Specialty property and casualty insurer chooses Duck Creek Reinsurance Management to leverage scalability, speed, and process efficiency
Boston, CA (GLOBE NEWSWIRE) - Duck Creek Technologies (Nasdaq: DCT) announced today that Everspan Group has taken the next step in its evolution, selecting Duck Creek Reinsurance Management to handle its reinsurance processing needs with an evergreen SaaS solution. The organization cited its desire to avoid manual processes and employ sophisticated risk management efforts regarding data accuracy and claims administration as factors in its decision to select Duck Creek. Duck Creek’s Professional Services team will be handling implementation.
Everspan Group is a specialty program insurer, uniting insurance distributors with global capital providers. Its highly regarded leadership team has an established track record across all facets of the specialty program insurance business, including reinsurance and MGA markets. The organization offers creative deal structuring to optimize solutions and bring a comprehensive experience set to every partner. Everspan has an AM Best Financial Strength Rating of ‘A-’ (Excellent), operating as a Financial Size Category Class VIII property and casualty insurer.
“Launching a new insurance business quickly is a significant challenge, so Everspan sought advanced solutions that could help us get to market as swiftly as possible,” said Wyatt Blackburn, President of Everspan. “Duck Creek impressed us with their agile approach and the rich features and functionality Reinsurance Management offers. We are confident that this is the right reinsurance solution for our needs as a new and rapidly-growing platform.”
By automating critical reinsurance financial and administrative processes, Duck Creek Reinsurance Management helps cedants improve operational efficiencies, maximize recoverables, reduce claims leakage, and improve data analytics and financial reporting. Digitally transforming reinsurance administration creates opportunities to strategically leverage data in ways that were previously extremely difficult. With the ability to better understand reinsurance transactions and outcomes, finance and risk management teams can leverage data to make critical decisions regarding risk appetite and support reinsurance contract negotiations. In addition, through rules-based automation, standardization, and data transparency, Reinsurance Management creates a more efficient and productive reinsurance administration program.
“We are very happy that Everspan Group has chosen Duck Creek to support its business,” said Jeff Wargin, Chief Product Officer of Duck Creek Technologies. “Labor-intensive tools such as spreadsheets and databases cannot handle today’s increasingly complex reinsurance programs and lack the scalability and speed of our SaaS solution. Duck Creek Reinsurance Management is designed to ensure that all reinsurance purchases achieve their intended goals, so this was a great choice for Everspan as it moves quickly into a complex and highly-regulated market.”
About Everspan Group:
Everspan Group is a specialty property and casualty insurance platform comprised of Everspan Insurance Company, an admitted insurer and Everspan Indemnity Insurance Company, a surplus lines insurer. Everspan Group plans to operate nationwide on an admitted and non-admitted basis. The companies which comprise the Everspan Group are wholly-owned subsidiaries of Ambac Financial Group, Inc. (NYSE:AMBC), a financial services holding company. For more information please refer to www.everspangroup.com.
About Duck Creek Technologies:
Duck Creek Technologies (Nasdaq: DCT) is a leading provider of core system solutions to the P&C and General insurance industry. By accessing Duck Creek OnDemand, the company’s enterprise Software-as-a-Service solution, insurance carriers are able to navigate uncertainty and capture market opportunities faster than their competitors. Duck Creek’s functionally rich solutions are available on a stand-alone basis or as a full suite, and all are available via Duck Creek OnDemand. For more information, visit duckcreek.com.
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