One of the top national P&C carriers in the US market, the client offers both personal (Personal Home, Auto, Dwelling Fire, Package) as well as Commercial (Package, Business Owner, Auto) lines to its customers. Insurer struggled with a legacy system hindering efficiency and product launches. Coforge's Duck Creek Technologies (DCT) implementation streamlined operations, reduced IT costs, and modernized the experience for customers and agents.
P&C insurance carrier faced several challenges that hindered their existing policy administration system:
Legacy System Inefficiencies: The client's reliance on a dated, third-party platform resulted in high IT maintenance costs for managing policies. This outdated system limited efficiency and flexibility for handling growing business demands.
Inefficient Data Exchange: The absence of real-time integrations resulted in data silos and slowed down business processes.
Slow Time-to-Market: Implementing new insurance products was a slow and cumbersome process with the legacy system. This sluggishness impacted the carrier's ability to quickly adapt to market changes and introduce innovative offerings to customers.
Limited Functionality: The existing platform lacked critical features for modern insurance operations. It didn't provide a user-friendly web interface for customers and agents, and its rating capabilities were outdated.
These limitations in the legacy system prevented the P&C carrier from achieving their desired level of efficiency, agility, and customer satisfaction. They recognized the need for a modern and scalable solution like Duck Creek to overcome these challenges and achieve their strategic goals.
Solution
Coforge addressed the P&C carrier's challenges with a multi-faceted solution leveraging Duck Creek Technologies (DCT) and their own expertise. Here's a breakdown of the key highlights:
Leveraged Existing Expertise: Coforge’ relationship with the client started in 2011 when we implemented Duck Creek for auto, homeowners, package, and dwelling lines of business in seven states of the US.
Data Migration and Integration: Handled data mapping, extraction, transformation, and policy dispatch. Established real-time integrations with internal and external systems.
Business Analysis and Configuration Management: Configured the Duck Creek system according to the client's specific workflows, state-specific forms, rating algorithms and business rules.
Center of Excellence: Used our Center of Excellence for renewal policy conversion in personal lines of business—auto, homeowners, package, and dwelling, legacy dwelling fire systems, grandfathered forms, rules, and rating algorithms.
Automated and Semi-Automated Conversion: Efficiently converted a large volume of policies (over 300,000) across auto, homeowners, and package lines.
Scalability and Flexibility: Designed the solution with future growth in mind, including state-specific customizations and a robust architecture.
Feasibility Study and Data Migration Strategy: Determined the right conversion approach and created a detailed plan for data migration.
The Impact
More Savings Right-skilled resources deployed saved huge costs for the client
More Reliability New business for both personal and commercial lines and
