CASE STUDY
Saxon Insurance’s Digital Leap: 25% Market Growth in a Year
Objectives
To replace aging, inefficient, and largely manual legacy systems
To increase market share in the Cayman Islands’ competitive insurance marketplace
To develop an innovative, policyholder-first business model
Results
Captured 25% of the Cayman Islands market within the first year
Reduced first response time to customer inquiries by 80%
Cut average transaction processing time by 50%
Improved customer satisfaction to 94%
We took an old insurance company that had very little market share and transformed what was a creaky, very manual, analog system and architecture into a very advanced digital platform within six months. Duck Creek was a key factor in this.
Brian Williams
CEO,
Saxon Motor & General Insurance
The Challenges
- Inefficient Legacy Systems
Saxon’s aging, largely manual legacy systems were costly, hindering meaningful growth and transformation. - Limited Online Presence
Their “buy online” portal, while innovative, had limited functionality and only accounted for 1% of new business. - Limited Local IT Resources
Maintaining the legacy infrastructure was challenging due to limited local IT talent.
The Solutions
- A modern insurance platform was implemented, focusing on enhancing user experience and operational efficiencies.
- Saxon transformed into a paperless, policyholder-first provider of smart insurance, significantly increasing its market share.
- Duck Creek Policy and Billing were implemented, offering a low-friction online engagement for policy shoppers and operational efficiencies for policy management.
The Impacts
Increased Market Share
Saxon captured 25% of the Cayman Islands’ market within the first year.
Improved Customer Service
The first response time to customer inquiries decreased by 80%, and customer satisfaction rose to 94%.
Enhanced Operational Efficiency
Average transaction processing time was cut by 50%.
News And Press Releases
- Saxon Insurance Adopts Duck Creek Insights for Enterprise Data & Analytics
- Saxon Insurance chooses Duck Creek Insights for Enterprise Data and Analytics
- Duck Creek Technologies Congratulates Saxon Insurance on Being Named a 2017 Celent Model Insurer Award Winner
About The Customer
Saxon Insurance is a direct-to-consumer insurer providing a range of insurance products to residents and businesses across the Cayman Islands. Established in 2011 through the acquisition of a local motor insurer, Saxon transformed into a modern, innovative insurance company, leading the country’s market with its policyholder-first business model and an array of personal and commercial insurance products. Explore More.
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