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.
The outdated technology was creating a bottleneck in the core operations of the insurance company, specifically impacting their Personal Lines segment.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:
This highlighted the need for a modern and efficient system to streamline processes, offer better functionalities, and ultimately, improve customer service.
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:
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