Product lifecycle management tool dramatically reduces the time to develop, maintain, and modify any line of business
BOLIVAR MO�May 23, 2011 — Duck Creek Technologies, Inc., a provider of innovative software and services for the insurance industry, continues to expand its portfolio of product definition tools with the release of EXAMPLE Product Studio™ (Product Studio), the core of a product development suite designed to improve efficiencies by giving insurance professionals control of all aspects of the insurance product development and maintenance process, freeing technical resources to focus on technical tasks.
Product Studio enables insurance product managers to model, manage, modify, and monitor their products in a collaborative manner. Working in tandem with Duck Creek�s powerful product definition tool, EXAMPLE Author®, Product Studio will more radically reduce the time, cost, and effort it takes to respond to market opportunities and changes. With product management, definition and configuration fueling the Duck Creek EXAMPLE Server® operating system, carriers can now have a fully operational, self documenting, product centric policy administration solution.
While results will vary by customer and project, Duck Creek�s Services team has been piloting aspects of Product Studio over the past year, and examples from its use during customer implementations were extremely positive. Real world examples at early adopters have shown productivity improvements that range from 40% to 80% for new insurance product introductions and updates. Immediate return on investment can be measured in shorter implementations with fewer resources, with long term savings realized from reduced maintenance costs. Additionally, companies can generate additional revenue from the faster introduction of new products.
“Duck Creek continues to embrace the insurers� need to improve product innovation and time to market. With the deployment of Product Studio, the product configurator component, Duck Creek has brought the foundation of product development full circle,” stated Karen Furtado, Partner, SMA. “The combination of product configuration with an experienced, proven rating component, commercial ISO templates, sales automation, and policy administration system positions Duck Creek as a leading solution provider in any modern policy administration selection discussion.”
“This is a transformative moment in product development,” commented Steve Hall, Duck Creek�s President and CEO. “Giving the business user control of the product lifecycle will enable insurance companies � from start-ups to Tier 1 � to respond to market changes faster, better serving their customers while also controlling costs. Duck Creek continues to set the standard for rapid insurance product development.”
About Duck Creek Technologies
Duck Creek Technologies, Inc., is a provider of innovative software and services to the insurance industry, providing next-generation policy administration, product configuration and definition, billing, and rating for the Property & Casualty and Healthcare insurance markets. Duck Creek is dedicated to enabling customers to develop insurance products and to sell and service those products in their chosen markets with unprecedented speed to market, flexibility, reach, and quality. Founded in 2000, Duck Creek is headquartered in Bolivar, Missouri, and has multiple offices within the United States and its subsidiary, Duck Creek Technologies Europe Ltd, has an office in the United Kingdom. For more information, visit www.duckcreektech.com or call 866-382-5832.