AmGeneral Insurance Transitions to Duck Creek Rating Product
Staff Writer | June 29, 2016
AmGeneral Insurance, one of the largest motor and general insurance companies in Malaysia, is now using the rating software from Duck Creek Technologies to better serve the needs of its agents and customers.
Duck Creek Rating is now supporting both individual auto and commercial motor class of business for pricing, underwriting, and risk assessment. The remaining home and commercial/industry businesses will transition onto the new system later this year.
AmGeneral Insurance chose Duck Creek’s rating engine for its flexible and scalable product configuration, quoting capability, and single point of change tools that will enable them to meet market challenges and pursue new revenue opportunities should Malaysia deregulate the insurance industry. The software was implemented by an international team comprised of employees from Duck Creek, AmGeneral and Accenture, a Duck Creek global alliance delivery partner.
“To provide the best service to our customers and agents we need to be able to react quickly to market demand while taking into account any factors that could impact pricing,” says Christopher Tandy, senior vice president for product, pricing and underwriting at AmGeneral Insurance. “With Duck Creek’s rating engine, we’ve extended the capabilities of our legacy-based system to deliver rapid and accurate pricing that gives us a competitive advantage.”
“We’re pleased to be working with AmGeneral Insurance to complete the transition to our Duck Creek rating software that will help them determine precise pricing and deliver quick quotes to customers,” says Michael A. Jackowski, president, Duck Creek Technologies. “Our black box rating engine provides the design and testing tools that enable faster, more accurate product development and deployment, a differentiation that offers an advantage in this highly competitive market.”
“This is an example of how we’re helping clients become not just more efficient but also more focused on initiatives that propel the business forward,” says François Metzler, Accenture ASEAN insurance lead. “For example, Duck Creek Rating includes ‘what if’ modeling that will help AmGeneral Insurance predict its underwriting workload, produce data for filing, and monitor the actual yield of a product change over time. That is the type of efficiency and focus that is required in the event the industry becomes deregulated.”
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