Malaysia-based motor and general insurance provider AmGeneral Insurance has adopted rating software from Duck Creek Technologies (an Accenture company) to better serve the needs of its agents and customers.
Duck Creek Rating now supports both individual auto and commercial motor class of business for pricing, underwriting and risk assessment. The remaining home and commercial/industry businesses will transition onto the new system later this year.
AmGeneral Insurance chose Duck Creek’s rating engine for its flexible and scalable product configuration, which will enable them to meet market challenges and pursue new revenue opportunities should Malaysia deregulate the insurance industry.
“To provide the best service to our customers and agents we need to be able to react quickly to market demand while taking into account any factors that could impact pricing,” said Christopher Tandy, senior vice president for product, pricing and underwriting at AmGeneral Insurance. “With Duck Creek’s rating engine, we’ve extended the capabilities of our legacy-based system to deliver rapid and accurate pricing that gives us a competitive advantage.”
The software was implemented by an international team comprising employees from Duck Creek, AmGeneral and Accenture.
“We’re pleased to be working with AmGeneral Insurance to complete the transition to our Duck Creek rating software that will help the company to determine precise pricing and deliver quick quotes to customers,” said Michael Jackowski, president of Duck Creek Technologies. “Our black box rating engine provides the design and testing tools that enable faster, more accurate product development and deployment, a differentiation that offers an advantage in this highly competitive market.”
Duck Creek Rating is included in a suite that also incorporates Duck Creek Billing, Duck Creek Claims, and Duck Creek Policy software. The configurable software is designed to work independently or as a combined approach to manage all aspects of property and casualty insurance. The software can be deployed through an on-premise implementation or via Duck Creek On-Demand, a software-as-a-service model.
“This is an example of how we’re helping clients become not just more efficient but also more focused on initiatives that propel the business forward,” said François Metzler, Accenture ASEAN Insurance lead. “For example, Duck Creek Rating includes ‘what if’ modelling that will help AmGeneral Insurance predict its underwriting workload, produce data for filing, and monitor the actual yield of a product change over time. That is the type of efficiency and focus that is required in the event the industry becomes deregulated.”
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