Deloitte Consulting LLP and Duck Creek Technologies
Preparing for tomorrow's insurance marketplace
Make no mistake. The results of your core systems transformation journey will likely impact your position in the market for years or decades to come. Technology updates alone are not enough to achieve results. It requires leading practices and business processes, which cannot be implemented with lagging technology. Together, Deloitte and Duck Creek Technologies can help position you to achieve holistic results.
Getting the most out of your core systems implementation
Carriers undertaking core systems transformation face a number of challenges that could prevent them from realizing the benefits of next generation digital insurance capabilities. Deloitte can help you address these challenges, while working to increase revenue and lower expenses, by focusing on three strategic areas:
- Product strategy and management
- Digital vision
Delivering increased value
In addition to technology delivery experience, Deloitte has a broad range of skills in specific insurance industry application areas. Our insurance industry team is comprised of people who have spent years in the insurance industry with day-to-day operations experience as actuaries, underwriters, brokers, and adjusters. They know what can work for your business—and what may not.
Our focus is on preparing you to compete in tomorrow's marketplace, and our alliance with Duck Creek Technologies enables us to combine our broad, end-to-end set of capabilities and experience to help you deliver increased business value when implementing your core systems. We start by helping you define your business strategy and objectives. Then we use technology from a leading collaborator as a tool to help create effective business outcomes.
The Duck Creek suite of software includes policy, billing, and claims applications that are configurable and scalable. These applications work together as an integrated solution or can be individually implemented, either on premise or as a Software as a Service (SaaS) solution.
Deloitte's Insurance Pricing Accelerator: Improve efficiencies and prepare for change
Deloitte's Insurance Pricing Accelerator, enabled by Duck Creek Technologies, unifies the pricing framework and supports multiple lines of business for new and renewal business to simplify the pricing model structure. The solution is designed to integrate with existing systems to help drive better decision-making. Improvements within the pricing function can have a direct impact on the carrier's bottom line. Deloitte has years of experience in helping carriers increase profitability and realize strategic benefits by consolidating the pricing function onto a single platform.
Deloitte's Analytics Accelerator for Insurance, enabled for Duck Creek Technologies
Deloitte's Analytics Accelerator for Insurance (AAI), enabled for Duck Creek Technologies, is a reusable solution framework built upon Deloitte's knowledge in insurance industry and Duck Creek Technology's (DCT) Core Systems. The solution provides a working platform, including the data model, data integration, and analytics to address the reporting requirements of insurance carriers that use Duck Creek Technologies as their policy and claims systems.
The role of an actuary in a policy administration system implementation
Actuaries analyze and manage the risks within insurance companies through their role in pricing, reserving, and risk management functions. Actuaries are highly skilled in the use of analytics and are one of the key users of data at insurance companies. Although actuaries are traditionally associated with risk and analytics, they also understand the business of insurance and the products being offered.
This understanding goes beyond the numbers and provides actuaries with a unique view of how product, underwriting, rating, and analytics come together. Insurance is often very complex with regard to the coverages themselves, the heterogeneous exposures and risks that are underwritten, and in certain instances, the requirement of individually negotiated and priced contracts.
Actuaries' deep understanding of these complex issues help them play an important role in many key operations and activities at an insurance company. Policy administration system (PAS) implementations are no exception.
Evolution of digital distribution
The fast pace of technological change has brought about new digital business models that are transforming the way companies engage with customers and do business. Most insurers with a progressive outlook are in fact aware of the importance of the digital channel. They understand it can improve their customers' experience and create a better environment to know, engage and retain customers.
However, digital is not a technical transformation but rather a business transformation. To be successful, businesses should approach it as such utilizing a holistic approach-aligning people, processes, and technology—transforming not just a website, not just a technology, but the entire business model to be successful. A daunting task which few companies are able to successfully navigate.