Skyward Specialty Insurance Implements Duck Creek Loss Control to Improve Loss Ratios and Customer Satisfaction
Objectives
- Enhance operational efficiencies and reduce loss ratio through strategic investment in loss control.
- Implement cutting-edge technology to improve underwriting capabilities and scale loss control services.
- Mitigate risks for clients through proactive loss control measures, and improving loss ratios.
- Improve data integrity by centralizing risk data from vendors to ensure compliance and make informed decisions.
The results
Since we moved to Duck Creek Loss Control things have been running faster & better, and any updates or patches are done in basically real time.
The challenges
Improving Bottomline
Managing property and casualty losses, which adversely impacted combined ratios.
Lack of Resources
Staffing shortages due to the Great Resignation, leading to increased workloads and administrative tasks.
Disconnected Insurance Ecosystem
Dependency on multiple vendors with disparate systems, causing coordination issues and slow processes.
Lack of Access to Risk Data
Lack of a centralized database, hindering risk data access and utilization, and affecting regulatory compliance.
The Solutions
- Highly configurable solution, eliminating the need for programmers for setup and maintenance.
- Quick implementation with a smooth learning curve for users.
- Broad scope of functionality and a strong product roadmap with ongoing release strategies.
- Secure private cloud offering, reducing the need for technical team involvement and allowing safety staff to maintain the system.
About the Customer
Established in 2007, Skyward Specialty Insurance (formerly Houston International Insurance Group) is a rapidly growing and innovative specialty insurance company, acclaimed for its tailored insurance solutions and exceptional client service. With a focus on commercial property and casualty insurance on an admitted and non-admitted basis, the company’s notable emphasis on effective risk management and loss control has set it apart. Leveraging cutting-edge technology, Skyward Specialty Insurance has streamlined its operations and enhanced its underwriting capabilities. The company’s commitment to proactive loss control measures has proven instrumental in mitigating risks for its clients, ensuring comprehensive protection and peace of mind. Alongside its business success, Skyward Specialty Insurance remains dedicated to corporate responsibility, actively engaging in charitable initiatives and community projects, fostering a positive societal impact
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