(Palacio de Cibeles, home of Madrid City Council and site of MAD Fintech’s inauguration in Feb. 2020. Image credit: Carlos Delgado.)
Duck Creek Technologies (Boston) has announced that it has joined the Madrid Fintech (MAD Fintech) Cluster, as one of more than 100 founder companies of this initiative which has worked in its 14 Commissions and 5 Working Groups from the organization’s founding. The Cluster’s stated goal is to convert Madrid into a world fintech capital by gathering the most innovative companies in the financial and insurance/InsurTech industries—as well as other associations and both public and private institutions—to boost and develop the ecosystem in Madrid and throughout Spain, according Duck Creek’s announcement.
The Madrid Fintech Cluster (MAD Fintech) is dedicated to “reinventing” the financial services sector of the future in all its functional areas, including methods of payment, banking services, InsurTech, savings, and investment; the group aims to accomplish this goal by generating spaces for ideas, debate, co-creation, training, talent stimulation, and open innovation. To this end, it acts as a laboratory of ideas for the progress of financial services and InsurTech, taking advantage of the opportunities generated by technological advances in the sector.
Duck Creek characterizes the companies behind the Fintech Cluster as leading the development of a fintech/InsurTech ecosystem in Spain by promoting a culture of collaboration, open innovation, and the generation of synergies between current and future organizations that the initiative can attract to the Madrid area, contributing to the generation and retention of top talent. Interconnected with the European and broader global ecosystem of large digital and financial capitals, the Cluster aims to bring Madrid to the forefront of innovation in this rapidly evolving technology market, the vendor says.
“MAD FinTech seeks to boost the FinTech sector in Madrid and from Madrid, in Spain and from Spain to the world through open innovation, training, networking and co-creation,” comments Salvador Molina, president, Madrid Capital FinTech Cluster. “It’s a pleasure to be able to collaborate with a leader in the insurance industry like Duck Creek. Their extensive experience and knowledge of the market are key to helping promote the Cluster, its initiatives, and its technological ecosystem.”
Duck Creek’s Relatively New Presence in Iberia
“Duck Creek has a relatively new presence in the Iberia region, and participating in the Madrid Fintech Cluster is an important avenue for us to show our scalable, flexible platform with its high level of configuration and personalization, our suite of future ready-solutions, as well as our mature and consolidated positioning in the market,” comments Juan Antonio Costa, Country Manager for Spain and Portugal, Duck Creek Technologies. “It is also an excellent forum for us to collaborate and form alliances with other companies to boost the overall ecosystem and solve industry challenges. We are constantly connecting new partners to our Platform, with best-in-class Solution Partners worldwide offering more than 2000 APIs to the InsurTech community to facilitate the optimization of the insurance lifecycle. It’s an honor to be included in this group as we work toward our mission to revolutionize insurance for the greater good.”