Accenture (NYSE: ACN) and Duck Creek Technologies, a leading provider of P&C insurance software and services, have created several new digital and emerging technology solutions that will be available for demonstration at InsureTech Connect, the world’s largest insurance technology conference, in Las Vegas on October 3-4, 2017. Onsite demonstrations include advanced telematics, data analytics and blockchain solutions for insurers.
“These new tools are the product of our focus on providing a new generation of digital solutions to our insurance clients working in collaboration with our joint venture partners,” said Cindy DeArmond, managing director and P&C Core Platforms Lead for Accenture in North America. “The insurance sector is on the cusp of a digital revolution that will redefine how it operates. By integrating our advanced digital technologies with Duck Creek’s leading core insurance platform, we can help reshape the way the industry operates and find more efficient and effective ways for our clients to add value for their customers.”
Accenture’s Digital Insurance Solution Center has collaborated with Duck Creek on the development of Internet of Things (IoT), Big Data analytics and other emerging technology solutions for insurers since August 2016 when Duck Creek relaunched as an independent company.
Jeff Wargin, vice president of product management at Duck Creek said: “These products represent an important milestone in our efforts to bring innovation to our clients. By integrating Accenture analytics and IoT solutions into our platform, we can provide powerful analytic and telematic services to P&C carriers, and with Accenture’s blockchain proof of concept we can show our clients how to automate critical auditing processes in a secure environment using distributed ledger technology. These offerings demonstrate the strength in our strategy of tapping Accenture and Apax as investors and partners.”
Duck Creek and Accenture will offer demonstrations of three new solutions at InsureTech Connect:
- Connected Platforms as-a-Service. The integration of telematics functions from “Connected Platforms as-a-Service,” Accenture’s Internet of Things platform, with the Duck Creek insurance processing platform will support development of new models for insurance customers, such as purchasing per-trip micro-insurance policies directly through in-car head unit or driver’s mobile devices, and insurers seeing crash data directly through Duck Creek’s claims portal.
- Intelligent Insurance Solution powered by AIP. The integration of the Accenture Insights Platform (AIP), an analytics-as-a-service platform, to the Duck Creek platform has enabled an insurance-specific set of big data and advanced analytics technologies. This allows for predictive analytics and “next best action” for policy and claims processing as well as making it possible to combine Duck Creek data with unstructured third-party data to give insurers real-time insights on policies and claims.
- Blockchain PoC. Accenture has developed an innovative blockchain proof of concept for Duck Creek that will help enable insurers, medical providers, law firms and others to deploy an automated audit and reconciliation process for medical bills. The platform is designed to help reduce errors and fraudulent activity and to reduce processing times from up to a week to as little as one day.
Last year, Accenture sold a majority stake in Duck Creek Technologies to funds advised by Apax Partners, a leading global private equity firm, and formed a joint venture in which Accenture retains a minority stake in Duck Creek Technologies.