(Bendheim Center for Finance, Princeton University.)
Duck Creek Technologies (Boston) has announced that it has introduced Duck Creek Reinsurance Management for the property/casualty insurance industry, adding comprehensive reinsurance management functionality to the Duck Creek Suite. The new offering, formerly known as CedeRight, was acquired by Duck Creek’s from DataCede (Princeton, N.J.). It allows primary insurance carriers to manage reinsurance partners, contracts, bills, recoveries and payables. The product supports all reinsurance structures, automates payment calculations and bill production; provides a full audit trail and analytics; and produces statements, bordereaux, cover letters, footnotes, and supporting details, according to Duck Creek. It is available as a standalone offering to property/casualty insurers, as well as in concert with other solutions in the Duck Creek Suite.
“Insurers continue to look for ways to reduce the risk of maintenance and integration in order to drive speed of deployment,” said Karlyn Carnahan, head of Celent’s property casualty practice for the Americas. “Core system vendors that can offer a wide set of capabilities across the application architecture that are pre-integrated with the rest of their suite have a leg up.”
Along with all of Duck Creek’s software products, Duck Creek Reinsurance Management will be available via Duck Creek OnDemand, the provider’s SaaS solution for the property/casualty insurance industry. Duck Creek Reinsurance Management is be immediately available to all Duck Creek customers and prospects with an additional license, according to the vendor. The solution handles all reinsurance structures including excess of loss, quota share/proportional, treaty, and facultative.
The CedeRight team will join Duck Creek to support the product and offer their expertise in reinsurance, which Duck Creek says will allow its customers to automate critical financial and administrative functions required by primary insurers to manage contractual relationships and settlement with reinsurance providers. Integration of Duck Creek Reinsurance Management with the Duck Creek Platform, was previously carried out as part of Duck Creek’s partnership with DataCede.
“Reinsurance management software is a natural addition to Duck Creek’s Platform and marks an important milestone in our growth strategy,” comments Eddie Jones, VP, Strategy and Alliances, Duck Creek Technologies. “We’re proud to welcome the CedeRight team to the Duck Creek family and to continue to work together to improve the many aspects of reinsurance management together.”