Topa Insurance Group Selects Duck Creek Reinsurance Management to Increase Operational Efficiency and Improve Data Analytics

Rhea-AI Summary

Duck Creek Technologies (Nasdaq: DCT) announced that Topa Insurance Group has selected Duck Creek Reinsurance Management for its digital transformation, aiming to improve reinsurance processing efficiency. The collaboration seeks to eliminate manual processes and enhance risk management through improved data accuracy and claims administration. Topa is focusing on commercial lines and modernizing its financial systems to expedite closing cycles. The partnership promises operational efficiencies and better data analytics, critical for making informed financial decisions.

Positive

• Topa Insurance Group is enhancing operational efficiency through a partnership with Duck Creek Reinsurance Management.
• The collaboration aims to automate reinsurance processes, improving data analytics and operational efficiency.
• Topa is focusing on commercial lines, indicating potential growth and diversification.

Negative

• None.

Specialty property and casualty insurer chooses Duck Creek Reinsurance Management to increase its scalability, speed, and process efficiency

Boston, May 11, 2021 (GLOBE NEWSWIRE) -- Duck Creek Technologies (Nasdaq: DCT) announced today that Topa Insurance Group, a boutique carrier based out of Calabasas, CA, has taken the next step in its digital transformation and selected Duck Creek Reinsurance Management to handle its reinsurance processing needs with a modern, cloud-based solution. The company cited their desire to eliminate manual processes and increase risk management efforts regarding data accuracy and claims administration as factors in their decision in support of their continuous improvement.

Topa specializes in small to medium size businesses with low and moderate hazard exposures. Over the past year, the company has announced an effort to increase its focus on commercial lines products. The organization’s finance team is modernizing all back-end financial planning and accounting systems in an effort to shorten its closing cycle. The partnership with Duck Creek reinforces Topa’s customer-centric focus and drive to exceed expectations with sophisticated technologies.

“Given the challenges that many implementation projects face, Topa sought an advanced, attentive partner we could trust to provide a detailed plan around solution deployment and post-go-live support,” said Lawrence Genalo, Chief Financial Officer of Topa Insurance Group. “The Duck Creek team has impressed us with their agile implementation approach and attention to detail from a features and functionality standpoint. We are confident that Duck Creek Reinsurance Management is the right solution to maximize our return on investment.”

By automating critical reinsurance financial and administrative processes, Duck Creek Reinsurance Management helps cedants improve operational efficiencies, maximize recoverables, reduce claims leakage, and improve data analytics and financial reporting. Digitally transforming reinsurance administration creates opportunities to strategically leverage data in ways that were previously extremely difficult. With the ability to better understand reinsurance transactions and outcomes, finance and risk management teams can leverage data to make critical decisions regarding risk appetite and support reinsurance contract negotiations. In addition, through rules-based automation, standardization, and data transparency, Reinsurance Management creates a more efficient and productive reinsurance administration program.

“We are very happy that Topa has chosen Duck Creek to support its business,” said Jeff Wargin, Chief Product Officer of Duck Creek Technologies. “Labor-intensive tools such as spreadsheets and databases are not cut out to manage today’s increasingly complex reinsurance programs, and lack the scalability and speed of our cloud-based solution. Reinsurance Management ensures that all reinsurance purchases achieve their intended goals of helping insurance companies manage risks and making available the capital needed to support those risks, so this was a great choice for Topa as they look to continued growth and diversification.”

About Topa Insurance Group:

Topa Insurance Group is a boutique insurance holding company, made up of core company Topa Insurance Company, as well as Dorchester Insurance Company (USVI), and Topa Insurance Services (USVI). Topa provides insurance products through the wholesale market. Topa Insurance Group is focused on underwriting profit, operational excellence and agility for continuous growth. The group is led by President and Chief Executive Officer, Michael Day. For more information, please visit www.topa-ins.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 stand-alone basis or as a full suite, and all are available via Duck Creek OnDemand. For more information, visit www.duckcreek.com.

Media Contact:
Paul Rechichi
Racepoint Global
617-624-3295
prechichi@racepointglobal.com

FAQ

What is Duck Creek Technologies' stock symbol?

Duck Creek Technologies trades under the stock symbol DCT.

What is the focus of Topa Insurance Group after partnering with Duck Creek?

Topa Insurance Group is focusing on enhancing its commercial lines products and operational efficiency.

When did Duck Creek Technologies announce its partnership with Topa Insurance Group?

Duck Creek Technologies announced its partnership with Topa Insurance Group on May 11, 2021.

How will the partnership with Duck Creek benefit Topa Insurance Group?

The partnership will help Topa Insurance Group improve data accuracy, claims administration, and operational efficiencies.