The Client
A privately owned, rapidly growing leading specialty insurer providing a wide range of property and casualty insurance products and surety bonds to meet the needs of individuals and businesses.
Client challenges:
Insurance carrier experiencing:
- Slower growth
- Ability to regulate their operational costs
- Systemic limitations to make necessary organizational and process changes
- Low “Submission to Conversion” ratio for quotes because agents and brokers have to operate multiple systems
- Speed to market for new products and expansion into newer states took years
Our Solution
The customer was looking for a reliable transformative partner to envision the future state, blueprint the roadmap and move them to a cloud-based SaaS solution in a time-bound manner:
- Creation of a SWAT team with unique expertise on both legacy PAS systems and modern COTS products including Duck Creek
- Joint exercise in the envisioning phase to help identify the platform of choice to digitize their siloed business & IT systems as part of the core platform modernization
- Normalized product offerings across business units with a product reconfigurability feature which allowed customers to roll out products quickly and expand into newer markets
Result
- Reduced the quote processing from 3 days to under < 15 mins
- Major lines of business were rolled out to 50 states in <18 months. Helped customer launch General Liability and Excess Liability on the new Duck Creek cloud SaaS platform in a record time. Considered to be one of the fastest and most seamless implementations done by any SI in Duck Creek's history
- $64Mn in direct written premium in <9 months of roll-out for 2 LoBs
- TCO savings of $1.1Mn in year 1 by sunsetting major legacy systems
- Uniform standard platforms — consistent, configurable, and scalable for newer markets with newer products
