Duck Creek Technologies has announced a strategic collaboration with technology giant Microsoft. This is done to revolutionize insurers' approaches. They will do it by using the power of generative artificial intelligence (AI). The objective is to streamline implementation processes and accelerate the speed. This is needed to market for innovative applications within insurance.
Duck Creek Technologies' Comprehensive Platform
Duck Creek Technologies is known for its extensive platform built on Microsoft Azure. This is taking advantage of Azure Open AI Service's cutting-edge capabilities. The company plans to use this emerging technology to create innovative solutions for insurers. This can ease their adoption of future-focused technology. This includes Copilot solutions powered by near-real-time data. It can enable insurers to promptly and accurately adapt to changing market dynamics. These tools facilitate informed decision-making. And it can allow swift responses to shifting conditions within the insurance landscape.
Enhanced Productivity Tools
The platform also offers improved productivity tools designed to boost efficiency in the insurance ecosystem. These tools are specifically created to benefit various stakeholders. These include consumers, agents, underwriters, and claims adjusters. By streamlining processes and enhancing productivity, they contribute to a smooth operational flow within the industry.
Leveraging Generative AI for Modernization
Mike Jackowski, CEO of Duck Creek Technologies, explained that generative AI is a truly transformative technology. He said that their valued customers would benefit immensely from its powerful capabilities. That’s because the company continues to drive the modernization of the insurance industry. The aim is to empower insurers to innovate products faster and support employees with AI tools. Jackowski also highlighted the longstanding partnership between the two companies. Both Microsoft and Duck Creek are working together to develop cutting-edge technology solutions. This will be needed for the P&C and general insurance sectors. They are committed to leading the insurance industry's embrace of generative AI. Other than that, they are also involved in tackling innovation challenges all while maintaining high standards of regulatory compliance and ethical responsibility. If you are curious to know more about AI for Modernization, check here.
Responsible AI Integration and Enhanced Customer Journey
Jess Keeney, Chief Product & Technology Officer at Duck Creek Technologies, stated that Duck Creek will continue advancing how it brings responsible AI to the insurance sector. It will also discuss how it enables rapid business transformation toward humanized experiences. The company is consistently evaluating how its solutions can get into operational landscapes. They are dedicated to delivering meaningful outcomes and addressing business challenges.
Keeney also mentioned that both Duck Creek and Microsoft share a common dedication. This is for enhancing the customer journey across the insurance lifecycle. This partnership marks a significant evolution in underwriters' ability to leverage consumer data and conduct risk analysis. This will also improve claims handling efficiency, fraud detection, and the industry's capacity to meet customer needs.
Driving Business Value through Generative AI
Bill Borden, CVP for Worldwide Financial Services at Microsoft, expressed excitement about deepening the collaboration with Duck Creek, especially in the context of Health Insurance. He believes that by leveraging advanced generative AI-powered capabilities, innovative insurers, including Health Insurance companies, can move quickly to harness the transformative potential of this technology to drive demonstrable business value. This collaboration aims to help joint insurance customers, including Health Insurance companies, achieve marked improvements in employee productivity. Furthermore, it can play a pivotal role in reinventing customer engagement for Health Insurance policies and bending the curve on innovation—both securely and responsibly.
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