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Everspan Group, a New York-based specialty program insurer has selected Duck Creek Technologies (Boston) Duck Creek Reinsurance Management to handle its reinsurance processing needs with an evergreen SaaS solution. The organization cited its desire to avoid manual processes and employ sophisticated risk management efforts regarding data accuracy and claims administration as factors in its decision to select Duck Creek, a vendor statement says. Duck Creek reports that its Professional Services team will implement the solution.
As a specialty program insurer, Everspan Group is unites insurance distributors with global capital providers. Its highly regarded leadership team has an established track record across all facets of the specialty program insurance business, including reinsurance and MGA markets, according to the Duck Creek statement. The organization offers creative deal structuring to optimize solutions and bring a comprehensive experience set to every partner. The company has an AM Best Financial Strength Rating of ‘A-’ (Excellent), operating as a Financial Size Category Class VIII property and casualty insurer
“Launching a new insurance business quickly is a significant challenge, so Everspan sought advanced solutions that could help us get to market as swiftly as possible,” comments Wyatt Blackburn, President, Everspan. “Duck Creek impressed us with their agile approach and the rich features and functionality Reinsurance Management offers. We are confident that this is the right reinsurance solution for our needs as a new and rapidly-growing platform.”
By automating critical reinsurance financial and administrative processes, Duck Creek Reinsurance Management helps cedants improve operational efficiencies, maximize recoverables, reduce claims leakage, and improve data analytics and financial reporting, according to the vendor. Digitally transforming reinsurance administration creates opportunities to strategically leverage data in ways that were previously extremely difficult, according to the Duck Creek statement, which adds, “With the ability to better understand reinsurance transactions and outcomes, finance and risk management teams can leverage data to make critical decisions regarding risk appetite and support reinsurance contract negotiations. In addition, through rules-based automation, standardization, and data transparency, Reinsurance Management creates a more efficient and productive reinsurance administration program.”
Scalability and Speed
“We are very happy that Everspan Group has chosen Duck Creek to support its business,” comments Jeff Wargin, Chief Product Officer, Duck Creek Technologies. “Labor-intensive tools such as spreadsheets and databases cannot handle today’s increasingly complex reinsurance programs and lack the scalability and speed of our SaaS solution. Duck Creek Reinsurance Management is designed to ensure that all reinsurance purchases achieve their intended goals, so this was a great choice for Everspan as it moves quickly into a complex and highly-regulated market.”