STOCK TITAN

Coherent Partners with Duck Creek Technologies to Offer Property and Casualty Carriers and Managing General Agents (MGAs) a Path to Faster Policy Issuance

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
partnership
Rhea-AI Summary

Coherent partners with Duck Creek Technologies to integrate Coherent Spark with Duck Creek Policy, significantly accelerating the development and testing processes in the insurance sector. This integration allows users to transform Excel-based business logic into APIs, streamlining policy issuance for property and casualty insurance carriers. Customers will benefit from reduced development costs and improved speed to market, enhancing revenue potential. Both companies will collaborate to explore new opportunities within the global P&C insurance market.

Positive
  • Integration of Coherent Spark with Duck Creek Policy improves efficiency in policy issuance.
  • Empowers customers with faster market response and reduced development costs.
  • Enhances revenue potential for P&C insurance carriers.
Negative
  • None.

Coherent Spark’s integration with Duck Creek Policy shortens the process time of development and testing, enabling business teams to achieve better outcomes in moments, not months.

TAMPA, Fla. & BOSTON--(BUSINESS WIRE)-- Coherent, a global software as a service (SaaS) company fast becoming the ubiquitous standard for business logic, announced today that it has partnered with Duck Creek Technologies (Nasdaq: DCT), the intelligent solutions provider defining the future of property and casualty (P&C) insurance. With this partnership, the firms announce the integration of Coherent Spark with Duck Creek Policy.

Coherent Spark converts business logic, including rules, calculations, and data, from any Microsoft Excel file into an application programming interface (API), which can then connect to any application, including an insurer’s policy administration system. This new integration will empower customers with a uniform solution that enables them to retain rating workbooks and seamlessly pass Excel-based data into Duck Creek Policy to issue policies immediately.

“Our customers will benefit from the lightning-fast speed of Coherent Spark,” said Andy Yohn, Vice President, Product Management of Duck Creek Technologies. “There’s so much proprietary business logic that feeds into the process of issuing and administering insurance policies. Through this integration, P&C insurance carriers and MGAs will achieve faster speed to market, reduced development costs, and greater revenue potential.”

Coherent and Duck Creek Technologies will jointly pursue opportunities across the global P&C industry.

Todd Buchanan, CEO - USA at Coherent, stated, “We’re pleased to partner with Duck Creek Technologies to enable Excel-based logic to flow into Duck Creek Policy at the speed of Spark. What makes this partnership special is our mutual passion for accelerating even the most arduous business processes throughout the insurance lifecycle with innovative technology.”

Buchanan added, “As many of our customers are launching new products or looking to streamline existing ones, we’re going to serve that market with a new solution that can handle even the most complex models in seconds.”

To learn more about the integration of Coherent Spark with Duck Creek Policy, visit https://www.duckcreek.com/partner/coherent.

About Coherent

Coherent is a global software-as-a-service (SaaS) company redefining how business and IT teams build software together. Most companies run critical business operations on hundreds of spreadsheets. Additionally, they spend billions globally on IT budgets to recode the business logic inside spreadsheets to add connectivity to other applications, auditability, and cloud scalability. Coherent’s core technology, Spark, is a no-code SaaS platform that makes building business software as fast, approachable, and cost-effective as using Excel. Create your first application programming interface (API) from your existing Excel rules, formulas, and data models in minutes and make it available on the cloud to connect with any modern application. Then supercharge it by adding deep version control, automated testing, and parallel simulation capabilities. For more information, visit: https://www.coherent.global/.

About Duck Creek Technologies

Duck Creek Technologies (NASDAQ: DCT) 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 we believe 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 Twitter.

PRESS CONTACTS

Coherent:

Jennifer Harbour

jharbour@nexttechcomms.com

+1 732-285-4306

Duck Creek Technologies:

Carley Bunch

carley.bunch@duckcreek.com

+1 201-962-6091

Source: Coherent

FAQ

What is the significance of the Coherent and Duck Creek partnership for DCT?

The partnership enhances Duck Creek Technologies' offerings by integrating Coherent Spark, improving policy issuance speed and reducing development costs.

How does Coherent Spark improve Duck Creek's policy administration?

Coherent Spark transforms Excel-based business logic into APIs, enabling seamless data transfer into Duck Creek Policy for faster policy issuance.

What benefits does the integration provide to DCT's customers?

Customers will experience faster time to market, lower development costs, and increased revenue potential.

When was the partnership between Coherent and Duck Creek announced?

The partnership was announced in a press release on July 12, 2022.

DCT

NASDAQ:DCT

DCT Rankings

DCT Latest News

DCT Stock Data

2.52B
93.97M
26.82%
94.61%
2.57%
Software—Application
Technology
Link
United States
Boston