For those who follow the insurance business you are no doubt aware of all of the latest reports, regardless of the type of insurance being offered, about the need for carriers in every line of business to invest in new technology to stay competitive. It does not matter your line-of-business (LOB), virtually every insurance market globally is in the throes of what observers see as “disruptive change”, and carriers are being told with some sense of urgency to literally invest in technology or risk disaster.
With this in mind, insurance companies in the Property & Casualty (P&C) business should take note of the latest release of the Accenture Duck Creek Suite, a set of integrated individual software components aimed at helping providers transform their business.
As Accenture notes, “This latest release focuses on new customer-centric functionality and operational efficiencies that enable carriers to deliver a more personalized experience for customers, no matter how they prefer to engage or connect.” In making the announcement Accenture pointed to that the fact that more than 115 unique P&C insurers around the globe have selected Duck Creek software to manage and administer their personal, commercial, specialty and workers’ compensation businesses.
Enhancements included in that new version of Accenture Duck Creek Suite are cited as follows:
- Customer Centricity with Party 360: offers a 360 degree view of each customer by creating a common party repository for all customer information from Accenture Duck Creek systems, as well as other integrated third party systems. This enables better information sharing for more personalized customer interactions.
- Omni-Channel enabled by Duck Creek Anywhere: allows sales and service processes to create a single point of change that can be accessed through the customer’s preferred channel. Customers can use one or multiple channels or devices to interact with carriers, regardless of location or process.
- Expanded Global Reach: delivers additional geographic flexibility with enhanced multi-language and geographic support.
“With Coverys’ planned growth, we need to utilize modern technology that is supported by an experienced organization with a proven track record,” said Eric Crockett, vice president, information technology at Coverys. “Accenture Duck Creek is designed to deliver the functionality and expertise that will allow us to continue to provide the superior service our customers have come to expect.”
Specifically the upgraded suite, which is beneficial for new and existing customers also include: enhancements include:
- Accenture Duck Creek Billing: offers back office efficiency with enhanced agency bill processing and new options for automated collections, payment plans and out-of-cycle invoicing. The software is scalable with support for high-volume processing at high speed – 700,000+ invoices per hour 1 – for carriers large and small.
- Accenture Duck Creek Claims: supports claim staff efficiency with the introduction of Agenda, a new planning feature that offers an easy and intuitive way to view work across teams to ensure coverage. The new release also provides enhanced file note and document management processing, as well as enriched workflow optimization.
- Accenture Duck Creek Policy: introduces mobile quoting, a new capability developed as part of the Duck Creek Anywhere program. This also includes advanced reporting to provide better insights into profitability, quote-to-bind ratios and other key metrics; enhanced functionality that advances support for extremely large schedules; and updates for over 10,000 common ISO/NCCI templates and forms.
Last and certain not list is the fact that Accenture Duck Creek Suite can be provided via an on-premise license or as a hosted service.
“Accenture’s focus continues to be on designing systems that improve how carriers communicate and interact with their customers, through any device or channel,” said Michael A. Jackowski, global managing director of Accenture Duck Creek. “With the current enhancements to our Duck Creek software, carriers can increase operational efficiencies, improving profitability and delivering a more customer-centric experience locally, regionally and globally.”
As noted at the top, the P&C business is undergoing major transformation, and the need to be more cost efficient and responsive has never been greater. Accenture and others are looking to help P&C providers the tools that need to not just keep pace with rapidly changing market requirements, but stay ahead of them.
Edited by Maurice Nagle