As an insurer focused on exclusively on the construction industry, Builders Mutual’s move to Duck Creek’s technology can increase its productivity and efficiency through the automation
Builders Mutual Insurance, a US-based commercial insurance underwriter, has selected Duck Creek Technologies’ Distribution Management and Reinsurance Management solutions for digital transformation.
The two solutions are expected to support Builders Mutual’s agents and reinsurance operations. As per the carrier, its homegrown, yet outdated systems have led it to move to the SaaS-based, vendor-agnostic solutions, which can integrate with any core system.
Duck Creek Distribution Management solution can help property & casualty (P&C) insurance carriers such as Builders Mutual in driving revenue growth through its producer networks.
The ability to optimise onboarding, compensation and relationship management processes related to sales channels as well as automation activities and making changes on the go with low-code configurations, can increase the productivity of carriers and their producer networks while increasing their own operational efficiencies, coupled with compliance to regulations.
Duck Creek also said that its Reinsurance Management’s analytical tools offer 360-degree policy, claims, partner, and treaty overviews, along with reconciliation tool to validate direct and ceded transactions.
The SaaS-based solution offers real-time management reports, export and email capability and Schedule F Part III functionality. It can help in drilling down to better understand reinsurance exposures, insuring schema and also in taking advantage of a complete and hardened audit trail for full compliance with regulations.
The solutions can increase Builders Mutual’s efficiency and revenue
Duck Creek Technologies chief product officer Jeff Wargin said: “We are thrilled that Builders Mutual has chosen Duck Creek Distribution Management and Reinsurance Management to continue their digital transformation.
“Automating many key processes will enable the carrier to focus on their agents and insureds instead of managing legacy systems and handling tedious manual processes, and we look forward to helping them continue their success.”
Recently, Duck Creek was selected by Mutual Benefit Group, an American P&C insurer, to migrate its on-premises Duck Creek Claims to OnDemand, as part of a broader cloud strategy for business.
The carrier had decided to migrate to OnDemand due to its better operational model, allowing it to support more agents and insureds.