Performance Indicates Accelerating Momentum in Adoption of Cloud-Based Solutions by P&C Insurers to Transform Their Businesses
Boston – December 6, 2018 – Duck Creek Technologies, a provider of SaaS-delivered enterprise software to the property & casualty insurance industry, today reported that bookings related to its SaaS solutions grew 85% and its SaaS revenue grew 30% in the fiscal year ended August 31, 2018.
“During fiscal year 2018, Duck Creek continued to implement its aggressive strategy to lead the P&C industry to the cloud, and it is gratifying to see our SaaS solutions fundamentally changing the way P&C insurers do business,” said Michael Jackowski, Duck Creek’s Chief Executive Officer. “In turn, the industry’s confidence in our Platform’s ability to deliver real business value has been driving strong financial results at Duck Creek, including exceptional bookings and revenue growth, and has positioned our company well for the long term.”
The Duck Creek Platform provides carriers with openness, configurability and common functionality across applications in core areas of their business, such as policy administration, predictive modeling, billing, claims, analytics, industry content and distribution management – all key to their digital transformations. Duck Creek’s SaaS solutions have been widely adopted by insurers around the world.
“Major insurance systems vendors’ sales are beginning to reveal that, having answered the buy-versus-build question with regard to software, insurers are now acknowledging that infrastructure is not a core competency,” said Anthony O’Donnell, Executive Editor, Insurance Innovation Reporter. “More importantly, they have reached a tipping point on both the economic benefits of the cloud – efficiency, agility, ease-of-upgrade, etc. – and the role of the cloud in enabling the insurance platform technology paradigm.”
“Insurers are increasingly looking at the cloud as critical parts of their digital transformation strategies,” said Karlyn Carnahan, head of Celent’s property casualty practice in the Americas. “Economies of scale, speed to market, and access to specialized talent such as security are some of the key reasons insurers are looking at the cloud not as a one-off tactical decision for ancillary applications, but as an enterprise solution.”
Highlights in Duck Creek’s fiscal year 2018 included:
- 28 new license sales and 28 successful upgrades, many accomplished via Duck Creek OnDemand (such as West Bend Mutual Insurance upgrading to the full Duck Creek Suite OnDemand, and PURE selecting Duck Creek Billing OnDemand)
- 55 client go-lives
- Delivery of Underwriting Workbench for Duck Creek Policy, offering single account-level views
- Release of dozens of Anywhere Managed Integrations, out-of-the-box, subscription-based integrations to leading third-party services and insurtech firms
- Introduction of enhanced and expanded Content Exchange, now featuring over 220 integration and accelerator packages on the company’s online app marketplace
- Robust growth of Duck Creek’s Partner Ecosystem, to nearly 150% of the total number of partners in the program at the close of fiscal year 2017
- Positioning as a Leader in Gartner’s Magic Quadrant for North American Core Platforms for the fourth consecutive year
- Positioning as a Leader in Gartner’s Magic Quadrant for Non-Life-Insurance Platforms, Europe
- Ribbon-cutting of new Boston Seaport headquarters
- Numerous awards given to Duck Creek customers, including Chubb’s Novarica Impact Award win and Northbridge Financial Corporation’s Celent Model Insurer win
“Duck Creek’s offering of SaaS core systems is strategically aligned with West Bend’s aggressive digital transformation efforts. Extending our current footprint of OnDemand products – Policy and Billing – to the full Suite is the next logical step to modernizing our core systems,” said Murali Natarajan, SVP and CIO of West Bend Mutual Insurance. “Having all of our core applications running on the Duck Creek Platform will give us greater ability to use data as a competitive asset, introduce new products and change existing ones rapidly, and connect with the growing insurtech ecosystem through Anywhere Managed Integrations.”
Duck Creek’s Chief Revenue Officer, Eugene Van Biert, said, “The results we saw in FY18 speak volumes about the strength of our growing team and the industry’s confidence in our Platform’s ability to deliver real business value, and it is clear that our strategy to lead the insurance industry to the cloud was the right choice for Duck Creek and our customers. I am proud of our team and thankful for the trust our customers have placed in us to help them shape the future of insurance.”
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. Duck Creek solutions are available standalone or as a full suite. All are available via Duck Creek OnDemand, the provider’s SaaS solution for the P&C insurance industry. For more information, visit DuckCreek.com.