Integration eliminates the tedious process for an insurer of manually reconciling all producer payments while simultaneously reducing handling time and posting errors
Boston – September 15, 2021 – Duck Creek Technologies (Nasdaq: DCT) announced today that AcordPay, a North American leader in insurance payments technology that provides a suite of payment solutions including ClearPay, a service which enables producers to issue premium payments and to automate reporting to insurers, has joined the provider’s Partner Ecosystem. An Anywhere Enabled Integration with ClearPay, now available on Duck Creek’s Content Exchange, enables insurers to receive premium payments and corresponding reconciliation data and to directly import this into Duck Creek Billing.
ClearPay is integrated into major agency management systems, which gives producers the ability to set amounts payable, payment dates, and the ability to electronically approve payments to insurers without leaving their agency management systems. ClearPay delivers remittance advice directly to Duck Creek Billing, and transfers funds on the required date from the designated bank account of the producer to that of the insurer, both for monthly receivables and for one-time payments.
“With AcordPay’s ClearPay service, agencies and carriers can benefit from end-to-end payment processing,” said Mike Senechal, CEO of AcordPay. “This partnership, and this integration, delivers automated payments and reporting between major agency management systems and Duck Creek Billing, making auto-reconciliation a reality, and we are excited to offer the combined power of both systems to our mutual customers.”
Duck Creek Billing enables P&C carriers to offer flexible billing and payment choices based on evolving customer needs. Whether offering single pay for a homeowners’ policy, pay-as-you-go for workers’ compensation, or a multi-installment plan for commercial policies, Duck Creek Billing provides the tools needed to configure customer-focused, equity-friendly plans. Duck Creek Billing accelerates speed to market, enhances operational effectiveness, and enables carriers to get back to what they do best: selling insurance
“This integration eliminates the tedious process for an insurer of manually reconciling all producer payments, while simultaneously reducing handling time and posting errors,” said Elizabeth Del Ferro, Vice President of Partner GTM at Duck Creek Technologies. “With this assurance of payment from producers, insurers can also improve their ability to forecast cash flows. AcordPay offers a highly valuable service to our mutual customers, and we are delighted to welcome them into our Partner Ecosystem.”
AcordPay provides a suite of insurance payment solutions for collecting premiums, settling with markets and managing claims and refunds. The company has developed proprietary software and workflows that connect banking infrastructure, credit card processing and core broker and carrier back office systems to service the needs of the $950bn Property & Casualty (P&C) market. To learn more, visit www.acordpay.com.
About Duck Creek Technologies:
Duck Creek Technologies (Nasdaq: DCT) is a leading provider of core system solutions to the P&C and General insurance industry. By accessing Duck Creek OnDemand, the company’s enterprise Software-as-a-Service solution, insurance carriers are able to navigate uncertainty and capture market opportunities faster than their competitors. Duck Creek’s functionally rich solutions are available on a stand-alone basis or as a full suite, and all are available via Duck Creek OnDemand. For more information, visit duckcreek.com.
Acordpay Media Contact:
650 954 0458