Risk Management, Insurance Technology
GlobeNewswire | August 23, 2023
Duck Creek Technologies, the intelligent solutions provider defining the future of property and casualty (P&C) and general insurance, is delighted to announce its partnership with Risk Control Technologies (“RCT”), a frontrunner in risk data management software for underwriting and loss control teams. Duck Creek will be a silver sponsor of RCT’s Loss Control Summit conference for loss control professionals from August 21-23, 2023, to kick off their partnership in Toronto, Canada.
At the heart of Duck Creek's core solutions is Duck Creek Policy, a cutting-edge platform that offers low-code tools through a Software as a Service (SaaS) model. This platform facilitates the entire lifecycle of insurance operations and seamlessly integrates with esteemed industry collaborators. Through these synergies, insurers gain access to solutions that enhance underwriting performance, customer satisfaction, and operational efficiency.
The essence of loss control management resides in preemptive risk mitigation and extended risk assessment coverage. RCT enables carriers to optimize and significantly increase their risk data coverage across their entire book of business. In addition to mitigating more claims, it positively impacts their renewal rates while also creating efficiencies for underwriters within Duck Creek. All of this helps carriers improve their loss ratios, strengthen their customer engagements, and drive impactful operational efficiencies.
“Our partnership with a pinnacle player in loss control management equips Duck Creek's customers to optimize both the quality and extent of coverage extended to policyholders,” said Robert Fletcher, Sr. Partner Manager, Duck Creek Technologies. “RCT’s data-driven risk management solution is paramount, especially for insurers engaged in underwriting property, casualty and workers comp lines of business. We look forward to continuing to cultivate our partnership and engaging with RCT’s customers at the upcoming Loss Control Summit in Toronto.”
“The strength of our business at RCT rests firmly with our innovative customers and our industry-leading partners,” said David Da Costa, CEO, Risk Control Technologies. “We’re excited to work with Duck Creek, one of the most transformative leaders in the insurance solutions market today. In addition to efficiencies gained by integrating, combining loss control data with data already in Duck Creek, such as claim data, creates significant value from being able to better predict claims or optimize pricing within your book. We’re excited to continue our partnership with a leading partner like Duck Creek.”
About Risk Control Technologies
Risk Control Technologies Inc. (RCT) is the leading provider of Risk Management and Loss Control software to the insurance industry. RCT’s RiskHub platform helps underwriting assess risk, and leverage the appropriate risk assessment tool based on the risk’s complexity. RCT helps over 150 insurance organizations improve their loss ratios, increase customer retention, implement operational efficiencies, and harness powerful data insights to enable better business decisions. RCT’s customers include a wide range of insurance organization types, operating across a broad variety of lines of business. For more information, visit www.riskcontroltech.com.
About Duck Creek Technologies
Duck Creek Technologies 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.
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Core Insurance, Insurance Technology
Business Wire | August 01, 2023
Franklin Mutual Insurance Group (FMI), a P&C insurance provider for residents and business owners in New Jersey and Pennsylvania, and Guidewire (NYSE: GWRE) announced that FMI successfully implemented Guidewire InsuranceSuite on Guidewire Cloud to power its core business, simplify its IT operations, adapt more quickly to changing market demands, and deliver more value to its agents and policyholders. The company migrated InsuranceSuite from a self-managed environment to Guidewire Cloud simultaneously for all lines of business except Business Owner Policy (BOP), which is currently in implementation. Guidewire PartnerConnect Consulting Global Premier member PwC led the implementation project.
“Leveraging Guidewire in the cloud is a more economical way of using the technology,” said FMI Chief Technology Officer Steve Romanow. “While our business strategies and objectives haven’t changed, Guidewire Cloud is enabling us to execute them more quickly. We’re utilizing InsuranceSuite's full capabilities compared to a self-managed environment and staying current with Guidewire’s latest technology and innovation through regular Guidewire Cloud updates.”
Romanow added, “Thanks to Guidewire, PwC and CastleBay Consulting, we were able to conclude the implementation project on time and on budget. The overall efficiencies provided by Guidewire Cloud have allowed our staff to focus on delivering value to our agents and policyholders to grow our business.”
“We're proud to have helped Franklin Mutual Insurance facilitate this implementation to Guidewire Cloud,” said PwC Managing Director Jay Davidson. “The successful deployment wouldn't have been possible without the collaborative efforts of an exceptional team. This implementation reaffirms FMI’s commitment to both their customers and their business by providing enterprise agility and scalability for the future.”
“We congratulate Franklin Mutual Insurance on its successful cloud transformation through its InsuranceSuite migration to Guidewire Cloud,” said Guidewire Head of Services Michael Mahoney. “We’re excited to work with the company to help them continue their commitment to policyholders through dedication to a strong ethical culture, excellent customer service, consistency in the marketplace, and financial strength.”
FMI also migrated its self-managed installations of DataHub and InfoCenter onto Guidewire Cloud. The company is also leveraging SmartCOMM™ from Smart Communications for customer communications management. Guidewire is a reseller of Smart Communications, a Guidewire PartnerConnect Solution member.
About Franklin Mutual Insurance
Franklin Mutual Insurance is one of the most established and respected insurance companies in New Jersey. In business since 1879, FMI offers superior coverages to New Jersey residents and business owners, sold exclusively through professional independent agents. Rated A (Excellent) by A.M. Best, we have the financial strength and stability to protect our insureds and continue to grow our business. For more information, please visit https://www.fmiweb.com/site/.
About PwC
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 152 countries with over 327,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.
About Guidewire Software
Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and AI to deliver our platform as a cloud service. More than 500 insurers in 38 countries, from new ventures to the largest and most complex in the world, run on Guidewire.
As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,000+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation.
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Core Insurance, Insurance Technology
PR Newswire | August 25, 2023
Careington Benefit Solutions, affiliate of Careington International Corporation, announces the expansion of its service offerings to now include customizable commercial lines for property and casualty insurance. Backed by more than 40 years of industry experience, Careington Benefit Solutions is a single-source solution for insurance, administrative and marketing solutions.
As a nationally licensed insurance agency and Third Party Administrator, Careington Benefit Solutions wanted to broaden its existing suite of insurance products to include business and commercial coverages including liability, business property, workers compensation, commercial automobile, cyber security and more. This new program is designed to provide businesses with a custom, industry-specific risk management solution. With a wide variety of carriers and products to choose from, Careington Benefit Solutions' High Performance Sales Unit consists of nationally licensed Life & Health and Property & Casualty agents that can help clients shop coverage options, get cost-free quotes and enroll in a commercial line insurance policy that is tailored to the specific needs of small employers.
"We are proud to expand our property and casualty coverage options to include commercial lines," said Chuck Misasi, Executive Vice President of Direct Marketing and Customer Engagement at Careington Benefit Solutions. "After successfully providing protection to individuals and their families with our personal lines coverage options, we recognized that we could bring the same white-glove approach to businesses to address their unique financial risks. With this new program, we're offering customized risk management solutions to businesses across a wide variety of industries."
Beyond commercial lines insurance, Careington Benefit Solutions offers a robust suite of insurance products, as well as 150+ money-saving health, wellness, lifestyle and virtual health products. Careington Benefit Solutions partners with industry-leading carriers nationwide to offer a range of innovative, competitive solutions. As a TPA, Careington Benefit Solutions is a single-source solution that expertly manages licensed enrollment, billing, claims processing, customer service, policy fulfillment, custom product development and more. Careington Benefit Solutions serves employers of any size or industry, carriers, Medicare Advantage companies, TPAs, associations, unions, affinity groups, municipalities, school districts, colleges and universities, dental support organizations and brokers and benefits consultants.
"Careington Benefit Solutions is dedicated to delivering competitive insurance product options and full-scale administrative services to our diverse clients nationally," said Careington Benefit Solutions Chief Executive Officer Stewart Sweda. "We are always looking to enhance our product and service offerings, and we are pleased to now be able to connect small employers with the coverage they need to protect their businesses against potential financial damages."
About Careington Benefit Solutions
Careington Benefit Solutions, an affiliate of Careington International Corporation, is a nationally licensed insurance agency and Third Party Administrator that provides a range of competitive insurance product options and comprehensive suite of administration services, including claims administration, individual and group billing, premium collection, enrollment, policy fulfillment, custom product manufacturing and more to support our many diverse clients, including large insurance companies. Our flexibility in the level of administrative support we provide allows us to customize any client solution as an a-la-carte scenario or a complete turnkey option as a single-source product, service and administrative solution. Careington Benefit Solutions includes a direct-to-consumer brand, QuoteSavant, created to help consumers navigate the complex process of buying insurance. Our licensed agents shop top plans and provide quotes to help individuals find coverage to fit their budgets. To learn more about QuoteSavant's personalized policy shopping process, visit www.quotesavant.com.
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