FCCI Underwriting Team Exceeds Premium Projections by 30% in Six Months
Objectives
- Comprehensive, one-stop insurance solution for agency partners and customers.
- Speed to market and the ability to make product changes in real time.
- Grow profitably and expand into new lines of business.
The results
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. We designed our E&S product for FCCI specialty utilizing Duck Creek’s multi-level.
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- Legacy infrastructure limitations, outdated to support growth and new product lines, particularly in the Excess & Surplus (E&S) market.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 the submission clearance process 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 Straight Through Processing for select E&S General Liability Classes.
The Impacts
About the Customer
Founded in 1959 in Sarasota, Florida, FCCI Insurance Group provides commercial property and casualty insurance, risk control services, and surety bonds. FCCI writes business exclusively through more than 3,800 independent agents in 20 states, plus Washington, D.C. Coverages include auto, crime, cyber liability, equipment, excess & surplus, property, general liability, inland marine, umbrella, and workers’ compensation. Contract and commercial surety bonds are written in 45 states.
FCCI insures over 12,000 policyholders across various industries, including agribusiness, construction, manufacturing, medical and professional, restaurants and hospitality, retail, service and repair, and wholesale and distribution. FCCI has $3.3 billion in assets, $1.2 billion in direct written premium, and is rated A (Excellent) by A.M. Best Company. FCCI has regional and branch offices in Florida, Georgia, Indiana, Mississippi, Texas, and Virginia.
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