Munich Re Specialty Insurance and Duck Creek Partner To Develop State-of-the-Art Digital Platform for Best-In-Class Service and Product Innovation
Digital insurance platform launched in just three months with Duck Creek OnDemand
Boston, MA and Philadelphia, PA – May 26, 2020 - Munich Re Specialty Insurance (MRSI) has partnered with Duck Creek Technologies to modernize its technology infrastructure with a digital-first, cloud-native offering via the Duck Creek OnDemand platform.
“The initiative is a key step forward in support of MRSI’s mission to provide exceptional service to our partners, clients and customers,” said Adam Edelstein, chief operating officer, MRSI. “By enabling our underwriting, claims and operations teams, as well as our business partners, with the speed and efficiency delivered via Duck Creek OnDemand, MRSI is positioning itself for significant growth.”
“All insurers focus on speed-to-market as a differentiating factor,” said Andy Dey, chief product and technology officer, Duck Creek. “But what MRSI has accomplished is truly unprecedented – they have built a fully-operational business offering from the ground up in less time than many insurers, still tied to legacy systems, take to make a small change to a single insurance product. Duck Creek is excited to support MRSI in this exciting endeavor and help them as their offerings grow and expand.”
OnDemand is Duck Creek’s end-to-end SaaS solution providing all services, support and computing resources needed to help carriers move faster and more efficiently than ever before. Duck Creek OnDemand includes Duck Creek Policy, Duck Creek Billing, Duck Creek Claims, and Duck Creek Insights. By leveraging the best available technology and continuously delivering new functionality to solve ever-changing property and casualty insurance business challenges, OnDemand provides a fundamentally new approach to competing in today’s industry—one where technology supports strategy rather than dictating it, and where carriers are empowered to focus on innovation in entirely new ways.
“Service, speed and flexibility are at the core of our value proposition to the market and we needed a modern technology foundation to deliver on that,” said Edelstein. “Our partnership with Duck Creek enables us to offer our users a world-class experience on a scalable platform.” A full-suite solution, including policy, billing and claims, was implemented by the MRSI and Duck Creek teams in 90 days. “We look forward to our continued partnership with Duck Creek as we build a premier platform for the future.”
About Munich Re Specialty Insurance
Munich Re Specialty Insurance (MRSI) is a description for the insurance business operations of affiliated companies in the Munich Re Group that share a common directive to offer and deliver specialty property and casualty insurance products and services in North America. Since December 2018, MRSI has brought together the existing expertise of Munich Re’s commercial specialty insurance divisions under one umbrella to gain efficiency, leverage technology and develop future-focused solutions. MRSI offers its clients innovative risk and claims solutions powered by advanced technology and analytics, superior service and enhanced responsiveness to clients’ needs, and simplified access to the full breadth of Munich Re solutions through a dedicated Broker Relationship Leader.
About Munich Re
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake through to the 2019 Pacific typhoon season. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.
About Duck Creek Technologies
Duck Creek Technologies 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 www.duckcreek.com.