Duck Creek Rating is a flexible and comprehensive solution that enables carriers to launch new (and modify existing) products across all lines of business and develop rates easily and efficiently. With low-code tools for defining new products – from rates and rules to forms, UI, workflows, and underwriting rules – and the ability to easily incorporate myriad data sources, Duck Creek Rating can be used as standalone or with Duck Creek Policy.
Build products more efficiently
Duck Creek’s unique inheritancemodel enables carriers to take existing product definitions and create new product versions using the previous version as a baseline. Whether you are looking to enter new regions or transform an existing product, our solution’s inheritance capabilities help reduce repetition and errors across products, enabling you to easily manage and consolidate all of your products under a single system.
Streamline product management lifecycle support
Duck Creek Rating standardizes the product development lifecycle, from requirement definition to approvals, configuration, testing, and completion. Duck Creek’s low-code tools and modern architecture empower carriers to develop new products and maintain existing products through configuration, delivering single-point-of-change capabilities by reusing product definitions across both Duck Creek applications as well as non-Duck-Creek applications.
Improve your pricing and underwriting strategy
The ability to stress-test different rate changes or underwriting rules scenarios is crucial to determining what adjustments best fit your business goals. Rating’s “what-if” modeling lets you easily evaluate a rate change and underwriting rule impact on a book of business prior to moving any product update or change into production.
The P&C Industry’s Trusted, Reliable SaaS Rating System
Number of quotes processed in a single day
Number of insurance products in production
Reduction in IT backlogs
Days to go live with pre-defined commercial products
Product Lifecycle Management
Low-Code Product Definition Tools
Comprehensive Line of Business Support
Standardize product management to ensure quality and consistency. Tracking product development progress provides product managers with up-to-date information throughout the product development lifecycle.
Product definition scripts designed to walk users through requirement gathering
Automated task assignment throughout the product definition lifecycle
Progress tracking based on task effort
Testing and approval tracking
Automated product documentation generation
Product definition through low-code configuration, whether it’s updates to existing products or new products, allows you to make updates in hours or days, not weeks or months.
Configuration tools designed for business and IT users
Ability to define product fields, workflow, rating rules, rates, UI, forms, and underwriting rules
Single point of change allows definitions to be reused across systems
Comprehensive line of business support across personal, commercial, and specialty lines
Real-time unit testing
Knowing the impact of potential changes before they’re implemented allows carriers to make mission-critical decisions while understanding the potential business impact.
Ability to model a complete or partial book of business to see potential impact
Workflow modeling allows carriers to see how underwriting rule changes will increase or decrease employees’ workloads
Watchpoints can be selected to target specific elements to model
Detailed breakdown of modeling results available via Excel spreadsheet
Override a defined portion of data points to explore what-if scenarios
Sharing product definitions across lines of business through product inheritance improves speed to market and reduces overall product maintenance – resulting in shorter development and maintenance cycles.
Carriers can define their own inheritance structures that best fit their products
Multiple levels of inheritance allow flexibility in designing inheritance structures
Inheritance applies to the entire product definition, including rates, rules, forms, UI, and workflow
Configuration tools display inheritance structure for each product
Used-by option shows where fields are used in the inheritance structure
Today’s consumers demand insurance products that fit their lifestyles. Having a flexible and configurable rating application gives carriers the tools needed to design innovative products.
Support for commercial lines products including large schedules and package policies
Personal lines product support including the ability to package personal policies
Specialty lines rating including products like Medical Professional Liability, Cyber Liability, Excess and Surplus, E&O, D&O, and Pet
Ability to calculate taxes, fees, and surcharges
Forms triggering rules supported
Ability to embed analytics, AI scores, and values into algorithm
Preconfigured product content drives rapid product development, giving carriers the edge needed to get to market faster.
Comprehensive support for ISO, AAIS, NCCI, and independent workers’ compensation bureau states
Circular updates for lines of business offered in bureau-based commercial template solutions
Line of business kits for personal and specialty lines
Anywhere Integrations to some of the most common rating data providers
The rating engine was something that stood out for Duck Creek over the competitors that we looked at. And once we got into that decision process, we took it a step further and did a proof of concept with Duck Creek. And that really sold us.
The Duck Creek technology offers pricing comparisons at up to 10,000 quotes per hour, provides context-specific text and guidance for each user, and calculates the exact amount that each insured would save with a new policy.