- Duck Creek Reinsurance Management to the P&C insurance industry added to the supplier solution suite
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- KnowBe4 , the provider of the world’s largest security awareness training and simulated phishing platform, to receive $300m investment led by KKR
- UK brokers need more support from insurers to help them crack the cyber market according to Ecclesiastical research report
- Aon releases Cyber Captive Survey 2019 Report-indicates an increase in demand for cyber products among captive owners who have bought such cover in the past expired
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- GDPR UK survey monitors progress a year after its introduction expired
12th June 2019
Duck Creek Reinsurance Management to the P&C insurance industry added to the supplier solution suite
Duck Creek Technologies announced yesterday 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, vp 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.
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