Duck Creek Technologies has unveiled an ambitious collaboration with tech giant Microsoft that is aiming to revolutionise insurers’ approaches by harnessing the potential of generative artificial intelligence (AI).
The primary goal is to streamline implementation processes and expedite speed to market for innovative applications within the insurance landscape.
Duck Creek Technologies is renowned for its comprehensive platform built on Microsoft Azure, leveraging the cutting-edge capabilities of Azure OpenAI Service.
The firm is set to leverage this emerging technology to craft innovative solutions for insurers, facilitating their adoption of future-focused technology. This includes Copilot solutions fuelled by near-real-time data, empowering insurers to promptly and accurately react to evolving market dynamics. These tools facilitate informed decision-making, allowing swift responses to changing conditions within the insurance landscape.
Moreover, the platform offers enhanced productivity tools aimed at amplifying efficiency across the insurance ecosystem. These tools are specifically designed to benefit various stakeholders, including consumers, agents, underwriters, and claim adjusters. By streamlining processes and improving productivity, they contribute to a smoother operational flow within the industry.
Mike Jackowski, Chief Executive Officer, Duck Creek Technologies, said, “Generative AI is a truly transformative technology, and our valued customers will benefit immensely from its powerful capabilities as we continue to drive the modernisation of the insurance industry. Our objective is to empower insurers to innovate products faster and assist employees with AI tools.
“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,” he continued.
Jess Keeney, Chief Product & Technology Officer, Duck Creek Technologies, said, “Duck Creek will continue advancing how it brings responsible AI to the insurance industry and enables a rapid business transformation toward humanised experiences. 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,” he continued.
Bill Borden, CVP for Worldwide Financial Services at Microsoft, said, “Innovative insurers want to move quickly to use the power of generative AI to drive demonstrable business value. 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.”
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