Building on growth in the wake of implementing Duck Creek core systems the Cayman Islands Insurer was ready for improved data warehouse and reporting capabilities.
Saxon Insurance, a provider of auto, residential, and commercial property, home contents, business contents, liability and travel insurance in the Cayman Islands, has selected Duck Creek Insights to gain improved access to, and actionable intelligence on, data from internal and external sources. This implementation will allow Saxon to put its data to work as a strategic asset in ways not previously possible, according to a Duck Creek Technologies (Boston) statement.
The carrier is a longtime Duck Creek client, using Duck Creek Policy and Duck Creek Billing for several years as part of an overall initiative to become a true “virtual insurer,” hosting future-ready applications for every aspect of its business in the cloud and automating as much of the processes that underpin insurance as possible. Within one year of implementing Duck Creek solutions, Saxon had captured 25 percent of the Cayman Islands market, and was operating at a 40-50 percent cost savings by hosting all if its business-critical applications in the cloud, according to the vendor. Subsequent to winning such a strong position in the local market, the insurer found that its existing data warehouse was not capable of providing the business analytics capabilities it needed to make key decisions backed by as much actionable data as was available, the vendor reports.
“Investing in advanced analytics positions insurers for success in the digital age,” comments Karen Furtado, Partner, Strategy Meets Action (Boston). “Combining traditional data with new external data sources provides insights that create new value. Duck Creek’s ability to easily provision data for business intelligence and advanced analytics is a differentiator.”