CASE STUDY
FCCI Underwriting Team Exceeds Premium Projections by 30% in Six Months
Objectives
Comprehensive, one-stop insurance solution for agency partners and customers.
Deliver new levels of speed, flexibility, and efficiency.
Speed to market and the ability to make product changes in real time.
Grow profitably and expand into new lines of business.
Results
Submitted business within hours of launch and issued first policy within 24 hours of going live.
Just six months into production, the underwriting team produced 30% over planned premium projections to date.
Enhanced agent user experience, improved policy turnaround time, and internal efficiency such as reduced costs, timely quote-to-bind.
We designed our E&S product utilizing Duck Creek’s multi-level inheritance model, leveraging its Commercial Lines templates for Admitted Lines using ISO templates, forms, rules, rating, and UI design. This approach has enhanced our system’s flexibility and future-proofed it for when we decide to transition our Admitted Lines to the Duck Creek platform with minimal changes and in a shorter duration.
Dave Patel
EVP, CIO, FCCI
The Challenges
- Legacy infrastructure limitations, outdated to support growth and new product lines, particularly in the Excess & Surplus (E&S) market.
- Complex producer hierarchies and manual processes slowed onboarding and operations creating inefficiencies.
- Speed to market pressure: couldn’t launch new products quickly and make real-time product changes to stay competitive and scale without costly upgrades.
- Agent and customer experience improvement required automation and digital capabilities.
The Solutions
- Flexible, end-to-end platform for one-stop commercial insurance services.
- Automation, including creating reservations, quotes and alerts, and notifications.
- Multi-level inheritance model, leveraging Commercial Lines templates for Admitted Lines using ISO templates, forms, rules, rating, and UI design.
- Ability to make product changes in real-time.
- A dedicated Agency Portal, built on Duck Creek, for submitting E&S business.
- Policy with Active Delivery for automatic update delivery, eliminating time, costs, and disruption associated with traditional manual platform upgrades.
- Six lines of E&S business, including Property, across 23 states.
- Just three months after launching, rolled out two new enhancements for select E&S General Liability Classes – Quick Quote and Straight Through Processing.
The Impacts
Technology and repeatable processes in place to accelerate the launch of additional new product lines and features.
Enhanced flexibility and future-proofed for future lines transitions for minimal changes in a shorter duration.
A solid foundation for continued differentiation, growth, and expansion in the commercial insurance market.
Expanded offerings, improved operational efficiency, and set a solid foundation for future growth.
About the Customer
FCCI Insurance Group is a commercial property and casualty insurance company that serves small and mid-sized businesses across various industries, including agribusiness, construction, healthcare, hospitality, retail, and manufacturing. Their product offerings include workers’ compensation, property, and general liability insurance.
Originally founded in 1959 in Sarasota, Florida, FCCI has grown into a super-regional provider, delivering standard lines commercial insurance services in 19 states, with Surety and Specialty operating in an expanded state footprint. The company emphasizes its network of more than 550 contracted agencies and more than 3,800 independent agents.
Rated A by AM Best Company, FCCI continued its growth in 2022 by responding to agent demand and planning the launch of a new FCCI Specialty division. This division includes six new products, starting with a line of Excess & Surplus (E&S) insurance solutions that offer unique or high-risk coverage not typically covered in admitted markets.
Location
Sarasota, Florida
Industry
Commercial Property & Casualty,
Specialty: Excess & Surplus
Products/ Services Utilized
Duck Creek OnDemand, Policy, Rating, Clarity, Industry Content, Producer, Policyholder, Distribution Manager
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The only way to see if Duck Creek is the right fit for your P&C insurance business is to see it in action.
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