Delight Insureds with Innovative Insurance Product Solutions
Duck Creek Policy enables P&C carriers to deliver insurance products at scale in an era of rapid, customer-centric innovation and growth. Policy supports the full policy lifecycle process with automation and workflow management capabilities, an integrated development environment for insurance products, and pre-built content, so that carriers can go to market faster, increase operational efficiencies, and improve customer satisfaction – built using low-code tools and delivered in a SaaS model.
Improve Underwriting Performance
Duck Creek Policy delivers consistent underwriting outcomes through rules-based processing during straight-through processing or high-touch workflows. The openness of the Duck Creek Platform enables carriers to integrate data and predictive analytics like fraud detection, property or vehicle imports, or cyber risks that improve risk selection and pricing.
Improve Customer Satisfaction
Rapidly responding to shifting customer needs with new or updated products is made possible with the configurability and scalability of Duck Creek Policy. Product changes can be easily implemented by business users with Duck Creek’s low-code tools, and with inheritance, configurators are able to reuse commonly found definitions across all products.
Improve Operational Efficiency
Duck Creek Policy, Rating, and Industry Content increase operational efficiencies by automating and streamlining manual processes and providing out-of-the box content. Reduce expense ratios and improve core operation performance by providing faster responses to inquiries, running significantly higher volume workflows, and increase speed to market with accelerated development of new and updated products.
A Trusted and Reliable SaaS Policy System
Number of transactions processed in a day
Seconds to produce tailored quotes; in-force policies in 5 minutes
Days to deploy an initial line of business
Reduction in time to update rates and factors
End to End Policy Lifecycle
Duck Creek Policy’s dynamic workflow and robust integration capabilities make it easy to quote policies – improving pricing speed and accuracy.
Quick quote workflow – allowing carriers to define required data capture at different stages of the quoting process – providing streamlined quoting capabilities
Optimized to take advantage of external data sources to speed capture of intake data
Straight-through processing rules support low-touch and true no-touch quoting and issuance
Automated quote proposal/letter generation
Omni-channel, responsive user experience – connecting with customers and insureds on their terms
Intelligent underwriting assigns resources and provides guidance throughout the underwriting process. Underwriting Workbench offers additional add-on capabilities.
Various levels of automated underwriting depending on the complexity of the risk
Intelligent use of available data can further reduce the time to underwrite the quote or policy and drive appropriate workflow
Account level access to view activity across the account
Underwriter dashboard supports workload management and balancing
Online collaboration and documentation to document underwriting process and decisions
Reduce quote conversion time and costs by converting all quote data to new business policy data.
Full access to quoting and underwriting history
Quote data automatically converted to new business policy data, eliminating re-keying
Document triggering and pre-fill incorporated in issuance process
Policy details provide access to policy notes, notifications, and attachments, creating an electronic file folder
Optimize underwriters’, CSRs’, and processor’s workflows, making mid-term policy changes with intelligent endorsement processing.
Quickly view all endorsement activity across all terms of a policy - ensuring transaction accuracy
Automated out-of-sequence and cross-term endorsements, reducing processing time and improving customer satisfaction
Ability to view premium impact prior to transaction issuance – reducing the need to offset transactions
Third-party information ordering and automated underwriting improve data accuracy, pricing, and underwriter performance
Capture exposures and premiums through regularly scheduled interim audits and final audits – managing both internal and external expectations of audit premium due or owed.
Support for both interim and final audits
Return premium held until audit on cancelled policies
Post-audit declaration page
Ability to void and waive audits
Track audit transactions separately from mid-term policy transactions
Monthly reporting and self-audit capabilities
Seamlessly renew policies through automated renewal processing.
Accurately rate and underwrite renewal policies using effective date-driven rates and rules assignments
Intelligently generate renewal policy documents, selecting the correct form edition dates
Automatically issue renewal quotes or policies based on defined workflow and underwriting criteria
Incorporate loss data and re-order third-party data during renewal processing
Auto non-renew policies based on defined criteria or manually non-renew policies
Efficiently processed cancellations, either system-generated or manual, allow processors to focus on more complex customer requests.
Automated cancellation processing based on defined rules
Manually initiated cancellation
Support for short-rate and pro-rata cancellations
Cancellation notice generation
Reduce policy costs and recognize premium by quickly reinstating cancelled policies.
Easily reissue, reinstate, and rewrite policies
Notice generation based on the type of reissue, reinstate, or rewrite
Automatically reactivate offset transactions
System generated reinstate based on defined rules
Our comprehensive partner ecosystem features a number of integrations to technology providers who specialize in solving different use cases throughout the policy administration lifecycle.
Customer satisfaction continues to be a key driver of our business, and Duck Creek’s industry expertise and advanced technology will help us deliver the exceptional service our customers expect. Every company knows that the future will continue to present more technology risks. Through this recent modernization, we’re better prepared to take advantage of the latest innovations and digital disrupters.
VP of IT
Delivering innovative products and services to our customers and agents is what drives us. Duck Creek is aligned with the business direction we are pursuing, and offers the configuration, product design, and rating engine we feel is best able to handle our needs now and in the years to come.