Innovations in Insurance Technology: The Role of Duck Creek

The health, social, and financial crisis caused by the COVID-19 pandemic posed a significant challenge for the insurance sector, which was forced to move towards more sustainable and technological business models. As in any disruptive process, the sector faced a complex transformation with significant changes, such as the demand from customers to improve their hyper-connectivity.

In this context, insurance companies have intensified their efforts to adapt, implement new technologies, and find new formulas to meet the new market standard and the changing needs of their customers.

Based on this, that companies like Duck Creek Technologies come into play, offering insurers a broad range of comprehensive, innovative, and flexible solutions with over 2,500 available APIs and advanced technology to make the necessary leap in the digitization of services and processes, prioritizing personalization, security, and operational efficiency to ensure the best service while avoiding associated risks.

Today's Property and Casualty (P&C) Insurance market demands insurers to progress faster, more agile, and more creative than ever. Due to the increase in data, advanced analytics, and the potential of AI, insurers face the challenge of managing and turning data into the primary strategic asset.

Duck Creek, on the other hand, provides the agility, flexibility, and scalability needed to launch new operations in less than 90 days, allowing insurers to build a data-based business, streamline business decision-making, and seize market opportunities more quickly and efficiently.

This technology enables innovative solutions for insurers, helping them embrace the future of technology with:

• Copilot solutions are driven by near real-time data, empowering insurers to make informed decisions and respond quickly and effectively to changing market conditions.

• Enhanced productivity tools that increase efficiency and productivity throughout the insurance ecosystem, are designed to benefit consumers, agents, insurers, and claims adjusters.

• The new era of low-code configuration tools simplifies the development and adoption of insurance products, allowing insurers to accelerate their time to market for new and continuous configurations.

What benefits does Duck Creek provide?

New and Improved Products

To stay ahead, it is necessary to develop and launch new and better products faster and at a lower cost than competitors. Assessing a prototype and confirming the potential success of forthcoming project results is crucial before committing substantial resources to its development; that’s why at Avalith, we can help you discover and boost new products. Duck Creek enables insurers to manage over 50,000 transactions in a day quickly, easily, and intuitively, to offer the products that people and businesses need within 45 days, thus improving customer satisfaction and operational efficiencies.

This way, it can deploy a new line of business in just 90 days and make new commercial products available to customers in just 45 days.

Billing System Optimization

Another advantage is its ability to help insurers react quickly and dynamically to possible changes in product pricing, reducing up to 70% of the time dedicated to updating rates and factors.

Working with an existing complex or obsolete billing system that no longer meets the company's needs or satisfies customer expectations will hinder the insurance company's competitiveness.

With Duck Creek's advanced technology, the client obtains a Property and Casualty (P&C) insurance billing system for all functionalities in all lines and types of invoices, allowing, for example, the management of differentiated commercial campaigns by type of mediator, area, or product and integrating the various payment methods currently available.

Response Speed

Finally, in today's Property and Casualty Insurance market, speed, simplicity, and responsiveness constitute the main competitive advantage. Having the right P&C insurance software can make a difference.

The advanced "no-code" configuration capabilities of Duck Creek's system allow insurers to reduce the time associated with opening, processing, and closing claims.

This advantage transforms the customer experience into a flexible solution that allows insurers to offer personalized service, integrate all required communication channels, and respond quickly to changing industry needs, driving long-term customer loyalty.

The insurance market and the solution ecosystem will continue to evolve with new achievements and business models to meet current requirements, and so will the software. Some of the trends expected to continue advancing include:

Insurers will improve the use of predictive analytics

With the continuous advancement of machine learning and AI within predictive analytics, insurers will continue to have more effective data for informed decision-making on underwriting, claims, core processes, and others.

A common challenge is deciphering the quality of this data from the source, reducing or eliminating data bias, and turning the opportunity for error into precision when forecasting the future.

Cybersecurity and fraud detection will gain strength

Insurance fraud represents a cost of billions each year in the industry. Cybersecurity experts can help with risk management, providing a high level of security and confidence with a strategic approach.

More Internet of Things (IoT) innovations will be created

Devices such as smart sensors, smart homes, and wearable sensor technologies continue to expand the possibilities of general insurance in the Internet of Things (IoT).

These cover risk assessment, fraud detection, and many other areas related to telematics and UBI (Usage-Based Insurance). Insurers are using these technologies to assess the risk of almost anything insurable. IoT devices also better support claims and often help prevent issues before a claim or underwriting is needed.

Low Code/No-Code remains a requirement for insurance software

Modern platforms for general insurance software must enable both developers and those without development experience to make simple operational updates. That's why Low-code/No-Code solutions are becoming more influential within insurance technology. It is especially useful for insurers who need to bring new products to the market quickly.

Collaborators will continue to provide new Blockchain technologies

Blockchain in insurance is used for rapid exchange and verification of finances, information, and much more without fear of compromise in what is transmitted. In previous years, the general insurance industry slowly introduced Blockchain technologies with the rise of insurtechs. Through partnerships and digital transformation, the use of blockchain has expanded, and its utilization is on the rise.

Anticipated Increase in Telematics Usage

Auto insurance continues to see a rise in the use of telematics, especially as driving habits have evolved in recent years. Real-time insights instead of manual readings will only enhance the relationship between vehicle operators and insurance products, primarily through better pricing that rewards positive driving habits.

Duck Creek Technologies positions itself as a comprehensive solution to address the challenges of the insurance sector by offering a wide array of comprehensive, innovative, and flexible solutions. If this approach works for your company but you don’t have the resources, reach out to us to learn how we can help!