Duck Creek Technologies is committed to offering a joint value proposition to provide a full range of services to its clients
The world’s leading companies, such as Amazon, Apple and Microsoft, have long been positioning themselves as end-to-end providers – whether that be as customer network centers, suppliers or producers of complementary services. Their status as players in an extensive ecosystem of partners enables them to continue innovating and driving new business rules in the sectors in which they operate.
In this context, many industries are undergoing a strong process of disruption and the insurance industry is no exception. Douglas Rudd, European Partner GTM at Duck Creek Technologies, confirms that reality and highlights the importance of the partner ecosystem for the sector.
“All insurers, regardless of size or location, need to think about how they can operate in a fast-paced, agile, and highly dynamic world. Transformation encompasses products, services, and consumer experiences, and in that process it is essential to surround themselves with the right strategic partners so that companies can transform, modernise, and keep pace with current trends,” he says.
Like many other sectors, the insurance industry is undergoing disruption, largely driven by new insurance carriers that provide consumers with new distribution models, with different products and prices. Organizations today need to have a greater volume of data, services and capabilities at their disposal in order to improve their processes and decision-making – and all this is only possible thanks to a network of players from inside and outside the industry working together to define, build and execute solutions for customers and consumers.
More than half of industry professionals report that their companies are already beginning to experience disruption from competitors that have partners in other industries. Insurance companies experience the highest levels of disruption in their product and service offerings (60%) and in the ways customers receive service (57%). Having a robust partner ecosystem helps insurers to be more competitive in such changing environments. In fact, many companies already recognise its importance. Over 80% of insurance executives say that ecosystems are important to their business strategies, and 54% say they are actively seeking to implement this model within their organisation.
More and more companies are, therefore, looking to build an insurance ecosystem that will ensure they respond robustly to new market demands, as the pace of change in the industry continues to accelerate with innovations such as migration to the cloud, artificial intelligence or automation. As a result, however, many focus their resources on the insurtech solution, focused exclusively on technology, whereas an insurance ecosystem encompasses a much broader range of assets. It is essential to consider those other areas where technology acts as a business enabler by offering consumers a wider variety of relevant, attractive offerings and a great customer experience.
Insurance industry partners must offer capabilities that can expand their current offerings, but also provide new products and services. Consumer needs have evolved and insurers need to expand their offerings intuitively and in collaboration with others who can meet these expectations. Effectively impacting their customers requires technology and capabilities that are ready for the challenges of the future – and digital ecosystems unite companies across industries and technology areas by offering access to a broad, common set of content, applications, analytics, data and other tools.
Duck Creek Partner Ecosystem
In the insurance sector, companies such as Duck Creek highly value this service strategy, relying on strategic partners to provide a full range of services to their clients and, therefore, establish long-term relationships that achieve a real impact on each of the projects. Duck Creek is committed to working with global partners, both integrators, consulting and solutions, as well as local partners such as Tirea or Minsait, among others, who are able to offer a precise response to the specific needs of the Spanish market.
Duck Creek’s objective is to tackle projects in an integrated way and from an initial phase, leaving the final implementation in the hands of specific experts. Partnership is the ideal way to reach this goal and achieve full management autonomy on the part of the client.
Douglas Rudd commented: “With the right ecosystem of specialised partners, organisations can adopt a proactive attitude and get ahead of business demands, instead of implementing technology in a rush to follow them”.