Accenture (ACN) has introduced a new release of Accenture Duck Creek Policy designed to help property and casualty insurers streamline policy administration processes, more clearly define workflows and get products to market more quickly.
Accenture Duck Creek Policy has been enhanced with additional ease-of-use and rapid product implementation features that support a carrier’s growing business. It is available as a complete policy administration suite or as modular components that can be implemented based upon an insurer’s immediate needs. Duck Creek Policy is built on a technology platform that gives carriers flexibility in managing products across multiple business lines including personal, commercial and specialty.
The Duck Creek Policy solution offers the following new features:
- New automation capabilities for Accenture Duck Creek Product Studio, a product lifecycle management tool used in tandem with Duck Creek Policy. This enables business users to quickly drive product changes to market by automatically validating rate testing and providing full traceability of product requirements, helping establish and publish premiums for customers.
- Customer information management functionality that centralizes and shares customer information across the entire Duck Creek Insurance suite, helping to reduce duplicate data entries and improve data quality and ultimately, customer service.
- An enhanced test automation center increases testing efficiency and automation by allowing users to easily create, edit and execute test scripts for Accenture Duck Creek web-based applications, driving increased testing efficiency and faster product rollouts.
- "A system that can support the different needs of agents, underwriters and other users is critical for insurers that seek profitable growth," said Michael A. Jackowski, global managing director of Accenture Duck Creek. "Duck Creek Policy has the configurability that enables users to modify and test rules, rates and forms quickly and easily. It delivers a real-time view into transactions and processes relevant to each user group."
These new features complement Accenture Duck Creek Policy’s out of the box line-of-business support, which enables carriers to quickly implement and configure the software to meet specific needs. Additionally, the software’s codeless configuration options mean that users can define and modify all aspects of an insurance product including rating, rules, forms, pages, workflow and transactional processing, without changing a single line of programming code.
Finally, multichannel user interaction capabilities allow carriers to support multiple distribution channels and user types from a single product definition. This allows for consistent rating, quoting and issuance of policies across channels and minimizing maintenance of those channels. Carriers are also able to quickly react to changing markets by more easily launching products in new channels.
The Accenture Duck Creek Suite includes Duck Creek Policy, Billing, and Claims solutions, which can be implemented individually or as part of a broader migration strategy. The award-winning suite is designed to help property and casualty insurers of all sizes improve customer service and lower costs by enabling them to configure products, transact lines of business and process claims more efficiently.