Topa Insurance Group Selects Duck Creek Reinsurance Management

The specialty property/casualty insurer sought to eliminate manual processes and increase risk management efforts regarding data accuracy and claims administration.

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Topa Insurance Group (Calabasas, Calif.) has selected Duck Creek (Boston) Reinsurance Management to handle its reinsurance processing needs with a modern, cloud-based solution that enables the carrier to eliminate manual processes and increase risk management efforts regarding data accuracy and claims administration.

Lawrence Genalo, CFO, Topa Insurance Group.

Topa is a specialty insurer providing general and excess liability, property, package, commercial auto, and programs coverages to commercial customers in 27 states. Specializing in in small- to medium-size businesses with low and moderate hazard exposures, last year the company announced an effort to increase its focus on commercial lines products. The organization’s finance team is modernizing all back-end financial planning and accounting systems in an effort to shorten its closing cycle. The carrier’s partnership with Duck Creek reinforces Topa’s customer-centric focus and drive to exceed expectations with sophisticated technologies, according to a vendor statement.

“Given the challenges that many implementation projects face, Topa sought an advanced, attentive partner we could trust to provide a detailed plan around solution deployment and post-go-live support,” comments Lawrence Genalo, CFO, Topa Insurance Group. “The Duck Creek team has impressed us with their agile implementation approach and attention to detail from a features and functionality standpoint. We are confident that Duck Creek Reinsurance Management is the right solution to maximize our return on investment.”

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 statement. Digitally transforming reinsurance administration creates opportunities to strategically leverage data in ways that were previously extremely difficult, the Duck Creek statement notes. 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.

Eliminating Labor-Intensive Processes

“We are very happy that Topa has chosen Duck Creek to support its business,” said Jeff Wargin, Chief Product Officer of Duck Creek Technologies. “Labor-intensive tools such as spreadsheets and databases are not cut out to manage today’s increasingly complex reinsurance programs, and lack the scalability and speed of our cloud-based solution. Reinsurance Management ensures that all reinsurance purchases achieve their intended goals of helping insurance companies manage risks and making available the capital needed to support those risks, so this was a great choice for Topa as they look to continued growth and diversification.”

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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 [email protected] or (503) 936-2803.

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