Duck Creek Rating provides insurers with flexible, scalable product configuration and quoting capabilities that enable them to utilize new revenue opportunities, increase speed to market, and reduce product development costs. Our Rating solution gives insurers the ability to quickly develop new rates and maintain products for all lines of business.
Carriers can choose their strategic approach by implementing a stand-alone rating engine for a single new line of business, or opt to replace a legacy rating engine outright. Duck Creek Rating’s user-friendly single point of change tools help drive product consistency and accelerate development and change processes, enabling and accelerating business growth while reducing IT workloads. Duck Creek Rating can be utilized as a black-box rating engine (stand-alone, integrated into an insurer’s existing policy solution) or as a companion to Duck Creek Policy.
Duck Creek Rating’s best-in-class modeling capabilities let you prepare for your underwriting workload, produce data for filing, and evaluate the rate change impact on a book of business prior to moving any product update or change into live production. Your team can configure user interfaces, security, and workflows to meet business demand, all without the need for custom coding.
Duck Creek Rating advantages:
- Drives standardization of product development lifecycles through task and workflow configuration, reducing requirements churn, accelerating changes and approvals, and ensuring adherence to governance standards
- Facilitates “what if” modeling that shows the impact of a potential product change on an insurer’s book of business.
- Rating can also model underwriting workload and produce detailed data for filings, as well as monitor the actual yield of a product change over time
- Supports any lines of business (Personal, Commercial, and Specialty) through flexible product configuration tools. Duck Creek customers have 180+ different insurance products in production.
- Provides quoting capability and business process management support that removes barriers to market expansion, by enabling rapid opening of new products and channels, reducing product development costs, and increasing quotes by up to 50%
- Eliminates the need to make changes within an existing legacy system, which can be expensive and time-consuming. Duck Creek Rating’s unique configuration and quoting capabilities enable rapid launch of new products – Commercial Lines go live within 45 days – without replacing an entire policy admin system.
- Supports single point of change configuration that incorporates rating, rules, forms, pages, and data into one product definition. This enables changes to be completed once and reflected across an enterprise.