P&C Insurance Software Leader Increasing Market Share
Boston – April 26th, 2018 – Duck Creek Technologies’ results for the first half of its fiscal year illustrate a shift in the marketplace towards next-generation, SaaS-based solutions. Since becoming an independent company in April 2016, Duck Creek has continued to gain momentum over legacy, on-premises vendors. Duck Creek’s SaaS revenue grew 32% in the first six months of this fiscal year thanks to adoption of its Duck Creek OnDemand solution.
“We are in an industry that is transforming rapidly,” says Michael Jackowski, Duck Creek’s CEO. “P&C insurers are looking for innovative vendors to reduce costs and increase speed to market. We have built our solutions to meet those needs, and Tier 1 insurance companies have taken notice. Seven out of the top ten insurance carriers have deployed Duck Creek solutions.”
Duck Creek’s core systems are built on a flexible, modular platform architecture. When delivered as software-as-a-service, carriers receive the company’s latest innovations in real time. Clients are also realizing significant returns on their investments given their accompanying reductions in infrastructure costs. The Duck Creek Platform’s inherent openness and configurability has also proven to be an important competitive advantage in the P&C marketplace. In an industry where incumbent, on-premises vendors are known for complex, expensive, and lengthy integration projects, Duck Creek is leading a paradigm shift.
Berkshire Hathaway Specialty Insurance is a notable example of the changing landscape. “We started this business in 2013 with no IT infrastructure and no IT staff, and we needed core systems that could be implemented rapidly to support our aggressive growth goals,” says Jamie Roser, CIO. “Leveraging Duck Creek’s SaaS solution gave us a fully-operational software suite in under a year. Since then, we’ve expanded our offering to more than 100 products in five lines of business, across 11 countries and all 50 states. Our DWP has grown from $400m to $1.7b in that time, which would have been challenging if not impossible without the ability to scale our core systems as quickly as demand for our products dictated.”
Duck Creek continues to invest in its people, processes, and systems. Given the company’s scale and growth profile, Duck Creek is considering accessing the public markets as soon as 2019.
The company will open its new state-of-the-art headquarters in Boston’s Innovation District in May 2018.
This release shall not constitute an offer of any securities for sale. There can be no assurance if or when the company will conduct any offering, and any offering will be made in accordance with applicable law.
About Duck Creek Technologies:
Duck Creek Technologies paves a genuine path to the future for P&C insurance companies. Decades of insurance experience underpin advanced technologies specifically designed to accommodate change – allowing carriers to navigate uncertainty and capture market opportunities faster than their competitors. All of the company’s offerings are available standalone or as a full suite, and all are available via Duck Creek OnDemand, the provider’s SaaS solution for the P&C insurance industry. For more information, visit duckcreekstage.wpengine.com.