Duck Creek Technologies, a P&C solutions provider, has unveiled a breakthrough initiative in collaboration with Microsoft, which is set to empower insurers to reimagine their businesses by facilitating smoother implementation processes and faster speed to market through the aid of generative artificial intelligence (AI).
Duck Creek’s platform is built on Microsoft Azure, technology which is used for harnessing the power of Azure OpenAI Service.
This comes as large language models (LLMs) continue to change the landscape of technology.
According to Duck Creek, this represents a “significant leap forward” in the insurance sector, as it can change and influence different ways how insurers conduct their business and engage with customers.
By merging Duck Creek’s knowledge within insurance solutions with the cutting-edge capabilities of Microsoft, this collaboration between the two companies is seeking to create a more agile future for the entire insurance sector.
“Generative AI is a truly transformative technology, and our valued customers will benefit immensely from its powerful capabilities as we continue to drive the modernization of the insurance industry. Our objective is to empower insurers to innovate products faster and assist employees with AI tools,” said Mike Jackowski, Chief Executive Officer, Duck Creek Technologies.
“This marks the next chapter in the evolution of our longstanding partnership, where we are pioneering in the space by uniting the exceptional talent of Microsoft and Duck Creek to develop cutting-edge technology solutions for the P&C and general insurance industries. In doing so, we are committed to spearheading the insurance industry’s embrace of generative AI and solving the innovation challenges insurers face—all while upholding the highest standards of regulatory compliance and ethical responsibility.”
Duck Creek is harnessing this emerging technology to curate innovative solutions for insurers.
Some of the key examples of how the company is doing this includes: Copilot solutions, which are powered by near-real-time data, empowering insurers to make informed decisions and respond to changing market conditions, as well as enhanced productivity tools that improve efficiency and productivity throughout the insurance ecosystem.
“Duck Creek will continue advancing how it brings responsible AI to the insurance industry and enables a rapid business transformation toward humanized experiences,” commented Jess Keeney, Chief Product & Technology Officer, Duck Creek Technologies.
“We are consistently assessing how our solutions can more seamlessly integrate into our customers’ operational landscapes, and we are dedicated to delivering meaningful outcomes and addressing significant business challenges. Both Duck Creek and Microsoft share a common dedication to enhancing the customer journey across the entire insurance lifecycle. This marks a significant evolution in how underwriters leverage consumer data and conduct risk analysis, the efficiency of claims handling, fraud detection, and the industry’s ability to meet customer needs and adapt to feedback promptly.”
“Innovative insurers want to move quickly to use the power of generative AI to drive demonstrable business value,” added Bill Borden, CVP for Worldwide Financial Services at Microsoft.
“We’re excited to deepen our collaboration with Duck Creek to deliver new generative AI-powered capabilities to help our joint insurance customers drive marked improvements in employee productivity, reinvent customer engagement, and bend the curve on innovation – both securely and responsibly.”
