HDFC ERGO has become India’s first insurer to use Duck Creek’s cloud-native SaaS core solutions to design, underwrite and distribute health insurance products.
Already working with Duck Creek for its commercial fire coverage, HDFC ERGO co-developed the new health line for multiple channels, completing implementation in just eight months thanks to Duck Creek’s Product Factory architecture and open APIs, according to FF News.
Sriram Naganathan, president and chief technology officer at HDFC ERGO General Insurance, said, “India’s health insurance sector is poised to grow at a compound annual growth rate of approximately 20% to reach approximately $46.37 billion by 2030. As an important stakeholder towards building a ‘Healthy India’, we at HDFC ERGO General Insurance recognise the need to enhance our current health insurance plans and services, so as to make health insurance more accessible, affordable and convenient for consumption. We are happy to partner with Duck Creek to enhance our offerings in the health insurance business and thus stay committed to our vision of propelling financial inclusion across the country.”
“By implementing the Duck Creek platform, we have witnessed an increase in straight through processing (STP) capabilities which have made it easier for customers, even those with pre-existing ailments, to get policies seamlessly,” said Mr. Naganathan. “This was an impressive achievement as we could automate a lot of medical underwriting tasks using the advanced product setup and rule configuration capabilities of the Duck Creek platform.”
Christian Erickson, managing director APAC at Duck Creek Technologies, said, “The launch of the health line of business, with the support of HDFC ERGO General Insurance is a significant milestone for Duck Creek in India and the region. Duck Creek is committed to delivering the best standard of core delivery insurtech to India’s insurers, to support them to become smarter, faster and more efficient. This health insurance innovation demonstrates our investment in the region and openness to collaborate with our customers and partners.”
“We are excited as this further proves the power of Duck Creek’s solutions, allowing insurers to reimagine and build the future of insurance. It also opens opportunities for Duck Creek Technologies to engage with insurers offering health products, not only in India but in the broader Asian region, as we continue to expand our operations and support our existing multi-national clients.”
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