FCCI Collaborated with Cognizant to Create New Excess & Surplus Insurance Lines of Business
Cognizant (CTSH) has partnered with FCCI Insurance Group to launch new Excess & Surplus (E&S) lines of business, which went live on October 1, 2024. The collaboration leverages Duck Creek's policy administration system to modernize FCCI's operations and expand into the E&S market. The implementation aims to drive operational efficiencies, automate processes, and enhance product speed to market. The E&S segment includes General Liability, Excess Liability, Inland Marine, Crime, and Property and Package, with initial lines launched in October 2024 and remaining lines scheduled for early 2025.
Cognizant (CTSH) ha stretto una partnership con FCCI Insurance Group per lanciare nuove linee di Excess & Surplus (E&S), attive dal 1 ottobre 2024. La collaborazione sfrutta il sistema di gestione delle polizze di Duck Creek per modernizzare le operazioni di FCCI ed espandersi nel mercato E&S. L'implementazione mira a migliorare l'efficienza operativa, automatizzare i processi e aumentare la velocità di commercializzazione dei prodotti. Il segmento E&S include Responsabilità Civile Generale, Responsabilità Eccedente, Marine Interno, Crimine, e Proprietà e Pacchetto, con le linee iniziali lanciate a ottobre 2024 e le restanti programmate per l'inizio del 2025.
Cognizant (CTSH) se ha asociado con FCCI Insurance Group para lanzar nuevas líneas de Excess & Surplus (E&S), que entraron en funcionamiento el 1 de octubre de 2024. La colaboración aprovecha el sistema de administración de pólizas de Duck Creek para modernizar las operaciones de FCCI y expandirse en el mercado de E&S. La implementación tiene como objetivo impulsar la eficiencia operativa, automatizar procesos y mejorar la rapidez de lanzamiento de productos al mercado. El segmento E&S incluye Responsabilidad General, Responsabilidad Adicional, Marina Interior, Crimen, y Propiedad y Paquete, con las líneas iniciales lanzadas en octubre de 2024 y las restantes programadas para principios de 2025.
코그니전트 (CTSH)가 FCCI 보험 그룹과 협력하여 새로운 과잉 및 잉여 (E&S) 사업 라인을 출시했습니다. 이는 2024년 10월 1일부터 시행됩니다. 이 협력 관계는 덕 크릭(Duck Creek)의 보험 정책 관리 시스템을 활용하여 FCCI의 운영을 현대화하고 E&S 시장으로 확대하는 데 중점을 두고 있습니다. 이 구현은 운영 효율성을 높이고 프로세스를 자동화하며 제품 출시 속도를 향상시키는 것을 목표로 합니다. E&S 부문에는 일반 책임, 초과 책임, 해상 내륙, 범죄, 자산 및 패키지가 포함되며, 초기 라인은 2024년 10월에 출시되며 나머지 라인은 2025년 초로 예정되어 있습니다.
Cognizant (CTSH) a établi un partenariat avec FCCI Insurance Group pour lancer de nouvelles lignes de Excess & Surplus (E&S), qui sont entrées en service le 1er octobre 2024. Cette collaboration exploite le système de gestion des polices de Duck Creek pour moderniser les opérations de FCCI et s'étendre sur le marché E&S. L'implémentation vise à accroître l'efficacité opérationnelle, à automatiser les processus et à améliorer la rapidité de mise sur le marché des produits. Le segment E&S comprend la responsabilité civile générale, la responsabilité excédentaire, la marine intérieure, la criminalité, ainsi que les biens et les forfaits, avec des lignes initiales lancées en octobre 2024 et les lignes restantes prévues pour début 2025.
Cognizant (CTSH) hat sich mit FCCI Insurance Group zusammengetan, um neue Excess & Surplus (E&S) Geschäftslinien einzuführen, die am 1. Oktober 2024 in Betrieb genommen wurden. Die Zusammenarbeit nutzt das Policenverwaltungssystem von Duck Creek, um die Abläufe von FCCI zu modernisieren und in den E&S-Markt zu expandieren. Die Implementierung zielt darauf ab, die operative Effizienz zu steigern, Prozesse zu automatisieren und die Markteinführungszeit von Produkten zu verbessern. Das E&S-Segment umfasst die allgemeine Haftpflicht, zusätzliche Haftpflicht, Binnenmarine, Kriminalität sowie Vermögenswerte und Pakete, wobei die ersten Linien im Oktober 2024 eingeführt wurden und die verbleibenden Linien für Anfang 2025 geplant sind.
- Strategic expansion into new E&S insurance market segment
- Implementation of modernized policy administration system
- Partnership with established insurance provider FCCI
- None.
Insights
This strategic collaboration between FCCI, Cognizant and Duck Creek Technologies represents a significant digital transformation in the insurance sector. The implementation of Duck Creek's policy administration system for E&S lines indicates a substantial operational upgrade that should drive efficiency and revenue growth.
The expansion into E&S markets is particularly noteworthy as it diversifies FCCI's revenue streams and positions them to capture market share in a growing segment. The phased rollout approach, with General Liability and Excess Liability launching first, followed by additional lines in 2025, demonstrates a measured, risk-managed implementation strategy.
The platform's automation capabilities and improved operational efficiency should translate to reduced expense ratios and enhanced profitability. For Cognizant, this showcases their insurance technology integration capabilities and strengthens their position in the insurtech consulting space.
Cognizant leveraged Duck Creek Technologies' cutting-edge policy administration system to modernize FCCI's operations and expand the insurance group's footprint into the Excess & Surplus market
Under this collaboration, FCCI and Cognizant have implemented a state-of-the-art policy administration system that enhances FCCI's existing admitted commercial property and casualty offerings with E&S capability. The E&S segment offers General Liability, Excess Liability, Inland Marine, Crime, and Property and Package. The first two lines went live in October, and the remaining lines will go live in early 2025.
"These new E&S lines of business are a significant milestone in FCCI's modernization journey, signaling a major expansion of our footprint in the industry. Furthermore, it marks a pivotal evolution in our business strategy," said Dave Patel, Executive Vice President – Chief Information Officer (CIO) of FCCI. "By entering the E&S market, we're positioning FCCI to be the commercial carrier of choice with 'one-stop' shopping for our agency partners. Cognizant's deep industry knowledge and track record in managing complex insurance programs made them the ideal partner to lead this critical transformation."
In 2023, once FCCI formally moved to enter the E&S market, Cognizant conducted a thorough review and ultimately advised on the technology solution selection. At the start of 2024, work to implement Duck Creek's platform began, and the expertise of Cognizant's delivery team in insurance proved crucial to the implementation's speed and pace. As a premier Duck Creek delivery partner, Cognizant focused on the goals of optimizing FCCI's cost structures, delivering customer experience and digital capabilities while reducing the risks and costs associated with program implementations.
"We proudly support FCCI's journey to update and expand its operations. The successful implementation of our Policy with Active Delivery platform marks an important milestone for FCCI entering the Excess & Surplus market. This collaboration underscores our commitment to providing innovative solutions that enable our clients to adapt quickly and deliver exceptional service to their agents and policyholders," said Chris McCloskey, Chief Operating Officer of Duck Creek Technologies.
"We are excited to collaborate with FCCI to expand their business into the E&S market and beyond," said Ajay Pandita, Senior Vice President and Financial Services, Fintech & Insurance Business Unit Leader of Cognizant. "This partnership builds on our ongoing efforts to modernize FCCI's applications and migrate policies to the Duck Creek platform. Our combined expertise and cutting-edge digital solutions are expected to enable FCCI to deliver superior customer experiences and achieve sustained growth."
About Cognizant
Cognizant (Nasdaq: CTSH) engineers modern businesses. We help our clients modernize technology, reimagine processes, and transform experiences so they can stay ahead in our fast-changing world. Together, we're improving everyday life. See how at www.cognizant.com or @cognizant.
About FCCI
Founded 1959 in
About Duck Creek Technologies
Duck Creek Technologies is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand.
Visit www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and X.
Contact:
Katrina Cheung
katrina.cheung@cognizant.com
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SOURCE Cognizant Technology Solutions Corporation
FAQ
What new business lines did Cognizant (CTSH) help FCCI launch in October 2024?
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