Technology is helping insurance firms around the world navigate uncertainties in global markets and capture market opportunities ahead of the competition. Companies tied down by legacy systems are feeling the heat as future-prepped firms adopt new ways to deliver value in the insurance marketplace.
Duck Creek Technologies has a suite of enterprise solutions for the property & casualty insurance industry to help firms meet the demands of the modern marketplace. The company is enjoying strong result from its efforts in the US, the EMEA and APAC regions – and now its sights are set firmly on expansion in Canada.
One of its long-time Canadian customers, Northbridge Financial Corporation, recently made the headlines when it was handed a 2018 Celent Model Insurer Award for Legacy and Ecosystem Transformation after incorporating Duck Creek solutions. The technology firm wants to build on that positive momentum to enhance its support for the needs of Canadian P&C insurers.
“Duck Creek solutions have capabilities that extend to insurance markets worldwide, but we always look at each region in isolation and put together a content provision strategy to ensure we bring the best value to each unique market,” said Eugene Van Biert, chief revenue officer at Duck Creek Technologies.
“In the Canadian market, we have customers like Northbridge Financial Corporation and Gore Mutual who are very well respected and are achieving tremendous results by using our technology. In the past two years, both Northbridge and Gore Mutual have received the Celent award for Legacy and Ecosystem Transformation, which proves our solution works for Canadian companies.”
The Celent award focuses on projects related to upgrading core systems, including policy administration, billing, claims, and rating/underwriting. To secure a win for Legacy and Ecosystem Transformation, a carrier must not only modernize, but also transform their internal systems and how they interact with customers, counterparties, and regulators.
Duck Creek is actively investing in expanding its footprint in Canada, including product development specific to the systems, regulatory environments, and processes unique to Canadian P&C insurers, with the hope of bringing on many more Canadian clients.
“We believe the Canadian market is fertile ground for us to continue to grow our business. We’re investigating the establishment of a Toronto office and we anticipate new job opportunities as we look to increase our revenue stream and customer base in Canada,” Van Biert told Insurance Business. “Our aim for growth in Canada is part of a wider global expansion strategy. We’ve just appointed a new managing director for the European market and we will be making other international announcements in the near future.
“We believe our value proposition holds up in geographies around the world. For example, we’re able to deliver Software as a Service (SaaS) capabilities that offer very compelling value propositions for companies of all sizes. Furthermore, our product is highly configurable and is built around an open strategy, so it can be upgraded and customized to each customer’s unique needs without impacting the product. That saves a lot of money in terms of the lifetime value of the investment.”
Duck Creek’s Canadian market share is growing. Van Biert hopes others will view the successes of Northbridge and Gore Mutual as a testament of Duck Creek’s capabilities.
He noted: “One thing Northbridge did particularly well was not only look at their systems’ requirements but also at business process improvements. Successful transformation requires new technologies as well as a supporting business strategy.”