Duck Creek Technologies has announced the launch of a reinsurance management tool for primary property-casualty insurers. Duck Creek Reinsurance Management – previously CedeRight, a DataCede product acquired by Duck Creek – allows primary carriers to manage reinsurance partners, contracts, bills, recoveries and payables.
The software-as-a-service (SaaS) product supports all reinsurance structures, automates payment calculations and bill production, provides full audit trail and analytics, and produces statements, bordereaux, cover letters, footnotes, supporting details and more, Duck Creek said. The tool is available as a stand-alone offering or in concert with other tools in the Duck Creek suite.
“Insurers continue to look for ways to reduce the risk of maintenance and integration in order to drive speed of deployment,” said Karlyn Carnahan, head of Celent’s property-casualty practice for the Americas. “Core system vendors that can offer a wide set of capabilities across the application architecture that are pre-integrated with the rest of their suite have a leg up.”
Duck Creek Reinsurance Management, like all Duck Creek software, will be available through Duck Creek OnDemand, the company’s SaaS platform for the P&C industry. Duck Creek Reinsurance Management will be immediately available to all Duck Creek customers and prospects with an additional license. The CedeRight team will join Duck Creek to support the product.
“Reinsurance Management software is a natural addition to Duck Creek’s platform and marks an important milestone in our growth strategy,” said Eddie Jones, vice president of strategy and alliances at Duck Creek Technologies. “We’re proud to welcome the CedeRight team to the Duck Creek family and to continue to work together to improve the many aspects of reinsurance management together.”
