(Image credit: Dollar Photo Club.)
Accenture (New York) and Duck Creek Technologies (Columbia, S.C.) have partnered to create new digital and emerging technologies, integrating Accenture’s Internet of Things (IoT) and analytics technologies with Duck Creek’s core insurance platform, according to a joint announcement. The companies demonstrated advanced telematics, data analytics and blockchain solutions at the InsurTech Connect conference in Las Vegas last week.
The companies report that Accenture’s Digital Insurance Solution Center has collaborated with Duck Creek on the development of Internet of Things (IoT), Big Data analytics and other emerging technology solutions for insurers since August 2016 when Duck Creek relaunched as an independent company, having been acquired by Accenture in 2011. Accenture continues as a non-controlling minority partner, with an approximately 40 percent share in the company.
“These new tools are the product of our focus on providing a new generation of digital solutions to our insurance clients working in collaboration with our joint venture partners,” comments Cindy DeArmond, managing director and P&C Core Platforms Lead, Accenture, North America. “The insurance sector is on the cusp of a digital revolution that will redefine how it operates. By integrating our advanced digital technologies with Duck Creek’s leading core insurance platform, we can help reshape the way the industry operates and find more efficient and effective ways for our clients to add value for their customers.”
Duck Creek and Accenture demonstrated the following three new solutions at InsureTech Connect, as described by the vendors:
Connected Platforms as-a-Service. The integration of telematics functions from “Connected Platforms as-a-Service,” Accenture’s Internet of Things platform, with the Duck Creek insurance processing platform will support development of new models for insurance customers, such as purchasing per-trip micro-insurance policies directly through in-car head unit or driver’s mobile devices, and insurers seeing crash data directly through Duck Creek’s claims portal.
Intelligent Insurance Solution powered by AIP. The integration of the Accenture Insights Platform (AIP), an analytics-as-a-service platform, to the Duck Creek platform has enabled an insurance-specific set of big data and advanced analytics technologies. This allows for predictive analytics and “next best action” for policy and claims processing as well as making it possible to combine Duck Creek data with unstructured third-party data to give insurers real-time insights on policies and claims.
Blockchain PoC. Accenture has developed an innovative blockchain proof of concept for Duck Creek that will help enable insurers, medical providers, law firms and others to deploy an automated audit and reconciliation process for medical bills. The platform is designed to help reduce errors and fraudulent activity and to reduce processing times from up to a week to as little as one day.
“These products represent an important milestone in our efforts to bring innovation to our clients,” comments Jeff Wargin, VP, Product Management, Duck Creek. “By integrating Accenture analytics and IoT solutions into our platform, we can provide powerful analytic and telematic services to P&C carriers, and with Accenture’s blockchain proof of concept we can show our clients how to automate critical auditing processes in a secure environment using distributed ledger technology. These offerings demonstrate the strength in our strategy of tapping Accenture and Apax as investors and partners.”