Duck Creek Launches Payment Solution

The cloud-based SaaS solution provides flexibility to carriers and offers access to any global payment provider or technology for premium collections and claims disbursements.

(Image source: Duck Creek.)

Duck Creek Technologies, (Boston) a major provider of a core system/insurance platform and related solutions for the property/casualty industry, has introduced Duck Creek Payments to the North American market. This cloud-based Software as a Service (SaaS) offers access to any global payment provider or technology for premium collections and claims disbursements, according to a Duck Creek statement.

Jess Keeney, Chief Product & Technology Officer, Duck Creek Technologies.

Serving as the singular entry point to the global payments ecosystem, Duck Creek Payments ensures insurers enjoy heightened cost efficiency, accelerated time-to-market, improved customer experiences, and future-proofed payment offerings, all while ensuring payment compliance, the vendor says. Recognizing the increasingly important role of payments in meeting customer expectations, Duck Creek says it is catering to insurers’ unique needs, acknowledging the challenges of integrating payment solutions not inherently designed for the insurance industry.

Initially developed for the European insurance market, Duck Creek Payments has already solved payment complexities for European clients, the vendor reports. By complementing Duck Creek’s broader suite of core system solutions, insurers can now effortlessly connect to their preferred payment provider, harnessing their chosen payment technology in the regions in which they operate or on a global scale without the headaches of extensive and time-consuming integrations, the vendor says.

“Duck Creek Payments is the key to unlocking a streamlined, future-ready payment experience for insurers, solidifying its status as a game-changer in our industry,” comments Jess Keeney, Chief Product & Technology Officer, Duck Creek Technologies. “The choice and flexibility this innovative solution provides our customers will offer them significant advantages and position them for success in the evolving digital payments landscape.”

The solution aims to help carriers keep pace with ever-evolving payment technologies and consumers payment preferences, a Duck Creek source says.  Duck Creek Payments addresses those challenges, enabling carriers to design their ideal payment solution, the source says. Among its benefits are the following, according to the source:

Karlyn Carnahan, Head, The Americas, Property Casualty, Celent.

  • Offer preferred payment optionsthrough configuration, rather than implementation, removing time-consuming processes.
  • Unify reporting and payments analyticsto enhance visibility into collections and pay outs.
  • Future-proof payment requirementsto keep pace with market demands while remaining compliant.

“Revolutionizing payment practices in the insurance sector isn’t merely an upgrade; it’s a fundamental shift towards a future where efficiency and customer satisfaction reign supreme,” comments Karlyn Carnahan, head of Celent’s (Boston) North American insurance practice. “Modernizing payment processes is the linchpin for insurers to stay agile, reduce operational complexities, and ultimately, deliver a frictionless customer-centric experience. In an era defined by technological advancements, embracing these changes isn’t just an option; it’s a strategic necessity for the insurance industry to thrive and meet the evolving needs of both insurers and policyholders alike.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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