Saxon Insurance’s Digital Leap: 25% Market Growth in a Year

CASE STUDY

Saxon Insurance’s Digital Leap: 25% Market Growth in a Year

Objectives

To replace aging, inefficient, and largely manual legacy systems

To increase market share in the Cayman Islands’ competitive insurance marketplace

To develop an innovative, policyholder-first business model

Results

Captured 25% of the Cayman Islands market within the first year

Reduced first response time to customer inquiries by 80%

Cut average transaction processing time by 50%

Improved customer satisfaction to 94%

We took an old insurance company that had very little market share and transformed what was a creaky, very manual, analog system and architecture into a very advanced digital platform within six months. Duck Creek was a key factor in this.

Brian Williams

CEO,
Saxon Motor & General Insurance

The Challenges

Inefficient Legacy Systems
Saxon’s aging, largely manual legacy systems were costly, hindering meaningful growth and transformation.
Limited Online Presence
Their “buy online” portal, while innovative, had limited functionality and only accounted for 1% of new business.
Limited Local IT Resources
Maintaining the legacy infrastructure was challenging due to limited local IT talent.

The Solutions

A modern insurance platform was implemented, focusing on enhancing user experience and operational efficiencies.
Saxon transformed into a paperless, policyholder-first provider of smart insurance, significantly increasing its market share.
Duck Creek Policy and Billing were implemented, offering a low-friction online engagement for policy shoppers and operational efficiencies for policy management.

The Impacts

Increased Market Share

Saxon captured 25% of the Cayman Islands’ market within the first year.

Improved Customer Service

The first response time to customer inquiries decreased by 80%, and customer satisfaction rose to 94%.

Enhanced Operational Efficiency

Average transaction processing time was cut by 50%.

News And Press Releases

About the Customer

Saxon Insurance is a direct-to-consumer insurer providing a range of insurance products to residents and businesses across the Cayman Islands. Established in 2011 through the acquisition of a local motor insurer, Saxon transformed into a modern, innovative insurance company, leading the country’s market with its policyholder-first business model and an array of personal and commercial insurance products.

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