Duck Creek Compliance

Made Smart

Compliance

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Compliance Made Smart

Duck Creek Compliance lets you internalize all of your compliance processes to satisfy EU Solvency II directive.

Combining actuarial calculations (Pillar 1) and regulatory reporting at the national and European levels (Pillar 3), Prima Compliance is a secure, all-in-one solution that is always compliant with Solvency II regulations.

Benefits

Actuarial Calculations

Simulate, and calculate, and MCR ratios required by the Solvency II regulations (Pilar 1). Simple, easy to use, the actuarial calculations module gives you peace of mind when it comes to compliance with European regulatory requirements.

Regulatory Reporting

Perform internal, national and European regulatory reporting. Equipped with a reliable audit trail, this platform automates reporting and ensures data integrity and complete adequacy with regulators requirements.

Key Features

Actuarial Calculation

Regulatory Reporting

Risk and solvency calculations made easy.

Flexibility

An extensive library of calculation models is available, including the standard formula (SCR/MCR, counterparty default, catastrophe, market and risk margin), triangle projection, best estimates, annuities, long-term care, funeral and ORSA.

Traceability

For every calculation, the system records all input and output data, the model version, and identification of involved users. With the systematic saving of all calculation parameters combined with workflows and versioning, you can track down the data used to produce a given result with just a few clicks. You can also re-run past calculations.

Transparency

Calculations are executed with full transparency: not only the final results are provided but also many intermediate results. This allows you to fully understand and validate the results produced by Compliance.

Integration

All results are automatically shared with the Compliance Regulatory Reporting module for the production of regulatory and internal reports.

Data Quality

Duck Creek Compliance checks and optimizes data quality through its robust datamart and advanced automation of the reporting process.

The business platform for regulatory compliance for insurance companies.

Compliance guarantee

Experts for more than 30 years in regulatory compliance for insurance professionals, we offer the go-to solution in the business to meet requirements for local regulatory reporting ENS, QRT, ECB, Pension Fonds, AML-CFT.

Time savings

Duck Creek Compliance automates every step in the production of your reporting. Generic inputs allow Duck Creek Compliance to produce set of statements rapidly and securely, insuring data consistency.

Autonomy

The exceptional business expertise of our support teams helps you quickly get up to speed with using Duck Creek Compliance.

Auditability

Duck Creek Compliance is natively designed to meet regulatory requirements for traceability and auditability.

Flexibility

Duck Creek Compliance adapts to regulator changing requirements as a highly customizable solution with various degrees of adaptability and sophistication.

Useful Compliance Resources

Blog Resources Events

Blog Post

Unifying Underwriting and Loss Control to Increase...

December 4, 2024

In today’s competitive insurance landscape, Underwriting profitability hinges on making informed decisions...

Press Release

Duck Creek Partners with Suncorp to Deliver a Suite of Cloud-Native, Low-Code Core Insurance Delivery Solutions

December 2, 2024

Suncorp’s ‘digital insurer’ policy transformation program will empower it to deliver improved customer and employee outcomes.

SYDNEY – December 3, 2024 – Duck Creek Technologies, the global intelligent solutions provider defining the future of property and casualty (P&C) and general insurance, has announced a new partnership with Suncorp, one of Australia’s and New Zealand’s largest general insurers.

Duck Creek will deliver cloud-native, low-code core insurance delivery solutions as part of Suncorp’s recently announced ‘digital insurer’ policy transformation program. Duck Creek’s SaaS solutions will replace multiple on-premises legacy systems and help Suncorp achieve its customer-outcome and value focused strategies.

The multi-year agreement for Duck Creek policy, billing and Clarity (data, insights and AI) solutions is an important milestone, and will underpin the next era of technology modernisation and process simplification for Suncorp. Duck Creek’s cohesive and comprehensive suite is expected to reduce Suncorp’s technological complexity, support their ability to deliver enhanced customer value and personalisation, and improve operational efficiency.

Suncorp aims to develop more customer-centric, data-driven and brand-specific propositions and experiences without the associated complexity; and deliver value to market faster and more efficiently across its personal and commercial brands in Australia and New Zealand.

“Modernising our core insurance platforms will help us deliver innovative and affordable customer propositions, simplify and streamline our operations, and importantly enable our people,” said Lisa Harrison, Chief Executive Consumer Insurance at Suncorp.

“Through a rigorous RFP process, we selected Duck Creek as it has a proven track record both globally and locally.”

“This is a multi-year program designed to roll out new capabilities in a safe, smart and efficient way. We have assigned dedicated business and technical leadership to work alongside Duck Creek and our integration partner, with strong governance structures and oversight.

“We look forward to a successful ongoing partnership with Duck Creek to help deliver this important program,” Ms. Harrison said.

“Suncorp is pushing the boundaries of insurance innovation. They appreciate that they’re not in the business of just insuring assets, but of delivering confidence and better experiences and outcomes for their policyholders,” said Christian Erickson, Managing Director (APAC) of Duck Creek Technologies. “Duck Creek’s vision, to transform insurance technology, helping insurers be smarter, faster and more efficient, and provide the best protection for people and businesses, is aligned with Suncorp’s, as a future-focused and protection-driven insurer. This makes us ideal partners and we’re honored to be a part of helping deliver Suncorp’s strategy. We believe Suncorp will push us to think and innovate differently and we are excited for the outcomes we will achieve together.”

The unique modular architecture of Duck Creek’s OnDemand platform will help accelerate Suncorp’s innovation timelines, reducing new product time-to-market from months to weeks and product amendments from weeks to days. The OnDemand platform will also help Suncorp increase automation, eliminate manual processes and enhance data-driven decision making.

“Our policyholder-centric solutions are designed to equip Suncorp to overcome any technological obstacles and refocus resources toward delivering new innovative customer propositions and experiences,” Mr. Erickson said.

About Duck Creek Technologies

Duck Creek Technologies is the global intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. Visit www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and X.

About Suncorp Group

Suncorp Group is an ASX-listed Trans–Tasman insurance company, headquartered in Brisbane, Australia. With a heritage dating back more than 100 years, Suncorp provides insurance products and services through some of Australia and New Zealand’s most recognisable brands.

Media Contacts:
Duck Creek
Chris Hamilton
chris.hamilton@duckcreek.com

Suncorp
James Spence
James.spence@suncorp.com.au

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Frequently Asked Questions

Duck Creek is committed to providing the information you need to solve your insurtech needs. Find answers to common questions below or, if this information isn't enough, fill out the form at the bottom of the page. Our team will respond with the answers you need.

Can I purchase Duck Creek products as a stand-alone, best-of-breed product, or only as part of a suite of products?

Duck Creek offers you the flexibility to purchase our products either in a stand-alone implementation, as part of an à la carte suite of products, or as a comprehensive suite. Our products are designed to work together or independently, providing you with the choice and flexibility you need.

What are the benefits of buying Duck Creek products as a suite?

Integration: The products are designed to work together seamlessly, providing a more streamlined and efficient experience.
Cost savings: Purchasing products as a suite may offer cost savings compared to purchasing them individually.
Consistency: Using a suite of products from the same company ensures a consistent user experience and reduces the learning curve for new users.

Are Duck Creek products available on the cloud?

Yes - Duck Creek’s products are deployed on Microsoft’s Azure cloud. Our evergreen SaaS (Software as a Service) platform is designed to lower the total cost of ownership for your solution without the need for large IT (Information Technology) teams and expensive upgrades. And with Active Delivery, available for Claims and Policy today and rolling out to all Duck Creek products, when a new version of a Duck Creek product comes out, “feature flags” allow you to accept the update on your terms, and start using the new version when you choose without deploying an IT team to manually update the system.