A new entrant has launched into the southern African insurance sector aimed at delivering software applications that enable insurers to rapidly define, develop, deploy and manage their insurance products and services.
Backed by Duck Creek Technologies Europe, Duck Creek Technologies SA has opened its offices in Sandton, Johannesburg aiming to transform traditional product
lifecycle management (PLCM) by delivering software applications that manage the entire insurance product manufacturing process.
With existing operations in the US and Europe, Duck Creek Technologies helps users manage processes from product design and creation, to maintenance and deployment, assisting companies in realising new product demands rapidly.
Duck Creek implementations are completed in a short timeframe with some customers taking as little as 90 days to have a new product deployed, with over 50% of its customers achieving self-sufficiency. Its extensive use of XML enables users to create and manage their insurance products in a universally available format – providing one place to store all product information, available to all applications.
Harald Karlsen, CEO at Duck Creek Technologies Europe Ltd comments: "We are very excited about our expansion into the South African market as we believe we can offer insurers a new approach to Product Lifecycle Management. With our ability to significantly reduce implementation timescales, customers can use web-based applications to develop and deploy new products more quickly.
"Our applications can be used in a variety of insurance markets, from direct to consumer, to high volume agency-based and highly complex specialty lines. Our Example Platform has the flexibility and capacity to enable all insurers to benefit from its power."
Duck Creek Technologies' Example Platform is a component-based suite of tools, providing a strategic, centralised product development solution. It can be used as a "black box" product and rating solution – to enhance legacy systems that are constrained by limited product build and restricted rating capability – or where product definitions have become fragmented. This often results from multiple product deployment requirements such as internet, extranet and/or having disparate legacy systems.
In addition, the Example Platform provides full underwriting transactional support to process any line of business built on the platform, allowing for full integration with existing systems, or as a standalone web-based underwriting application.
Duck Creek Technologies solutions aim to deliver:
* A rapid and flexible product build and deployment capability;
* An accelerated web-based application delivery;
* The ability to "breathe life" into existing legacy systems;
* A strategic and centralised product development environment; and
* A tactical-to-strategic model for implementation.