Duck Creek Begins Next Chapter with Acquisition of Agencyport
Staff Writer | August 02, 2016
Duck Creek Technologies announces it has purchased Agencyport, its first acquisition since becoming an independent company. Newly formed with the close of the joint venture between Apax Partners, a private equity firm, and Accenture on August 1, Duck Creek plans to accelerate the design and development of P&C insurance technologies to better serve customers and the market.
Complementing Duck Creek’s current suite of core offerings, Agencyport solutions focus on providing intuitive, digital experiences between P&C carriers and their agents, brokers, consumers and policyholders—anytime, anywhere and from any device. Its flagship products include AgencyPortal, Turnstile, and BookSmart.
For carriers using third-party or homegrown back-end systems, Agencyport products will be available as independent solutions, providing the ability to front-end any billing, claims or policy system. Those insurers using both Duck Creek and Agencyport products will benefit from an integrated, comprehensive digital platform with an option to access the solution via Duck Creek On-Demand, a Software as a Service model.
“There has never been a more important time for insurance companies to embrace new technologies that will secure their future competitiveness, says Michael A. Jackowski, CEO of Duck Creek Technologies. “Working with Accenture and Apax, we look forward to continued development and added investments that will deliver true innovation for our customers and the insurance industry. Together, Duck Creek and Agencyport will combine our expertise to design and deliver the digital solutions that meet the expectations and needs of our customers now and well into the future.”
Now the newest member of the Duck Creek management team, Curt Stevenson, formerly Agencyport’s chief executive officer, sees this as a win-win for both Duck Creek and Agencyport customers.
“Today’s insurance carrier increasingly requires a nimble solution set that can keep pace on a multitude of fast-evolving fronts that include customer expectations, technology shifts, and business models and demands,” says Stevenson. “Our independent software portal with its user experience, and Duck Creeks’ best-of-breed software suite and the open digital architecture it sits on, is a powerful opportunity for carriers. No other company has the kind of carrier and agent knowledge or digital know-how it takes to guide insurers through the complexities ahead.”
Funds advised by Apax Partners hold approximately a 60 percent stake in Duck Creek Technologies and Accenture retains approximately 40 percent. Funds advised by Apax will provide Duck Creek with capital to accelerate the development and expansion of P&C technologies and Accenture will collaborate on solutions involving the Internet of Things, Big Data analytics and other emerging technologies. Accenture will remain a delivery partner for Duck Creek Technologies.
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