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Philadelphia Insurance Companies (PHLY; Bala Cynwyd, Pa.) has selected Duck Creek Technologies’ (Boston) Duck Creek Policy and Duck Creek Producer from its suite of SaaS core system solutions to launch a new line of commercial insurance in North America. Philadelphia Insurance Companies designs, markets and underwrites commercial products and services, and is a member of the Tokio Marine Group (Tokyo), Japan’s oldest property/casualty insurer.
A Duck Creek statement reports that Philadelphia Insurance Companies is preparing to enter a new line to enhance its U.S. commercial business offerings in 2023. Having considered alternatives, the insurer chose Duck Creek OnDemand for its scalability, extensibility, and ease to launch commercial lines products using templated, low-code configurations, according to the vendor. Duck Creek also offered PHLY a digital-first approach via Duck Creek Producer to optimize customer experience and enhance existing distribution channels.
By adopting these solutions, Philadelphia Insurance Companies will be able to stand up a simple, low-touch policy that leverages third-party content, as well as prefill and straight through processing tools to deliver a competitive new offering to insurance buyers in the small commercial market, according to the Duck Creek statement.
“We identified a market opportunity and a need in the small commercial market that we wanted to address rapidly, which meant standing up an offering without any back-end constraints or integration challenges,” comments Bob Pick, CIO, PHLY. “Duck Creek’s ready-to-use system is advantageous in allowing us to meet this vision, while giving us the runway to scale as the business grows and our solutions become more innovative for small commercial customers.”
“I have long admired Philadelphia Insurance Companies and their mission to deliver innovative products to niche insurance markets,” says Michael Jackowski, CEO of Duck Creek Technologies. “The most effective partnerships begin with alignment of purpose, and we share a strong belief in enhancing value to customers through continued innovation. This is an exciting opportunity for both companies to work together and create a new standard for small commercial insurance solutions in North America.”