Duck Creek Technologies announced that New South Wales, Australia’s State Insurance Regulatory Authority (SIRA) has deployed its OnDemand Rating solution to promote competitive automobile insurance through online consumer portal.
Image: Duck Creek's technology used in SIRA's online portal. Photo: Courtesy of Hannes Egler/Unsplash.
Responsible for regulating Compulsory Third Party (CTP) auto insurance, SIRA launched their new portal, Green Slip Check, to encourage competition and transparency in the market, giving policy buyers in New South Wales real-time access to quote comparisons from multiple insurers.
With Duck Creek’s Rating OnDemand Software-as-a-Service, hosted in the Microsoft Azure cloud, SIRA can now validate changes to pricing and coverage options provided to consumers by the state’s major insurers and reject those not within price-setting rules.
New South Wales Minister for Finance, Services, and Property the Honourable Victor Dominello MP said the improvements to the Green Slip price comparison website had been warmly welcomed by customers.
Dominello said: “Over 95% of users have reported a positive experience after using the Green Slip Price Check website. The introduction of new technologies and innovations, such as the Duck Creek platform, are critical to the future success of our compulsory third-party insurance scheme.”
Dominello continued saying: “The Green Slip Price Check website is helping to drive competition in the CTP market by making it easier for motorists to compare prices and switch insurers if they find a better deal.
“Duck Creek’s platform helps to ensure that the premiums quoted to NSW motorists are accurate and reliable.”
Duck Creek Technologies Asia Pacific managing director Shaji Sethu said: “In the local market, it is refreshing to see a government agency taking innovative steps to digitize the entire supply chain (from insurer to consumer) in order to drive benefits for the citizens of NSW.”
Duck Creek also provides context-specific text and guidance for each user and calculates the exact amount that each insured would save due with a new policy. Of customers using the website, 97% gave it a ‘thumbs up’ rating.
Celent’s Property Casualty practice Americas head Karlyn Carnahan said: “SIRA’s next generation portal for coverage and price comparison is a great example of regulation working to provide cost transparency to citizens through the use of technology.
“The use of modern technology permits the kind of scalability that is needed for a consumer driven initiative, and, launching the project in the cloud not only enables that scalability, but also helped drive the speed of implementation.”
Duck Creek’s back-end Rating solution was integrated with an independent front-end user interface that offers pricing comparisons at up to 10,000 quotes per hour. Also, Duck Creek’s easy-to-use configuration and automated testing tools have enabled SIRA to process insurers’ new pricing filings more rapidly.
Duck Creek Technologies CEO Michael Jackowski said: “It’s fantastic to see SIRA using Duck Creek Rating OnDemand to power their new consumer portal. We’re very excited to see it applied in such a creative and important way, and pleased to see how quickly this project went live thanks to the power of SaaS.”
Source: Company Press Release