Grand Cayman insurer takes top honors in Celent’s operational excellence award category
BOSTON, April 5, 2017 – Duck Creek Technologies today announced that Saxon Insurance has been honored as a 2017 Model Insurer Award winner by Celent, a leading research and advisory firm. The Celent Model Insurer Awards program, now in its eleventh year, recognizes organizations that demonstrate the year’s top technology initiatives.
Celent revealed the honorees during its annual 2017 Innovation and Insight Day, held at the State Room in Boston. The insurers were selected for their effective use of technology to improve performance and meet market demands when tackling issues that face all insurers today.
Saxon was selected as the top carrier in the operational excellence award category. Receiving this category award requires transforming processes and systems into competitive advantages by making them leaner, faster, more flexible and of higher quality. Saxon’s award-winning case study focused on the best practices put in place when they went global to support local operations.
Case study summary:
Saxon serves the Cayman Island community, which is comprised of approximately 50,000 inhabitants. With a limited pool to hire from or sell product to, it realized that to remain viable in the insurance market, technology was required to better serve the needs of its customers and grow the business.
While Saxon had contemplated moving to a virtual business for many years, the impetus to make the leap came when it separated from its parent company in 2015. Instead of replacing the on-premise infrastructure, the decision was made to transition to a cloud environment for all systems: core insurance operations, human resources, accounting/finance and call center. The driving factors were the cost and expense of maintaining the infrastructure, the limited technology resources available, and the cost per square foot.
A detailed case study of each winning initiative is included in Celent’s annual Model Insurer report.
“Celent recognizes each of these Model Insurer Award winners for their successful implementations and effective use of technology to support key initiatives and business operations,” said Colleen Risk, analyst with Celent. “The successful best practices utilized are applicable to insurers of all sizes located anywhere around the world.”
“We congratulate Saxon on this significant industry honor,” said Michael A. Jackowski, chief executive officer at Duck Creek Technologies. “They have moved to a solution that focuses on the personal touch necessary to offer the right services to its customers, quickly and when needed—today and for many years to come.”
Duck Creek Billing and Duck Creek Policy are included in a suite that also incorporates Duck Creek Claims and Duck Creek Rating software. The configurable software is designed to work independently or as a combined approach to manage all aspects of the P&C insurance lifecycle. It can be deployed through an on-premise implementation or via Duck Creek On-Demand, a differentiated Software as a Service model.
About Duck Creek Technologies
Duck Creek Technologies is a leading provider of comprehensive P&C insurance software and services for insurers of all sizes worldwide. Employing progressive technology, Duck Creek solutions enable insurers to optimize outcomes and enhance engagement through advanced digital and data capabilities and integrated functionality that can be delivered via the cloud or on premises.