Technology today is disrupting the way we work and use data, and completely transforming the entire Property and Casualty (P&C) insurance industry. While some insurance carriers have leaned in on technology as early adopters, others are struggling through unforeseen challenges on their journey toward digital transformation. Regardless of where your company sits on the spectrum, we all recognize the important role it plays in delivering a customer experience that meets the expectations of today’s modern consumer.
The Biggest Challenges to Digital Transformation in P&C Insurance
In collaboration with Insurance Post, Duck Creek recently surveyed P&C professionals to try to get a better idea of the key issues impacting insurance providers’ efforts to implement a fully evergreen digital transformation. Some of the findings of that study were pretty eye opening. Nearly 60% of respondents believed a fully-fledged greenfield digital transformation would take three to five years. Limitations of existing technology teams was cited as one of the biggest blockers of digital transformation. Yet 73% of all respondents indicated that meeting customer expectations was the #1 driver for P&C companies to perform a digital transformation.
So we’re at a crossroads where P&C carriers know their customers are demanding a better experience, but talent limitations and jumping through administrative hoops are leading to unbearably long lead times to deliver it.
As a leading technology integration partner for P&C companies making the transition to the Duck Creek platform, Penguin Tech has seen these challenges first-hand. We’ve watched insurance carriers go through the rollercoaster of emotions from excitement at the jumping off point, to frustration when unplanned roadblocks present problems along the way. One of the main challenges that seems to affect these transformations is building technology integrations.
Bringing All Your Tech Tools into the Duck Creek Ecosystem
Today’s P&C professional has an entire arsenal of technology at their fingertips, from software that uses aerial imagery to help them capture, organize, and analyze property data to solutions that make it easier to order investigations and send referrals for record management. But accessing and utilizing all these disparate tools seamlessly creates headaches. When insurance carriers undertake a greenfield digital transformation to a P&C solution like Duck Creek, there’s an expectation that it will open up opportunities to bring all of their technological tools into a single ecosystem to deliver an exceptional customer experience.
And that’s a reasonable expectation, but…
The integrations needed to bring this technology into Duck Creek aren’t simple. Internal IT teams, often unfairly tasked with this responsibility, typically don’t have the expertise with the Duck Creek platform to easily integrate modern technology solutions into it. As a result, the team spends significant time trying to wade into uncharted waters to uncover insights that will help them accomplish these integrations. This predictably leads to frustration, missed deadlines, and budgets that balloon out of control as the timeline to complete the migration creep and creep.
Penguin Tech works as a partner with insurance carriers and their solutions integrators to remove the headache and frustration, and reduce the time it takes to achieve your digital transformation. Our team’s combined Duck Creek and insurance industry experience has enabled countless integrations between the technology solutions your team depends on to deliver an exceptional user and customer experience with the Duck Creek platform. Simply put, we specialize in making Duck Creek exactly what you need, with your entire suite of technology at your fingertips. And because Duck Creek integrations are Penguin Tech’s primary focus, we can typically accomplish it 5x to 10x faster than your current team.
Who Can Penguin Tech Help?
Penguin Tech is well-suited to serve your company at a variety of stages in your journey with Duck Creek:
- If you’re considering making the move to the Duck Creek platform, bringing us in at the ground level is a great way to ensure no stone is left unturned as you chart your path forward.
- If you’re currently in a transition to Duck Creek and experiencing issues with getting the tech tools to work well with it, we can drastically reduce the time and energy it will take you to get to the finish line.
- If your company is a long-time user of the Duck Creek platform and looking to bring all your technology solutions into a single, connected interface, we will work with you to understand your needs and make the necessary integrations happen.
We have a rich history of success making the impossible possible in the Duck Creek ecosystem. Reach out to our team today to start the conversation.
Latest insights also show an increase in the partnership alliances with smaller, more nimble and agile InsurTech firms, like Penguin.Tech, to help compress the timelines for operational change.