Home > News > featured news > Coherent Partners with Duck Creek Technologies to Offer Property and Casualty Carriers and MGAs a Path to Faster Policy Issuance

Core Insurance

Coherent Partners with Duck Creek Technologies to Offer Property and Casualty Carriers and MGAs a Path to Faster Policy Issuance

Coherent, Duck Creek Technologies | July 13, 2022 | Read time : 04 min

Coherent Partners with Duck Creek Technologies
Coherent, a global software as a service (SaaS) company fast becoming the ubiquitous standard for business logic, announced today that it has partnered with Duck Creek Technologies (Nasdaq: DCT), the intelligent solutions provider defining the future of property and casualty (P&C) insurance. With this partnership, the firms announce the integration of Coherent Spark with Duck Creek Policy.

Coherent Spark converts business logic, including rules, calculations, and data, from any Microsoft Excel file into an application programming interface (API), which can then connect to any application, including an insurer’s policy administration system. This new integration will empower customers with a uniform solution that enables them to retain rating workbooks and seamlessly pass Excel-based data into Duck Creek Policy to issue policies immediately.

“Our customers will benefit from the lightning-fast speed of Coherent Spark,” said Andy Yohn, Vice President, Product Management of Duck Creek Technologies.

“Our customers will benefit from the lightning-fast speed of Coherent Spark,” said Andy Yohn, Vice President, Product Management of Duck Creek Technologies. “There’s so much proprietary business logic that feeds into the process of issuing and administering insurance policies. Through this integration, P&C insurance carriers and MGAs will achieve faster speed to market, reduced development costs, and greater revenue potential.”

Coherent and Duck Creek Technologies will jointly pursue opportunities across the global P&C industry.

Todd Buchanan, CEO - USA at Coherent, stated, “We’re pleased to partner with Duck Creek Technologies to enable Excel-based logic to flow into Duck Creek Policy at the speed of Spark. What makes this partnership special is our mutual passion for accelerating even the most arduous business processes throughout the insurance lifecycle with innovative technology.”

Buchanan added, “As many of our customers are launching new products or looking to streamline existing ones, we’re going to serve that market with a new solution that can handle even the most complex models in seconds.”

To learn more about the integration of Coherent Spark with Duck Creek Policy, visit https://www.duckcreek.com/partner/coherent.

About Coherent
Coherent is a global software-as-a-service (SaaS) company redefining how business and IT teams build software together. Most companies run critical business operations on hundreds of spreadsheets. Additionally, they spend billions globally on IT budgets to recode the business logic inside spreadsheets to add connectivity to other applications, auditability, and cloud scalability. Coherent’s core technology, Spark, is a no-code SaaS platform that makes building business software as fast, approachable, and cost-effective as using Excel. Create your first application programming interface (API) from your existing Excel rules, formulas, and data models in minutes and make it available on the cloud to connect with any modern application. Then supercharge it by adding deep version control, automated testing, and parallel simulation capabilities. For more information, visit: https://www.coherent.global/.

About Duck Creek Technologies
Duck Creek Technologies (NASDAQ: DCT) is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. Visit www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and Twitter.

Spotlight

Why evolving consumer behaviors require changes from insurance providers

It’s no secret that the global pandemic has upended everyone’s life. We know this anecdotally from our own experiences—more online shopping with curbside pickup orders, ordering takeout and delivery versus in-person dining, and changing media consumption. And let’s not forget remote working and learning. These experiences are more than simply anecdotal; McKinsey has written about the more specific effects of the pandemic on consumer behavior and needs. In short, they write: “behavior changes will reshape consumer decision journeys and companies will need to adapt fast.”

More featured news

Spotlight

Why evolving consumer behaviors require changes from insurance providers

It’s no secret that the global pandemic has upended everyone’s life. We know this anecdotally from our own experiences—more online shopping with curbside pickup orders, ordering takeout and delivery versus in-person dining, and changing media consumption. And let’s not forget remote working and learning. These experiences are more than simply anecdotal; McKinsey has written about the more specific effects of the pandemic on consumer behavior and needs. In short, they write: “behavior changes will reshape consumer decision journeys and companies will need to adapt fast.”

Related News

Core Insurance, Insurance Technology

NSM Insurance Group Acquires Shield Commercial Insurance Services

PRnewswire | July 11, 2023

NSM Insurance Group, the nation's leading specialty insurance provider with more than $1.5B in premium across 25+ niche insurance programs in the U.S. and U.K., today announced the completion of its acquisition of Shield Commercial Insurance Services. Based in Palm Desert, CA, Shield specializes in insurance solutions for the general contractor and construction liability space. "We are energized to continue our series of strategic acquisitions in the U.S. and U.K. with Shield," said Bill McKernan, President of NSM Insurance Group. "Shield is a fast-growing and best-in-class business with exceptional underwriting and a profitable track record. They are a perfect fit for our B2B portfolio of dynamic, specialized businesses. We will accelerate their growth by expanding their geographic footprint and national distribution with our robust network of 15,000+ agent partners across the country." Shield is exclusively focused on underwriting business for small and mid-sized contractors, offering coverages for General Liability, Excess Liability, Workers' Compensation, Inland Marine and Contractors Professional & Pollution Liability. "We're thrilled to join the NSM family of specialty insurance brands and further enhance and bolster our offerings to meet the unique needs of contractors," said Robert Anderson, President and Co-Founder of Shield Commercial Insurance Services. "Over the last two decades, we have delivered innovative products for this niche segment and have built a tremendous reputation with agents and carriers alike — which has fueled our explosive organic growth over the last five years." Over the past 33 years, NSM has developed a winning formula for building the industry's most successful and sustainable programs, consistently outperforming competitors and driving industry-leading growth and profitability over the last four years. This latest acquisition complements NSM's robust portfolio of specialty insurance programs and brands for the commercial P&C industry and consumer insurance — backed by the company's state-of-the-art resources, including IT, operations, marketing, HR and finance. About NSM Insurance Group NSM Insurance Group is the nation's leading specialty insurance provider, exclusively focused on building successful insurance programs. For more than 30 years, NSM has been committed to delivering industry-specific insurance programs that help agents meet the unique needs of their customers and fuel market growth through innovative development, underwriting, distribution and claims expertise. The company has built more than $1.5 billion in premium across 25+ specialty insurance programs and brands in the U.S. and U.K. focused on collector cars; pets; social services and behavioral health; addiction treatment; coastal condominiums; towing and garage; trucking; sports and fitness; professional liability for contractors, architects and engineers; habitational; medical stop loss and managed care; staffing; and workers' compensation. For more information on NSM, visit nsminc.com.

Read More

Core Insurance, Insurance Technology

Innoveo Announces Strategic Alliance with Capgemini to Address Insurance Business Challenges with No-Code Solutions

PR Newswire | August 28, 2023

Innoveo, a leading no-code technology provider for insurance enterprises, today announced a strategic alliance with Capgemini, a leading global consulting and technology services firm. This partnership will enable both companies to join forces and deliver innovative digital transformation solutions to insurance clients across various lines of business. As businesses navigate an increasingly complex and rapidly evolving digital landscape, the need for agile and efficient technology solutions has become paramount. Innoveo's full-stack no-code platform enables insurers to build robust and scalable applications rapidly, without the need for extensive coding knowledge. Capgemini's deep expertise in consulting, technology, and industry-specific solutions makes them the perfect partner to further enhance the value of Innoveo's platform. Combining Innoveo's innovative platform with Capgemini's extensive experience in digital transformation, insurers will be equipped with the tools and guidance needed to accelerate their path to success. The alliance between Innoveo and Capgemini will provide clients with a comprehensive range of services, including: Accelerated Digital Transformation: By harnessing Innoveo's full-stack no-code platform, organizations can rapidly develop and deploy digital solutions tailored to their unique needs, resulting in accelerated digital transformation journeys. Streamlined Application Development: Innoveo's platform simplifies the application development process, allowing businesses to build robust and scalable applications with minimal coding. This enables organizations to streamline their development cycles and bring solutions to market faster. Industry-Specific Expertise: Capgemini's deep industry knowledge combined with Innoveo's full-stack insurance focused platform will enable the creation of solutions that address unique challenges and opportunities across the insurance landscape. Enhanced Operation Efficiency: The alliance will focus on enhancing operational efficiency by leveraging Innoveo Skye's platform capabilities to develop user-friendly applications that address the complicated workflow and back-end integration issues of the Insurance industry. "We are excited to announce our strategic alliance with Capgemini," said Manisha Bhargava, Chief Revenue Officer at Innoveo. "Combining our full-stack no-code platform with Capgemini's extensive capabilities, our jointly created industry solutions/accelerators and industry innovation lab will provide our clients with much needed acceleration for their transformation efforts and empowering them to stay ahead in the digital age." "Legacy modernization is top of mind for the insurance industry. To minimize the risk of full-scale legacy core replacement and accelerate the process, we are increasingly seeing insurers partner with firms that provide low-code and no-code platforms," said Kathy Miller, VP and Head of Worldwide Insurance Alliances, Capgemini. "Innoveo's cutting-edge technology solution aligns perfectly with our goal of delivering superior value to our clients, driving innovation, automating manual processes, and unlocking new revenue streams for Insurance Carriers." About Innoveo We believe you can build modern applications that deliver digital experiences and drive business growth without having to write any custom code. That's why it's our mission to empower enterprises in complex and regulated industries to re-imagine application development by enabling them to be connected, innovative, quick, and nimble. Backed by leading investors including Everstone Capital and Paulson & Co, Innoveo's cloud based, AI enabled no-code platform is currently in production globally at over 30 industry leaders across insurance, financial services, healthcare and real estate. With Innoveo, you'll get the solutions and industry expertise you want, plus a little extra: a thoughtful, no-nonsense experience delivered with a refreshing dose of honesty.

Read More

Core Insurance, Risk Management

M. Adams & Associates Joins World Insurance Associates

Globenewswire | June 30, 2023

World Insurance Associates LLC (“World”), a Top 50 Insurance Brokerage, announced today that it acquired the business of M. Adams & Associates, Inc. (“M. Adams”) of Hazlet, NJ on June 1, 2023. Terms of the transaction were not disclosed. M. Adams & Associates, Inc. was established in 1991. Their mission is to find quality, competitive insurance products tailored to their customer’s specific needs. They conduct business with their core values of honesty, integrity, respect, and accountability while providing prompt customer service. “We work hard to earn our customer’s business through practicing our core values and being responsive, reliable, and professional. We are committed to maintaining a high standard of excellence in all that we do. It is our goal to establish a firm business relationship with our clients as their trusted advisor, “says Carolyn G. Pugaczewski, Principal/Owner, M. Adams & Associates, Inc. “We work to reduce insurance expense, improve our client’s cash flow and mitigate threats to their assets and the work process so they can employ their business strategy and grow their business.” “On behalf of the World family, I’d like to welcome M. Adams & Associates, Inc.,” says Rich Eknoian, CEO and Co-Founder of World. “They have a history of providing their customers with excellent service, they are extremely talented insurance agents, and I know as part of World, they will continue to be successful.” Giordano, Halleran & Ciesla provided legal counsel to World on the transaction. Connell Foley LLP provided legal counsel and The Manhattan Group advised M. Adams on the transaction. No other advisors, diligence firms or legal counsel were disclosed. About World Insurance Associates LLC World Insurance Associates LLC (World) is headquartered in Iselin, N.J., and is a nationally ranked, full-service insurance organization providing individuals and businesses with top products and services across personal and commercial insurance, employee and executive benefits, retirement and financial services and human capital management solutions. Since its founding in 2011, World has completed over 190 acquisitions and serves its customers from more than 250 offices across the United States. World is ranked #34 on the 100 Largest Brokers of U.S. Business list by Business Insurance, ranked #3 on the Fastest Growing Brokers list by Business Insurance, ranked #3 on the Fastest Growing Benefits Brokers list by Business Insurance, ranked #24 on the Top 100 P&C Agencies by Insurance Journal, and ranked #20 on the Top 50 Personal Lines Agencies by Insurance Journal.

Read More

Core Insurance, Insurance Technology

NSM Insurance Group Acquires Shield Commercial Insurance Services

PRnewswire | July 11, 2023

NSM Insurance Group, the nation's leading specialty insurance provider with more than $1.5B in premium across 25+ niche insurance programs in the U.S. and U.K., today announced the completion of its acquisition of Shield Commercial Insurance Services. Based in Palm Desert, CA, Shield specializes in insurance solutions for the general contractor and construction liability space. "We are energized to continue our series of strategic acquisitions in the U.S. and U.K. with Shield," said Bill McKernan, President of NSM Insurance Group. "Shield is a fast-growing and best-in-class business with exceptional underwriting and a profitable track record. They are a perfect fit for our B2B portfolio of dynamic, specialized businesses. We will accelerate their growth by expanding their geographic footprint and national distribution with our robust network of 15,000+ agent partners across the country." Shield is exclusively focused on underwriting business for small and mid-sized contractors, offering coverages for General Liability, Excess Liability, Workers' Compensation, Inland Marine and Contractors Professional & Pollution Liability. "We're thrilled to join the NSM family of specialty insurance brands and further enhance and bolster our offerings to meet the unique needs of contractors," said Robert Anderson, President and Co-Founder of Shield Commercial Insurance Services. "Over the last two decades, we have delivered innovative products for this niche segment and have built a tremendous reputation with agents and carriers alike — which has fueled our explosive organic growth over the last five years." Over the past 33 years, NSM has developed a winning formula for building the industry's most successful and sustainable programs, consistently outperforming competitors and driving industry-leading growth and profitability over the last four years. This latest acquisition complements NSM's robust portfolio of specialty insurance programs and brands for the commercial P&C industry and consumer insurance — backed by the company's state-of-the-art resources, including IT, operations, marketing, HR and finance. About NSM Insurance Group NSM Insurance Group is the nation's leading specialty insurance provider, exclusively focused on building successful insurance programs. For more than 30 years, NSM has been committed to delivering industry-specific insurance programs that help agents meet the unique needs of their customers and fuel market growth through innovative development, underwriting, distribution and claims expertise. The company has built more than $1.5 billion in premium across 25+ specialty insurance programs and brands in the U.S. and U.K. focused on collector cars; pets; social services and behavioral health; addiction treatment; coastal condominiums; towing and garage; trucking; sports and fitness; professional liability for contractors, architects and engineers; habitational; medical stop loss and managed care; staffing; and workers' compensation. For more information on NSM, visit nsminc.com.

Read More

Core Insurance, Insurance Technology

Innoveo Announces Strategic Alliance with Capgemini to Address Insurance Business Challenges with No-Code Solutions

PR Newswire | August 28, 2023

Innoveo, a leading no-code technology provider for insurance enterprises, today announced a strategic alliance with Capgemini, a leading global consulting and technology services firm. This partnership will enable both companies to join forces and deliver innovative digital transformation solutions to insurance clients across various lines of business. As businesses navigate an increasingly complex and rapidly evolving digital landscape, the need for agile and efficient technology solutions has become paramount. Innoveo's full-stack no-code platform enables insurers to build robust and scalable applications rapidly, without the need for extensive coding knowledge. Capgemini's deep expertise in consulting, technology, and industry-specific solutions makes them the perfect partner to further enhance the value of Innoveo's platform. Combining Innoveo's innovative platform with Capgemini's extensive experience in digital transformation, insurers will be equipped with the tools and guidance needed to accelerate their path to success. The alliance between Innoveo and Capgemini will provide clients with a comprehensive range of services, including: Accelerated Digital Transformation: By harnessing Innoveo's full-stack no-code platform, organizations can rapidly develop and deploy digital solutions tailored to their unique needs, resulting in accelerated digital transformation journeys. Streamlined Application Development: Innoveo's platform simplifies the application development process, allowing businesses to build robust and scalable applications with minimal coding. This enables organizations to streamline their development cycles and bring solutions to market faster. Industry-Specific Expertise: Capgemini's deep industry knowledge combined with Innoveo's full-stack insurance focused platform will enable the creation of solutions that address unique challenges and opportunities across the insurance landscape. Enhanced Operation Efficiency: The alliance will focus on enhancing operational efficiency by leveraging Innoveo Skye's platform capabilities to develop user-friendly applications that address the complicated workflow and back-end integration issues of the Insurance industry. "We are excited to announce our strategic alliance with Capgemini," said Manisha Bhargava, Chief Revenue Officer at Innoveo. "Combining our full-stack no-code platform with Capgemini's extensive capabilities, our jointly created industry solutions/accelerators and industry innovation lab will provide our clients with much needed acceleration for their transformation efforts and empowering them to stay ahead in the digital age." "Legacy modernization is top of mind for the insurance industry. To minimize the risk of full-scale legacy core replacement and accelerate the process, we are increasingly seeing insurers partner with firms that provide low-code and no-code platforms," said Kathy Miller, VP and Head of Worldwide Insurance Alliances, Capgemini. "Innoveo's cutting-edge technology solution aligns perfectly with our goal of delivering superior value to our clients, driving innovation, automating manual processes, and unlocking new revenue streams for Insurance Carriers." About Innoveo We believe you can build modern applications that deliver digital experiences and drive business growth without having to write any custom code. That's why it's our mission to empower enterprises in complex and regulated industries to re-imagine application development by enabling them to be connected, innovative, quick, and nimble. Backed by leading investors including Everstone Capital and Paulson & Co, Innoveo's cloud based, AI enabled no-code platform is currently in production globally at over 30 industry leaders across insurance, financial services, healthcare and real estate. With Innoveo, you'll get the solutions and industry expertise you want, plus a little extra: a thoughtful, no-nonsense experience delivered with a refreshing dose of honesty.

Read More

Core Insurance, Risk Management

M. Adams & Associates Joins World Insurance Associates

Globenewswire | June 30, 2023

World Insurance Associates LLC (“World”), a Top 50 Insurance Brokerage, announced today that it acquired the business of M. Adams & Associates, Inc. (“M. Adams”) of Hazlet, NJ on June 1, 2023. Terms of the transaction were not disclosed. M. Adams & Associates, Inc. was established in 1991. Their mission is to find quality, competitive insurance products tailored to their customer’s specific needs. They conduct business with their core values of honesty, integrity, respect, and accountability while providing prompt customer service. “We work hard to earn our customer’s business through practicing our core values and being responsive, reliable, and professional. We are committed to maintaining a high standard of excellence in all that we do. It is our goal to establish a firm business relationship with our clients as their trusted advisor, “says Carolyn G. Pugaczewski, Principal/Owner, M. Adams & Associates, Inc. “We work to reduce insurance expense, improve our client’s cash flow and mitigate threats to their assets and the work process so they can employ their business strategy and grow their business.” “On behalf of the World family, I’d like to welcome M. Adams & Associates, Inc.,” says Rich Eknoian, CEO and Co-Founder of World. “They have a history of providing their customers with excellent service, they are extremely talented insurance agents, and I know as part of World, they will continue to be successful.” Giordano, Halleran & Ciesla provided legal counsel to World on the transaction. Connell Foley LLP provided legal counsel and The Manhattan Group advised M. Adams on the transaction. No other advisors, diligence firms or legal counsel were disclosed. About World Insurance Associates LLC World Insurance Associates LLC (World) is headquartered in Iselin, N.J., and is a nationally ranked, full-service insurance organization providing individuals and businesses with top products and services across personal and commercial insurance, employee and executive benefits, retirement and financial services and human capital management solutions. Since its founding in 2011, World has completed over 190 acquisitions and serves its customers from more than 250 offices across the United States. World is ranked #34 on the 100 Largest Brokers of U.S. Business list by Business Insurance, ranked #3 on the Fastest Growing Brokers list by Business Insurance, ranked #3 on the Fastest Growing Benefits Brokers list by Business Insurance, ranked #24 on the Top 100 P&C Agencies by Insurance Journal, and ranked #20 on the Top 50 Personal Lines Agencies by Insurance Journal.

Read More

More featured news