Adding to the stress of a soft market and the hit underwriting profits took last year, all indications are that things will remain tight for P&C insurers through 2017. To set things right, many insurers will redouble their efforts to implement bureau circulars so they can rate policies more effectively, lower costs and avoid bad risks. However, as important as bureau content is to insurers, many find the updates taxing and time-consuming to make.
Duck Creek has made bureau content available via our Templates—in XML, no less—for more than a decade to help carriers with this implementation issue. Now, we’re offering the power and convenience of “hands-free” circular updates as a service via Duck Creek OnDemand.
Plus, it includes an elegant interface to accept or reject circular changes, while ensuring the preservation of extensions and overrides of previously modified content. Then we do the work of keeping you current while you enjoy speed to market and improved underwriting profitability.
Bureau content—and the ability to update it quickly—is vitally important for most P&C insurers, and it’s an area of differentiation for Duck Creek. Our Duck Creek Templates and Duck Creek Rating have grown into mature products that are in production at more than 40 customer sites. And now, several customers are in production with the SaaS version.
Either way you choose to implement it, Duck Creek offers bureau content from:
- The American Association of Insurance Services (AAIS)
- Insurance Services Office (ISO)
- National Council on Compensation Insurance (NCCI)
- The independent bureau states
Simply put, if you’re using old rating data, you can lose your competitive edge or, worse yet, get stuck with the wrong customers. Speed to market with better rating data makes you more competitive. Getting the latest data even faster without touching it is even better, and it frees up IT resources for innovation.
