Duck Creek Policy supports the full quote to policy lifecycle as well as transactions for automated or heavily- underwritten products – all on the same platform, in any distribution channel. Our Policy solution is designed to be a powerful and flexible administration tool that supports rapid rollout of new products and configurable self-service portals, for all channels from consumers to brokers.
Your competition is fast, nimble, and growing. Staying ahead of them means developing and launching new, better products faster and less expensively than they can. With Duck Creek Policy, insurers can respond to new product demand for any channel in as little as 30 days by using a single product definition made accessible to all applications in their enterprises. Built-in straight-through processing means that many policy transactions can process without underwriter intervention. Highly-flexible pricing and user-driven rules help heavily-underwritten products enjoy more streamlined processing without sacrificing underwriting experience.
We provide insurers exceptional flexibility in managing products across multiple business lines including Personal, Commercial, and Specialty.
Duck Creek Policy advantages:
- Build new products and leverage existing products to new markets in as little as 30 days with product-definition-based software
- Utilize a single point of change for product definition including rating, rules, forms, pages, and data, yielding improved enterprise efficiency, lessening IT burden, and reducing time to update rates and factors by up to 70%
- Reduce operating costs and improve operational efficiency in underwriting by up to 40% with flexible referral management and automated processing features
- Get new product lines up as fast as one month and enjoy as much as a 75% reduction in backlogs
- Write direct to consumer, retail agents, affinities, and through Managing General Agent (MGA) distribution models using the same set of applications – customers report more than 70+ types of products and growing
- Support all core policy transaction processing in one system, including new business, endorsement (including out-of-sequence endorsement), renewal, and cancellations
- Improve product quality with rapid, more efficient testing through our Test Automation Center that allows users to easily create, edit, and execute test scripts for Duck Creek solutions to drive more accurate testing and faster product rollouts
- Underwriting Workbench, an add-on module for Duck Creek Policy, extends its functionality by, among other things, providing the ability to group quotes and policies into accounts – giving underwriters holistic views of policies, billing, claims, and other information relevant to underwriting, and improving underwriter efficiency and effectiveness. It is specifically designed to maximize efficiency in high-touch environments where underwriters are directly involved in the evaluation, negotiation, and pricing of risk.