GEICO has selected Duck Creek Technologies’ policy and billing software for its personal lines of business. The insurer is making the transformation to improve its customer experience.
Duck Creek's core tech will be adopted in planned stages, according to the companies, concluding with GEICO’s personal auto and motorcycle lines scheduled for upgrades by the end of 2017.
As part of the deal, GEICO first installed Duck Creek’s policy platform for its umbrella homeowner’s insurance product during the latter part of 2014, before rolling it out nationwide in January last year.
“The [umbrella] project delivers to the business goals that many are seeking—implementing a 50-state line of business in a 12-month timeframe,” said Karen Furtado, SMA partner. “It’s not just a pilot program rolled out in a couple of states. The speed and business incentive I think makes this incredible.”
According to Duck Creek, news of the contract was delayed thanks to both parties wanting to ensure the wholesale system revamp was durable and produced financial results. GEICO has set Amazon and Southwest Airlines as the benchmarks for the kind of shopping experience they want clients to have.
The revamp is built on the right kind of architecture for the digital age, Furtado says. “The open API architecture is critical in supporting the shifting distribution needs that insurers are requiring to be competitive with both traditional [carriers] and new insurtech startups," she explains.
Duck Creek’s policy and billing delivery efforts will be aided by Accenture, which sold 60% of its stake in the vendor to Apax Partners last spring.
“Duck Creek’s industry expertise and advanced technology will help us deliver the exceptional service our customers expect,” said Steve Smith, VP of GEICO’s information technology department, in a statement. “Every company knows that the future will continue to present more technology risks. Through this recent modernization, we’re better prepared to take advantage of the latest innovations and digital disrupters.”
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