Duck Creek has agreed on an acquisition to buy reinsurance tech software solutions Prima XL and Prima Compliance for Solvency II.
The firm said in a statement that through its proposed acquisition of these two cloud-based, software-as-a-service (SaaS) solutions, Duck Creek will expand its global operations and local presence in the European (EMEA) and Asia-Pacific-Australia (APAC) regions, retaining core talent and operations in Paris
Upon completion of the proposed transaction, dedicated Prima Solutions’ personnel will join Duck Creek to support Prima XL and Prima Compliance sales, customer success, and operations. The Prima XL reinsurance management solution will be available to insurance organizations operating on Duck Creek systems and systems other than Duck Creek.
Mike Jackowski, CEO of Duck Creek, said: “The insurance industry is undergoing a generational modernization of its technology infrastructure while organisations seek innovative ways to better manage the entire end-to-end insurance cycle in the cloud. Core systems for policy, rating, billing, and claims are advancing at a rapid pace, and Duck Creek is a well-positioned leader here.”
Jackowski continued, “In addition to our global core systems vision, by adding Prima XL to our product family, we are focused on accelerating insurance carriers’ technology goals by delivering evergreen, intelligent, cloud-based SaaS solutions that streamline and automate reinsurance operations.”
This news comes weeks after Duck Creek made two announcements about its software. On 8 June, we reported that the firm was making its Duck Creek OnDemand solution available on Microsoft’s Azure marketplace. Back then, the firm said that a P&C insurance carrier with an existing Microsoft Azure Consumption Commitment (MACC), may fully utilize newly contracted Duck Creek OnDemand spend to contribute to their Azure commitment.
That came a day after the firm said it was partnering with Akur8 to offer property & casualty (P&C) insurance carriers a fully integrated SaaS platform that will streamline and empower insurers’ rate-making process from data to production.
Prima XL is a cloud-based reinsurance software that collects, centralises, and analyses all data for insurers, reinsurers, and brokers. Prima XL tracks all the information related to reinsurance policies (treaties and facultative policies, claims, incidents, accounting data, technical data, auxiliary data, financial data, and more), allowing insurance businesses to manage all of their policies from underwriting to switch and renewals. It is tailored to international organizations using multiple currencies and multiple GAAP requirements.
Prima Compliance is a cloud platform for managing regulatory compliance to satisfy Europe’s Solvency II directive. Combining actuarial calculations (Solvency II Pillar 1) and internal regulatory reporting at the national and European levels (Solvency II Pillar 3).
