Coforge helps top insurer shift from legacy to the modern Duck Creek Policy Administration Platform

Overview

Our client, a major US insurer offering specialty, personal, and commercial lines of coverage, was heavily reliant on an aging AS400 system for critical functions like issuing new policies, renewing existing ones, and performing the underwriting process. This legacy application, built on a bygone technology, presented several challenges. Our innovative Duck Creek Solution replaced the cumbersome system with a more efficient platform to streamline the business.

Business Challenge

The outdated technology was creating a bottleneck in the core operations of the insurance company, specifically impacting their Personal Lines segment. Some of the challenges they faced were:

• Manual Interventions: The AS400 system lacked the automation capabilities of modern platforms. This meant that many tasks, from data entry to calculations, had to be done manually by employees. This can be time-consuming and error-prone, leading to delays and inaccuracies in policy issuance, renewals, and underwriting decisions.
• Limited Functionalities: Modern insurance products can be complex, with various coverage options, discounts, and risk factors. The legacy system was not able to handle these complexities effectively. This could limit the types of policies offered to Personal Lines customers, hindering the insurer's ability to compete in the market.
• Inefficient Service Delivery: The manual processes and limited functionalities of the AS400 system would translate to a slow and cumbersome experience for Personal Lines customers, especially those dealing with Auto and Homeowner insurance. Imagine long wait times for policy changes, difficulty getting quotes, and a lack of online self-service options. This can lead to frustration and customer churn.

This highlighted the need for a modern and efficient system to streamline processes, offer better functionalities, and ultimately, improve customer service.

Solution

As part of our digital transformation initiative, Coforge spearheaded the implementation of a simplified, configurable, and integrated Duck Creek Policy Admin System. This solution aimed to replace the cumbersome legacy system with a more efficient platform using a robust rating engine. The new system would seamlessly integrate with other external systems and downstream applications, streamlining new and renewal business effectively.

In our new system, we have streamlined policy creation with a user-friendly UI, minimizing manual intervention through strategic automation. Processes such as renewals, binding, issuance, and cancellations are now executed seamlessly through automated batches, significantly reducing policy creation times.

Legacy policies are seamlessly imported into Duck Creek through automated batches. After modifications by underwriters, policies undergo quoting, binding and issuance processes facilitated by additional automated batches.

We have streamlined the new binding process:

• Underwriters input data into our intuitive policy admin system UI, automating submission clearance, binding, and issuance.
• Data is then transmitted to the data warehouse via our DCI implementation, flowing downstream for billing system consumption.

Results

Our innovative DuckCreek solution has resulted in an increased ROI and GWP for the client. It streamlined operations, reducing effort for underwriters and operations personnel while slashing application maintenance and operational costs.

With an expanded client base, revenue has surged, presenting abundant business opportunities. Underwriters can now efficiently manage a higher volume of transactions, freeing up time for other critical tasks and activities.

Consult with our experts at insurance@coforge.com or visit www.coforge.com