Duck Creek Technologies India LLP, a subsidiary of Duck Creek
Technologies, today announced a historical milestone with its
expansion into the Indian general insurance market. Duck Creek
Technologies India LLP now offers India-based insurers 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 this expansion, Duck Creek reinforces its market
commitment by establishing its data center in India, supported by
nearly 1,000 local employees.
In partnership with its first core systems full-suite
India-based insurance customer, HDFC ERGO General Insurance Company
Limited (“HDFC ERGO”), Duck Creek will deploy its intuitive,
user-friendly, and powerful solutions to empower HDFC ERGO to take
new products to market faster and significantly improve their
customers’ experience throughout the policy lifecycle and across
the insurer’s entire portfolio. Duck Creek's products and solutions
will holistically bring a competitive advantage to HDFC ERGO across
its entire system, portfolio and operations.
Speaking about the partnership, Sriram Naganathan, President and
Chief Technology Officer, HDFC ERGO General Insurance, said, “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. 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."
Rohit Bedi, Chief Revenue Officer, Duck Creek Technologies,
stated, “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. 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.” Bedi added, “This is a significant milestone in Duck
Creek’s continued growth as a leading SaaS choice for insurers
worldwide. 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.”
Drawing on its experience supporting the world’s largest
insurers and reinsurers, Duck Creek 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,” said Shaji Sethu,
Managing Director APAC, Duck Creek Technologies.
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 presents an
exciting opportunity for Duck Creek.
About HDFC ERGO
HDFC ERGO General Insurance Company Limited was promoted by
erstwhile Housing Development Finance Corporation Ltd. (HDFC),
India’s premier Housing Finance Institution and ERGO International
AG, the primary insurance entity of Munich Re Group. Consequent to
the implementation of the Scheme of Amalgamation of HDFC with and
into HDFC Bank Limited (Bank), one of India’s leading private
sector banks, the Company has become a subsidiary of the Bank. HDFC
ERGO is the second largest non-life insurance company in the
Private Sector as on 31st March 2023 based on gross premium
garnered. A digital-first company, transforming into an AI-first
company, HDFC ERGO is a leader in implementing technology to offer
customers the best-in-class service experience. The company has
created a stream of innovative & new products as well as
services using technologies like Artificial Intelligence (AI),
Machine Learning (ML), Natural Processing Language (NLP), and
Robotics. HDFC ERGO offers a range of general insurance products
and has a completely digital sales process with ~94% of retail
policies issued digitally. HDFC ERGO’s technology platform has
empowered the customers to avail 69% of the services digitally on a
24x7 basis with ~19% of the customer requests serviced by
Artificial Intelligence-based tools. In FY23, the company has
issued 1.22 crore policies and has settled ~50 lakhs claims. The
Company has an active data base of 1.5+ crore customers. HDFC ERGO
is present in 496 districts of the country through their 215
branches, 10,000+ employees and 1.8 lakhs agents and channel
partners.
HDFC ERGO offers a complete range of General Insurance products
including Health, Motor, Home, Agriculture, Travel, Credit, Cyber
and Personal Accident in the retail space along with Property,
Marine, Engineering, Marine Cargo, Group Health and Liability
Insurance in the corporate space. Be it unique insurance products,
integrated customer service models, top-in-class claim processes or
a host of technologically innovative solutions, HDFC ERGO has been
able to delight its customers at every touch-point and milestone to
ensure consumers are serviced in real-time.
Please log on to www.hdfcergo.com or stay connected on the
following social media handles to get more information on HDFC ERGO
and the products and services offered by the company.
Facebook: https://www.facebook.com/hdfcergo
Twitter: https://twitter.com/hdfcergogic
LinkedIn: https://www.linkedin.com/company/hdfcergo
YouTube: https://youtube.com/c/hdfcergo
About Duck Creek Technologies
Duck Creek Technologies is the intelligent solutions provider
defining the future of the property and casualty (P&C) and
general insurance industry. We are the platform upon which modern
insurance systems are built, enabling the industry to capitalize on
the power of the cloud to run agile, intelligent, and evergreen
operations. Authenticity, purpose, and transparency are core to
Duck Creek, and we believe insurance should be there for
individuals and businesses when, where, and how they need it most.
Our market-leading solutions are available on a standalone basis or
as a full suite, and all are available via Duck Creek OnDemand.
Visit www.duckcreek.com to learn more. Follow Duck Creek on our
social channels for the latest information – LinkedIn and
Twitter.
Carley Bunch
Duck Creek Technologies
+1201-962-6091
carley.bunch@duckcreek.com
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