Duck Creek Technologies, an insurance solution provider, is joining forces with business management consultant, Sollers Consulting, to help insurers modernise their reinsurance business.
With the insurance industry facing increasingly frequent and intense loss events which make it more difficult to procure suitable reinsurance, Sollers plans to leverage its experience in integrating core systems to help insurance companies maximise the benefits of the Duck Creek Reinsurance platform. This platform aims to help insurers centralise, streamline and automate their reinsurance processes.
Reinsurance systems for cedants draw data from many sources: claims management, policy administration, credit control, business intelligence reporting, actuarial and reserving, document management and exposure management.
However, the low level of digitalisation and automation in reinsurance currently means that the quality and structure of this data does not allow for optimal decision-making.
“Reinsurance is going through a difficult time as increased frequency and intensity of NatCat events has made reinsurance purchasing much more difficult,” explains Krzysztof Biernat, London market lead at Sollers Consulting. “Our experience with complex system integrations in the insurance industry makes us confident that reinsurance management will take a significant step towards digitalisation.”
Through the new partnership, Sollers and Duck Creek are ultimately looking to help insurance companies deploy a modern, data-driven reinsurance management system. Duck Creek’s cloud-based reinsurance solution collects and analyses data from a variety of internal sources. Meanwhile, with a customer base of over 100 financial institutions in 20 markets, Sollers helps implement Duck Creek Reinsurance.
“This partnership marks a significant step forward in the digitalisation and automation of the reinsurance industry, and we are excited about the positive impact it will have on our clients,” added Elodie Hilderal, managing director of EMEA for Duck Creek Technologies. “The combination of our advanced, cloud-based reinsurance solution and Sollers’ extensive experience with system integration will provide insurers with the tools they need to make informed decisions and streamline their reinsurance management processes.”
