Cayman Islands Insurer to Improve Data Warehouse and Reporting Capabilities
Boston–August 28, 2019–Duck Creek Technologies announced today that longtime customer Saxon Insurance has taken another step forward in its digital transformation efforts, choosing to implement 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.
The carrier has been using Duck Creek Policy and Duck Creek Billing for many years as part of an overall initiative to be 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% of the Cayman Islands market, and was operating at a 40-50% cost savings by hosting all if its business-critical applications in the cloud. Having taken 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.
“Investing in advanced analytics positions insurers for success in the digital age,” said Karen Furtado, Partner at Strategy Meets Action. “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.”
“Duck Creek Insights was a perfect solution to our growing need for advanced analytics. In order to maximize understanding of all aspects of our business, we need to quickly collect, analyze, manage, and report on a significant amount of data,” said Brian Williams, Saxon CEO. “Insights’ system-agnostic ability to map data from many different sources is exactly what we need to work with the solutions we have in place, and its advanced reporting and analytics tools will help us put the data we already have to better use in making business-critical decisions.”
“Data and analytics have become an indispensable tool in driving actions and decisions throughout every step of the insurance lifecycle. Successful insurers will be those that can deliver actionable insights at multiple points in the customer relationship,” said Karlyn Carnahan, head of Celent’s property casualty practice in the Americas. “As insurers’ capabilities for leveraging data expand, their need for tools that allow them to rapidly access and visualize data also expands. These tools need to readily access data across enterprise systems and be easily used by day-to-day business users, without super-user training.”
Duck Creek Insights lets insurers use data as a strategic asset in real time, allowing them to capture and leverage data across and beyond their organizations, deliver leaders and business users crucial information needed to execute intelligent actions, and employ new methods of automated decisioning (such as AI and advanced analytics). With multiple disparate systems to map, Saxon is a prime example of a carrier poised to make a transformative step in their data journey by implementing modern mapping and business intelligence tools.
“We are thrilled that Saxon has expanded their relationship with Duck Creek,” said Jeff Wargin, Chief Product Officer at Duck Creek Technologies. “With Duck Creek Insights, they will be able to deliver relevant information in context, to the right people, allowing them to take intelligent action and respond quickly to changes in the marketplace.”
About Saxon Insurance
Saxon Insurance is a Class A licensed insuretech firm providing auto, residential, and commercial property, home contents, business contents, liability and travel insurance in the Cayman Islands.
Saxon works with the world’s largest insurers and brokers, including Lloyds of London and Lockton, and has been acclaimed in the international insurance market for outstanding service. The firm has been recognized for innovation with the 2017 Celent Model Insurer Award for Operational Excellence in IT Management and the 2014 Celent Award for Legacy and Eco-System Transformation.
Saxon, the only wholly Caymanian-owned insurance company in its market, is also a leading pensions provider, serving more than 14,500 individual account holders through Saxon Pension Services. Learn more at https://www.saxonmg.ky/
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 www.duckcreek.com.