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HDFC ERGO General Insurance Company Limited (Mumbai) has selected Duck Creek’s (Boston) full core systems suite to enable greater product speed-to-market and to significantly improve customer experience throughout the policy lifecycle and across the insurer’s entire portfolio. The contract, undertaken by the vendor’s subsidiary Duck Creek Technologies India LLP (Mumbai), represents the vendor’s entry into the Indian general insurance market.
“As a leading insurer of the country, at HDFC ERGO, it has been our priority in adopting innovative technologies to address the evolving demands of our customers and offer them an enhanced customer experience,” Sriram Naganathan, President and CTO, HDFC ERGO General Insurance. “Being a digital insurer of scale, our partnership with Duck Creek Technologies India LLP is a crucial step towards unlocking the full potential of HDFC ERGO’s wide insurance solutions and enabling us to offer efficient delivery and more convenience for our customers. Duck Creek’s SaaS solution will empower our advanced AI/ML models, providing essential digital capabilities to meet the critical needs of our customers and partners.”
The Indian insurance market was valued at $127 billion in 2021 ($30 billion, represented in the non-life sector). It is anticipated to grow to over $200 billion by 2027, which Duck Creek sees a significant opportunity.
Duck Creek Technologies India LLP now offers India-based insurers what the vendor characterizes as the ease, convenience, and power of modern cloud-based software-as-a-service (SaaS), delivered as a full suite of capabilities or as stand-alone solutions. With its expansion into India, Duck Creek notes that it reinforces its market commitment by establishing its data center in India, supported by nearly 1,000 local employees.
“Our commitment to HDFC ERGO aligns with their outstanding vision to make insurance easier, more affordable, and more dependable for all the people in India,” Rohit Bedi, Chief Revenue Officer, Duck Creek Technologies. “We are extremely proud to be a partner to HDFC ERGO, India’s leading insurance brand, in their journey to transform general insurance services in the region.”
“This is a significant milestone in Duck Creek’s continued growth as a leading SaaS choice for insurers worldwide,” Bedi adds. “Duck Creek’s partnership with HDFC ERGO is another proof point that our global technology solutions are geared towards enabling a more modern and efficient insurance enterprise.”
Duck Creek says it will offer its suite of SaaS-based core insurance delivery solutions, including policy, claims, billing, rating and reinsurance, to help Indian general insurers innovate and modernize their products and services.
“Duck Creek is truly excited to enter the Indian insurance market with our global solutions. We want to empower insurance companies in India with hyper-personalized insurance solutions that help customers buy or service insurance from any device and anytime. Customers from all parts of India can feel secure knowing they are covered and can raise claims anytime,” comments Shaji Sethu, Managing Director APAC, Duck Creek Technologies.