Performance Indicates Accelerating Momentum in Adoption of Cloud-Based Solutions by P&C Insurers
Boston – March 12, 2019 – 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 exceeded projections for the first two quarters of the company’s fiscal year 2019, with nine customers taking delivery of their Duck Creek applications via Duck Creek OnDemand, the provider’s SaaS solution for the P&C insurance industry. Six of the nine contracts were for core systems, and the remaining three involved the addition of new digital engagement and business intelligence capabilities. The company’s second quarter ended on February 28th.
“In the first two quarters of our fiscal year, we’ve seen tremendous confidence in SaaS in the marketplace,” said Eugene Van Biert, Duck Creek’s Chief Revenue Officer. “Every year, we see significant growth above and beyond the year before, and with the number of insurers opting for SaaS delivery at this point, I think it is safe to say that carriers now realize that SaaS is the future of P&C insurance.”
The Duck Creek Platform provides carriers with openness, configurability, and common functionality across applications in core areas of their businesses, 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.
Customers taking advantage of Duck Creek OnDemand in fiscal year 2019 ranged from regional carriers to Tier-1 insurers – including one of the top five carriers in the world – proving that SaaS core systems offer value to insurers of all sizes. The company plans to make individual announcements about these initiatives in the coming weeks. These implementations covered a spectrum from true greenfield initiatives to digital transformation efforts by long-established incumbents. Further, a growing number of Duck Creek’s customers have been able to go from concept to go-live production in a year or less, a testament to the provider’s easily-configurable low-code solutions and implementation accelerators as well as the quantity and maturity of the company’s delivery partners – systems integrators with broad and deep experience implementing Duck Creek solutions that have full capability to deliver the caliber of work that customers expect from Duck Creek’s own professional services team.
In addition to growing its rapidly-expanding SaaS customer list, Duck Creek introduced a number of key Duck Creek OnDemand capabilities and partnerships in the first two quarters of fiscal year 2019, including:
- Duck Creek Distribution Management, which lets insurers automate historically onerous tasks like ensuring licensure compliance, compensation management, and producer onboarding
- Duck Creek for Salesforce, an app that extends the Duck Creek Platform’s capabilities into Salesforce Financial Services Cloud to provide an empowered user experience for CSRs, agents, and other Salesforce insurance CRM users
- New solution partners, including FRISS and Web Connectivity Limited, that deliver integrated SaaS functionality to enhance insurers’ capabilities
- New Anywhere Managed Integrations, which provide fully-managed out-of-the-box, pre-built connections to popular third-party data and service solutions such as geolocation, MVR lookups, data pre-fill, e-signature, analytics, and more
The company plans to introduce significant new additions and enhancements across the Duck Creek Suite at its flagship annual event, Formation, which will be held this year from March 31st to April 2nd in Miami, FL.
Duck Creek’s Chief Product and Technology Officer, Andy Dey, said, “We are thrilled to see so many insurers realize the true value of SaaS and entrust Duck Creek to give them the reliability, security, and support they need. It is clear that our strategy to lead the insurance industry to the cloud was the right choice for Duck Creek and our customers. With Duck Creek OnDemand, these carriers will be able to capitalize on optimal benefits for managing their businesses, reducing risk and costs, and responding quickly to changes in the marketplace.”
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.