US insurance company Pacific Specialty has chosen to replace its existing property and casualty insurance system with the Accenture Duck Creek Suite, which will be deployed via a software-as-a-service (SaaS) model.
The new system is supported by the Accenture Cloud Platform using Microsoft Azure, and is designed to help Pacific Specialty enhance the effectiveness of its underwriting, improve customer retention, reduce loss costs and drive profitable growth.
“We are making significant investments in our technology infrastructure and chose Accenture Duck Creek because it is an industry-leading solution that will bring significant value to our strategic objectives,” said Jim P. Lee, chief information officer of Pacific Specialty Insurance Company. “Mobilising the Duck Creek platform in a cloud-based environment will afford us the opportunity to leverage the end-to-end capabilities of Accenture Duck Creek, reducing our infrastructure operating expenses while enabling us to focus on providing competitive products and services to meet the needs of our customers and stakeholders.”
The Accenture Duck Creek Suite will support the company in its product development efforts, and help improve policy, billing and claims administration. The suite will also provide the personal lines insurer with the automation and functionality required to streamline operations, quickly adapt to market changes, and better serve customers and agents.
“Pacific Specialty’s decision to transition their core systems using a SaaS model reflects their commitment to innovate in order to meet market demand,” said Michael A. Jackowski, global managing director of Accenture Duck Creek. “This is a significant initiative at Pacific Specialty and we’re thrilled to support their efforts by delivering a solution that improves efficiencies, reduces costs and provides a better experience for their customers and employees.”
According to Patti Griffin, global product lead of Accenture Duck Creek, the insurance company is set to achieve additional benefits from its SaaS model, including lower upfront costs, timely and predictable upgrades, and contracted service levels. It also has the added bonus of not needing to concern itself with the upkeep of the type of infrastructure required to host robust software platforms such as the Accenture Duck Creek Suite.
“We are witnessing a turning point for running core financial systems in the cloud,” added Steve Magennis, global insurance lead at Avanade. “The stability, security and integrity of Microsoft Azure and the Accenture Cloud Platform are what make it possible for Accenture and Avanade to help insurance carriers to confidently move from an on-premises infrastructure to realise the full benefits of the cloud.”
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