Duck Creek Technologies announced today that it has introduced Duck Creek Reinsurance Management to the P&C insurance industry, adding comprehensive reinsurance management functionality to the already robust capabilities of the Duck Creek Suite.
Duck Creek Reinsurance Management (previously CedeRight, a DataCede product which Duck Creek has acquired) allows primary insurance carriers to manage reinsurance partners, contracts, bills, recoveries and payables. The product supports all reinsurance structures, automates payment calculations and bill production; provides a full audit trail and analytics; and produces statements, bordereaux, cover letters, footnotes, supporting details, and more. Duck Creek Reinsurance Management is available as a standalone offering to P&C insurers seeking a best-in-class reinsurance management solution, as well as in concert with other solutions in the Duck Creek Suite.
“Insurers continue to look for ways to reduce the risk of maintenance and integration in order to drive speed of deployment,” said Karlyn Carnahan, head of Celent’s property casualty practice for the Americas. “Core system vendors that can offer a wide set of capabilities across the application architecture that are pre-integrated with the rest of their suite have a leg up.”
Like all Duck Creek software, Duck Creek Reinsurance Management will be available via Duck Creek OnDemand, the provider’s SaaS solution for the P&C insurance industry. Duck Creek Reinsurance Management will be immediately available to all Duck Creek customers and prospects with an additional license.
The addition of Duck Creek Reinsurance Management and the CedeRight team, who will join Duck Creek to support the product and offer their expertise in reinsurance, will allow Duck Creek customers to automate critical financial and administrative functions required by primary insurers to manage contractual relationships and settlement with reinsurance providers. Integration of Duck Creek Reinsurance Management with the Duck Creek Platform, previously carried out as part of Duck Creek’s partnership with DataCede, allows carriers to handle all reinsurance structures including excess of loss, quota share/proportional, treaty, and facultative.
“Reinsurance management software is a natural addition to Duck Creek’s Platform and marks an important milestone in our growth strategy,” said Eddie Jones, Vice President of Strategy and Alliances at Duck Creek Technologies. “We’re proud to welcome the CedeRight team to the Duck Creek family and to continue to work together to improve the many aspects of reinsurance management together.”
Duck Creek Reinsurance Management is now part of a solution set that includes other applications designed to support interaction between carriers and third parties, as well as core systems for the baseline needs of insurers, including Duck Creek Policy, Duck Creek Rating, Duck Creek Claims, and Duck Creek Billing.
About Duck Creek Technologies
Duck Creek Technologies paves a genuine path to the future for P&C insurance companies. Decades of insurance experience underpin advanced technologies specifically designed to accommodate change – allowing carriers to navigate uncertainty and capture market opportunities faster than their competitors. Duck Creek solutions are available standalone or as a full suite. All are available via Duck Creek OnDemand, the provider’s SaaS solution for the P&C insurance industry. For more information, visit www.duckcreek.com.