Philadelphia Insurance Companies Selects Duck Creek Technologies OnDemand to Launch New Offering for Small Commercial
Duck Creek Technologies (Nasdaq: DCT) announced a partnership with Philadelphia Insurance Companies (PHLY) to launch a new line of commercial insurance products in North America. This collaboration utilizes Duck Creek's OnDemand software-as-a-service solutions for rapid deployment in the commercial sector. This partnership aims to meet the demands of the small commercial market by providing scalable, extensible insurance offerings with enhanced customer experience.
- New partnership with PHLY to launch commercial insurance products enhances market position.
- Utilization of scalable Duck Creek OnDemand solutions allows rapid product deployment.
- Digital-first approach improves customer experience and distribution channels.
- None.
Greenfield operation executes on speed to market mission, gets to customers quickly with SaaS solution
Boston, March 15, 2022 (GLOBE NEWSWIRE) -- Duck Creek Technologies (Nasdaq: DCT), a leading, global technology solutions provider to the property and casualty (P&C) insurance industry, announced that Philadelphia Insurance Companies (PHLY) has selected Duck Creek Policy and Duck Creek Producer from its full suite of software-as-a-service (SaaS) core system solutions to launch a new line of commercial insurance in North America. Philadelphia Insurance Companies is a premier national property-casualty and professional liability insurance carrier that designs, markets and underwrites commercial products and services, and is a member of the Tokio Marine Group (TKOMY), Japan's oldest and leading property-casualty insurer.
Philadelphia Insurance Companies is preparing to enter a new line to enhance their US commercial business offerings in 2023. After a careful review of market-ready solutions, they chose Duck Creek OnDemand for its scalability, extensibility, and ease to launch commercial lines products using templated, low-code configurations. Duck Creek also offered PHLY a digital-first approach via Duck Creek Producer to optimize customer experience and enhance existing distribution channels.
Together with these modern insurance capabilities, Philadelphia Insurance Companies will be able to stand up a simple, low-touch policy that leverages third-party content, as well as prefill and straight through processing tools to deliver a competitive new offering to insurance buyers in the small commercial market.
“We identified a market opportunity and a need in the small commercial market that we wanted to address rapidly, which meant standing up an offering without any back-end constraints or integration challenges,” said Bob Pick, CIO of PHLY. “Duck Creek’s ready-to-use system is advantageous in allowing us to meet this vision, while giving us the runway to scale as the business grows and our solutions become more innovative for small commercial customers.”
“I have long admired Philadelphia Insurance Companies and their mission to deliver innovative products to niche insurance markets,” said Michael Jackowski, CEO of Duck Creek Technologies. “The most effective partnerships begin with alignment of purpose, and we share a strong belief in enhancing value to customers through continued innovation. This is an exciting opportunity for both companies to work together and create a new standard for small commercial insurance solutions in North America.”
About Philadelphia Insurance Companies
Philadelphia Insurance Companies designs, markets, and underwrites commercial property/casualty and professional liability insurance products incorporating value added coverages and services for select industries. The Company is rated "A++" (Superior) by AM Best Company and "A+" for counterparty credit and financial strength by Standard & Poor's. In business for 60 years, PHLY is nationally recognized as a member of Ward's Top 50, one of the Best Places to Work in Insurance, and among Forbes’ list of America’s Best Midsized Employers. The organization is strategically located across the United States to provide superior service. For more information, please visit www.PHLY.com.
About Duck Creek Technologies
Duck Creek Technologies (Nasdaq: DCT) is a leading provider of core system solutions to the P&C and general insurance industry. By accessing Duck Creek OnDemand, the company’s enterprise software-as-a-service solution, insurance carriers are able to navigate uncertainty and capture market opportunities faster than their competitors. Duck Creek’s functionally-rich solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. For more information, visit www.duckcreek.com.
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