Cancellation notice generation

Reissue

Reduce policy costs and recognize premum by quickly reinstaring cancelled policies.

Key Functionality:

·Easily reissue, reinstate, and rewrite policies

·Notice generation based on the type of reissue, reinstate, or rewrite

·Automatically reactiviate off set transactions

·System generated reinstate based on defined rules

Improve underwriting performance

Duck Creek Policy delivers consistent underwriting outcomes through rules-based processing during straight-through processing or high-touch workflows. The openness of the Duck Creek Platform enables carriers to integrate data and predictive analytics that improve risk selection and pricing.

Improve customer satisfaction

Rapidly responding to shifting customer needs with new or updated products is made possible with the configurability and scalability of Duck Creek’s Policy platform. As product requirements are identified, they can be easily implemented by business users without having to write code or repeating the process of creating definitions that are commonly found in all products. In addition, carriers can meet self-service demands of customers, agents, brokers and other third-party entities by configuring customized, multichannel access to Duck Creek Policy’s features.

Increase operational efficiencies

Duck Creek Policy increases operational efficiencies by automating and streamlining manual processes, providing out-of-the-box content, eliminating the need to program or hard-code changes with low-code configuration tools. These capabilities can reduce expense ratios and improve core operation performance by providing faster responses to inquiries, running significantly higher volume workflows when needed, and increasing speed to market with accelerated development of new and updated products.