Duck Creek Blog
Blog Post

Diagnosing Your Future: A First Step in the Right Direction for P&C Insurers

May 22, 2017

“A journey of a thousand miles begins with the first step.”
~ Lao Tzu, ancient Chinese philosopher, author of the Tao Te Ching

It was true in ancient China, and it’s true now – but even before you decide where your journey will take you, you need to determine where you are. That’s why we created The Future Playbook, a guide to market forces and technological advances intended to help P&C insurance providers think through the opportunities and challenges inherent in today’s market – and to gauge whether their current practices and technologies will ultimately drive or limit success.

The truth is, no one person in your organization, or any for that matter, can take on a project as important as digital transformation single-handedly. That’s why it is so important to take stock of how your business currently handles critical functional and technical issues—assessing how you perform against imperatives tied to the following functions:

  • Products: How you build, launch, and update products
  • Sales: How you distribute these products
  • Services: How you deliver service
  • Data: How you capture and use data

The time for tactical solutions is over. It’s no longer enough to have an app, or offer a chat window to a claimant. That stuff is table stakes now. What’s differentiating winners from “also-rans” is vision – and the ability to bring it all together. Not only to connect front-end systems all the way through to the back end, but also to offer speed from start to finish, an appropriate level of transparency from every angle, and the ability to access, analyze, and act on data from a multitude of sources.

To get there, though, you need to know where you stand today, where to start, and how you stack up against the competition. This was a major force behind our development of The Future Playbook, a broad perspective on the P&C landscape. It’s not a product brochure, and it’s not a “mash note” to Duck Creek’s technology. It’s vendor-agnostic – save for three short case studies – and intended to help insurance professionals make better decisions about the path forward by offering a clear-eyed look at forces impacting insurers today. We hope this guide sheds some light on the dynamics of imperatives at play in the P&C world, and helps you take stock of where you stand now – so you can prepare yourself to take the first step on your journey toward a future defined by speed, innovation, and success.

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