Insurance firm Duck Creek Technologies has recently announced its foray into the Indian general insurance market.
With its advanced cloud-based software-as-a-service (SaaS) solutions, the company aims to reshape India’s insurance landscape, supported by a strong local workforce of nearly 1,000 employees.
The expansion into India serves to solidify Duck Creek Technologies’ commitment to the global insurance market, taking advantage of the burgeoning growth of the Indian insurance sector. The Indian market’s projected growth to $200bn by 2027 and the establishment of a data centre in the country underline the strategic importance of this move.
Duck Creek Technologies specialises in delivering modern, intuitive, and powerful SaaS solutions to insurers worldwide. These solutions can be offered as a full suite or as stand-alone capabilities. By focussing on user-friendliness and efficiency, the company has become a leading choice for insurers looking to digitise their services.
The new expansion into the Indian market will see Duck Creek Technologies offer cloud-based SaaS solutions tailored to local insurers. The services are designed to enable insurers like HDFC ERGO to take new products to market swiftly, enhance customer experience throughout the policy lifecycle, and leverage AI/ML models for added digital capabilities.
Duck Creek’s expansion is marked by the acquisition of its first full-suite India-based customer, HDFC ERGO General Insurance Company Limited. The partnership aims to empower HDFC ERGO with hyper-personalised insurance solutions, unlocking the full potential of the insurer’s wide range of insurance solutions.
The Indian insurance market, valued at $127bn in 2021 with $30bn in the non-life sector, offers a significant opportunity for companies like Duck Creek. Their entry into the market aligns with the aim of providing customers across India with secure, accessible, and responsive insurance services.
Duck Creek Technologies Chief Revenue Officer Rohit Bedi said, “Our commitment to HDFC ERGO aligns with their outstanding vision to make insurance easier, more affordable, and more dependable for all the people in India. We are extremely proud to be a partner to HDFC ERGO, India’s leading insurance brand, in their journey to transform general insurance services in the region.”
HDFC ERGO General Insurance President and Chief Technology Officer Sriram Naganathan commented, “Being a digital insurer of scale, our partnership with Duck Creek Technologies India LLP is a crucial step towards unlocking the full potential of HDFC ERGO’s wide insurance solutions and enabling us to offer efficient delivery and more convenience for our customers.”
Managing Director APAC of Duck Creek Technologies Shaji Sethu concluded, “Duck Creek is truly excited to enter the Indian insurance market with our global solutions. We want to empower insurance companies in India with hyper-personalized insurance solutions that help customers buy or service insurance from any device and anytime. Customers from all parts of India can feel secure knowing they are covered and can raise claims anytime.”
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
