Duck Creek Blog
Blog Post

Diversity of Innovation in Commercial Insurance

Today’s commercial insurance marketplace is being turbocharged by ever-growing sets of data; evolving quickly through new, innovative products and user experiences; and, like its personal lines cousin before it, being driven increasingly by rising customer expectations.

To stay ahead, leading commercial carriers are hyper-focused on both customer-centricity (both for insureds and agents) and using configurable, out-of-the-box solutions to achieve previously unheard-of speed to market. While these core practices are hallmarks of success across the commercial market, how each carrier uses them is unique.

Chubb’s Marketplace for small commercial insurance has been a runaway success for our longtime customer. Since its introduction in 2017, Chubb Marketplace has launched business owners’ policies, workers’ compensation, auto, umbrella, cyber, property, general liability, management liability, and other lines, with new industries and coverages being added regularly. Built on the Duck Creek Platform, Chubb Marketplace has also yielded some impressive numbers:

  • A full customer proposal letter can be generated within 15 seconds after a quote is complete
  • Agents can obtain final policy documents within two minutes of sale
  • Time to place a multiline account, which typically involves two to three lines of insurance, has been reduced by an estimated 40%
  • The number of fields required to generate workers’ compensation quotes has been reduced by 60%
  • 85% of submissions for its BOP product can now flow straight through without human intervention

Part of this success is rooted in Chubb’s commitment to building the platform together with its agents. According to Bennett “BC” Verniero, Chubb’s senior vice president, Business Solution Architecture, listening to agents has been one of the most important guiding principles driving the design and evolution of Marketplace.

Read our Chubb Marketplace case study here.

Berkshire Hathaway Specialty Insurance (BHSI) is a striking example of the changing landscape in commercial insurance. Started in 2013 with no IT infrastructure and no IT staff, BHSI was charged with building a sustainably profitable P&C company—quickly and from scratch. And it needed the right core systems to make that happen. “Leveraging Duck Creek OnDemand gave us a fully-operational software suite in under a year,” said Jamie Roser, CIO. “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 nearly $2b 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.”

As BHSI continues to grow, the configurability of the Duck Creek Platform remains key to its success. The carrier entered the Australian market in 2015 and was able to build products tailored specifically to that geography after going live with Duck Creek Policy and Claims in under one year. Today, new products are rolled out in an average of six weeks–and the insurer doesn’t have a single IT resource on staff in Australia. Using low-code configuration, the carrier’s business users are able to focus on the needs of their customers around the world and deliver the products and experiences the modern marketplace demands.

Read our BHSI case study here.

Cerity, a digital-first, direct-to-consumer company offering workers’ compensation coverage for small businesses was ready for business just 12 months after starting from scratch. A subsidiary of Employers Holdings, Inc., Cerity is built on Duck Creek Policy and Duck Creek Billing, both delivered via Duck Creek OnDemand.

Building a fully-functional insurance business quickly is a major challenge. Cerity saw off-the-shelf solutions for all aspects of its business as part of the solution. In addition to Duck Creek Policy and Billing, Cerity also leveraged Duck Creek Industry Content, taking advantage of NCCI templates to stand up complete products with full regulatory compliance quickly and easily. The Duck Creek Anywhere API also allowed the company to build a proprietary user experience on top of its technology stack without making any compromises in functionality.

While most P&C insurers focus on speed to market, what Cerity achieved is truly remarkable–building a fully-operational business from the ground up in less time than many insurers still shackled to legacy systems take to introduce a single new product, and creating the fast and simple experiences they knew their audience wanted.

Read our Cerity case study here.

These are just some of the ways commercial insurers are changing the industry by focusing on building what their customers and agents want and need, and getting it to them quickly. While personal lines began customer-focused transformation first, it has not taken long for carriers to realize that, at the end of the day, commercial insurance buyers are people too—people whose expectations of their insurance companies are now based on experiences they have with online retailers, streaming services, and other businesses.

To learn more about the ways Duck Creek customers are reinventing the P&C insurance marketplace through innovative solutions built on our future-ready technology platform, please visit our customer showcase.

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Jeff Wargin
As Chief Product Officer, Jeff Wargin leads the direction of Duck Creek’s P&C insurance solutions, responsible for strategy, direction, release planning, and roadmapping of these products. Jeff has spent 20+ years in the P&C Insurance software market, focused on bringing innovative, future-proof products and solutions to insurers and others in the value chain. Jeff’s background is in technology, but his work experience has provided him with a deep understanding of the complexities of the P&C Insurance industry.