Acquisition of Agencyport to Expand Duck Creek's Engagement with P&C Customers
Staff Writer | June 01, 2016
Private equity firm Apax Partners announces that funds advised by Apax have agreed to acquire Agencyport, a provider of digital distribution technology for the property and casualty insurance industry.
The acquisition is being made in connection with the formation of Duck Creek Technologies, a joint venture between Accenture and Apax Partners that will operate as an independent company focused on driving innovation in insurance software. The Agencyport transaction is expected to close concurrently with the formation of Duck Creek by the end of August 2016.
Agencyport is best known for its flagship products AgencyPortal, Turnstile, and BookSmart, which provide a secure digital channel to enhance collaboration between insurers, agents, brokers, and customers. AgencyPortal offers a mobile friendly and multi-device responsive design currently used by over 150,000 independent agents and 70 carriers to efficiently grow their businesses and better serve their customers.
The combination of Agencyport's user experience and Duck Creek's digital platform will enable carriers to conduct business with their agents, brokers and customers through any channel, using any device. As part of the product strategy, the Duck Creek joint venture is expected to support and invest in Agencyport products and provide independent portal offerings that can front-end any policy, claims, or billing system.
Carriers implementing both Duck Creek and Agencyport products will benefit from a highly integrated, end-to-end digital experience, and the option for SaaS-based deployment. Organizationally, Curt Stevenson, Agencyport's CEO, will join the existing Duck Creek management team.
"Agencyport's vision has been to improve the industry by offering a digital engagement platform that connects to diverse systems in the carrier IT environment," says Stevenson. "With Duck Creek, we will create a digital distribution nirvana that will enable insurers to provide user-friendly omni-channel engagement for agents, brokers and customers."
"The teaming of two of the industry's premiere solution sets—Agencyport's front-end portals for carriers, agents, brokers and customers and Duck Creek's advanced software, and digital and cloud technologies—creates an opportunity to meaningfully accelerate digital insurance," says Jason Wright, a partner at Apax. "Leading insurance companies of all sizes are looking to highly experienced vendors to guide them through the multi-faceted aspects of digital transformation and innovation."
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