In today’s soft market, agility is crucial to success. That’s especially true in commercial specialty – where there’s really no such thing as a one-size-fits-all product; customer expectations are high and rising; and the need for data, and new data sources, is expanding literally every day.
While many insurers are using technology to squeeze costs out of simpler insurance products, create cookie-cutter customer experiences, and become low-cost providers, ProSight Specialty Insurance saw another opportunity. They found innovative ways to leverage tech to become a high-value partner. Because they work with incredibly knowledgeable, specialized distributors and customers, ProSight had to earn their business every day. This required finding solutions that could respond to rising risk complexity with speed, elegance, and simplicity to deliver truly differentiated underwriting and claims experiences. They reached out to Duck Creek to help them turn that opportunity into an actionable business strategy.
To support a digital transformation of this size and scope, ProSight implemented Duck Creek Policy to help drive operational efficiencies by automating and streamlining manual processes, increasing speed to market, and paving the way for as-yet-to-be imagined opportunities. With Policy, ProSight was able to simplify, automate and accelerate operations, access and manage new data sources, and facilitate interactions with customers and distribution partners. ProSight also deployed Duck Creek Templates to review, implement, reject, or customize bureau circulars to support underwriting profitability for the ultimate in speed to market. After all, technology should enable creativity, not replace it – and ProSight recognized this in taking advantage of the opportunity they saw to deliver new products with remarkable speed.
ProSight envisioned a future in which it could launch new products in 30 to 90 days. To reach that aggressive goal, they set out an equally ambitious implementation plan. Armed with game-changing technology, they were able to make the most of constant change and optimize product development to deliver customer experiences unlike any other. This wasn’t a pilot for a single line of business; ProSight is currently in production with more than 10 lines of business in 50 states, with more than 40 programs targeting specific industry classes – and each of them has a distinctive product filing.