(Image credit: Paul Ang/punggolzenith.)
ISMIE Mutual Insurance Company, a specialized provider of medical professional liability insurance, has selected the Duck Creek Suite to replace the its core systems, choosing the vendor’s SaaS delivery option Duck Creek OnDemand. ISMIE chose Duck Creek for the configurability and ease of the Duck Creek Platform, as well as the ability to implement the Duck Creek Suite quickly, according to a vendor statement.
“Looking to the future, it will be critical for us to be able to differentiate our business with product innovation and diversification,” comments Cheryl Koos, COO, ISMIE. “Speed to market and the ability to make product changes in real time were key factors in our decision to go with the Duck Creek Suite and Duck Creek OnDemand. We look forward to growing our business with technology solutions that can scale as rapidly as our business strategy necessitates, and to doing so with the proven leader in software for the MPL industry.”
Product diversification is a market advantage to medical professional liability insurers owing to changes in the market, such as M&A deals and large hospital groups self-insuring—which leads to shrinking premiums on traditional MPL policies. ISMIE plans to offer entirely new products to the medical community, with industry-leading speed to market, according to Duck Creek.
Low-Code Product Configuration and SaaS Scalability
“Today’s MPL carriers need the speed and flexibility of low-code product configuration and the scalability of SaaS,” comments Andy Dey, Chief Product and Technology Officer at Duck Creek. “In a rapidly-changing market, the insurers who succeed are the ones that can quickly and easily introduce and modify innovative products, and ISMIE has taken the right step in that direction as they prepare for their future with digital transformation.”