Incorporating Azure OpenAI Service and using Duck Creek's low-code platform empowers insurers to modernize responsibly
BOSTON, Nov. 16, 2023 (GLOBE NEWSWIRE) -- Duck Creek Technologies, the intelligent solutions provider defining the future of property and casualty (P&C) and general insurance, announces a breakthrough initiative in collaboration with Microsoft. This collaboration is poised 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)-a transformative technology that enables the creation of innovative applications and low-code solutions.
Duck Creek's comprehensive platform is built on Microsoft Azure, the preferred technology for harnessing the power of Azure OpenAIService, as large language models (LLMs) continue to redefine and shape the technology landscape. This represents a significant leap forward in the insurance sector, fostering innovation and efficiency that promises to influence how insurers conduct their business and engage with customers. By merging Duck Creek's expertise in insurance solutions with the cutting-edge capabilities of Microsoft, this collaboration aims to create a brighter and more agile future for the entire insurance industry.
"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, helping them embrace the future of technology with:
- Copilot solutions powered by near-real-time data, which empowers insurers to make informed decisions and respond to changing market conditions swiftly and effectively.
- Enhanced productivity tools that improve efficiency and productivity throughout the insurance ecosystem, designed to benefit consumers, agents, underwriters, and claim adjusters.
- The next era of low-code configurator tools that simplify the development and adoption of insurance products, enabling insurers to expedite their time-to-market for both new and ongoing configurations.
"Duck Creek will continue advancing how it brings responsible AI to the insurance industry and enables a rapid business transformation toward humanized experiences," said 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," said 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."
About Duck Creek Technologies
Duck Creek Technologies is the intelligent solutions provider defining the future of the property and casualty, and all are available via Duck Creek OnDemand. Visit www.duckcreek.comto learn more. Follow Duck Creek on our social channels for the latest information - LinkedInand Twitter.
Media Contacts:
Carley Bunch
carley.bunch@duckcreek.com
