KUALA LUMPUR; June 29, 2016 – AmGeneral Insurance, one of the largest motor and general insurance companies in Malaysia, is now using the rating software from Duck Creek Technologies, an Accenture (NYSE: ACN) company, to better serve the needs of its agents and customers. Duck Creek Rating is now supporting both individual auto and commercial motor class of business for pricing, underwriting, and risk assessment. The remaining home and commercial/industry businesses will transition onto the new system later this year.
AmGeneral Insurance chose Duck Creek’s rating engine for its flexible and scalable product configuration, quoting capability and single point of change tools that will enable them to meet market challenges and pursue new revenue opportunities should Malaysia deregulate the insurance industry. The software was implemented by an international team comprised of employees from Duck Creek, AmGeneral and Accenture, a Duck Creek global alliance delivery partner.
“To provide the best service to our customers and agents we need to be able to react quickly to market demand while taking into account any factors that could impact pricing,” said Christopher Tandy, SVP for product, pricing and underwriting at AmGeneral Insurance. “With Duck Creek’s rating engine, we’ve extended the capabilities of our legacy-based system to deliver rapid and accurate pricing that gives us a competitive advantage.”
“We’re pleased to be working with AmGeneral Insurance to complete the transition to our Duck Creek rating software that will help them determine precise pricing and deliver quick quotes to customers,” said Michael A. Jackowski, president, Duck Creek Technologies. “Our black box rating engine provides the design and testing tools that enable faster, more accurate product development and deployment, a differentiation that offers an advantage in this highly competitive market.”
“This is an example of how we’re helping clients become not just more efficient but also more focused on initiatives that propel the business forward,” said François Metzler, Accenture ASEAN Insurance lead. “For example, Duck Creek Rating includes ‘what if’ modeling that will help AmGeneral Insurance predict its underwriting workload, produce data for filing, and monitor the actual yield of a product change over time. That is the type of efficiency and focus that is required in the event the industry becomes deregulated.”
Duck Creek Rating is included in a suite that also incorporates Duck Creek Billing, Duck Creek Claims, and Duck Creek Policy software. The configurable software is designed to work independently or as a combined approach to manage all aspects of the property & casualty (P&C) insurance lifecycle. The software can be deployed through an on-premises implementation or via Duck Creek On-Demand, a Software as a Service model.
Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions—underpinned by the world’s largest delivery network—Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With more than 375,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com.
About AmGeneral Insurance Berhad
AmGeneral Insurance Berhad (“AmGeneral Insurance”) is founded on a combined business of two former entities, AmG Insurance Berhad (“AmG”) and Kurnia Insurans (Malaysia) Berhad (“KIMB”) with the acquisition of KIMB by AmBank Group and IAG International Pty Ltd (“IAG”) in September 2012.With our strengthened market position, AmGeneral Insurance stands as a pillar of the industry, representing stability and strength with exceptional product offering, distribution and customer service.
Together, AmAssurance and Kurnia insure one in every six cars in Malaysia and is ranked No. 1 in Motor with a market share of just over 17%. For overall general insurance, AmGeneral Insurance stands at No. 2 with over 11% market share. With over four million customers, the company generates business from a comprehensive range of general insurance solutions distributed through a network of 32 branches, servicing 7,000 agents and dealers, as well as through AmBank’s branches nationwide.
About Duck Creek Technologies
Duck Creek Technologies LLC, an Accenture company, is a leading provider of comprehensive P&C insurance software and services delivered on-premises or via Duck Creek On-Demand, a Software as a Service model. We deliver configurable, best of breed software that is designed to work independently or as a combined approach to quickly and seamlessly handle the unique needs of insurers of all sizes worldwide. Our technology solutions enable clients to optimize outcomes through digital and data capabilities, streamlined operations, and consistent functionality. For more information, visit www.duckcreek.com.
On April 18, 2016, Accenture and Apax Partners, a leading global private equity firm, announced an agreement to form a joint venture that will operate as a new and independent company, Duck Creek Technologies. The joint venture is intended to further accelerate the development of Duck Creek products and technologies, leveraging advanced digital and cloud technology, and to extend the reach of Duck Creek in key markets. The transaction, which is subject to customary closing conditions, is expected to close in August 2016.