Duck Creek Technologies India LLP, a subsidiary of Duck Creek Technologies, has announced its expansion into the Indian general insurance market.
Duck Creek Technologies India LLP will offer India-based insurers modern cloud-based software-as-a-service (SaaS), delivered as a full suite of capabilities or as stand-alone solutions.
The expansion reinforces the company’s market commitment by establishing its data centre in India, supported by nearly 1,000 local employees.
The Indian insurance market was valued at $127 billion in 2021, with $30 billion, represented in the non-life sector and its projected growth is $200 billion by 2027.
Duck Creek has acquired its first core systems full-suite India-based insurance customer, HDFC ERGO General Insurance Company Limited.
Rohit Bedi, Chief Revenue Officer, at Duck Creek Technologies, added, “Our commitment to HDFC ERGO aligns with their outstanding vision to make insurance easier, more affordable, and more dependable for all the people in India. We are extremely proud to be a partner to HDFC ERGO, India’s leading insurance brand, in their journey to transform general insurance services in the region.
“This is a significant milestone in Duck Creek’s continued growth as a leading SaaS choice for insurers worldwide. Duck Creek’s partnership with HDFC ERGO is another proof point that our global technology solutions are geared towards enabling a more modern and efficient insurance enterprise.”
In partnership with HDFC ERGO, Duck Creek will deploy its intuitive, user-friendly, and powerful solutions to empower HDFC ERGO to take new products to market faster and significantly improve their customers’ experience throughout the policy lifecycle and across the insurer’s entire portfolio, allowing the company to gain a competitive edge.
Sriram Naganathan, President and Chief Technology Officer, of HDFC ERGO General Insurance, commented on the partnership, “As a leading insurer of the country, at HDFC ERGO, it has been our priority in adopting innovative technologies to address the evolving demands of our customers and offer them an enhanced customer experience.
“Being a digital insurer of scale, our partnership with Duck Creek Technologies India LLP is a crucial step towards unlocking the full potential of HDFC ERGO’s wide insurance solutions and enabling us to offer efficient delivery and more convenience for our customers. Duck Creek’s SaaS solution will empower our advanced AI/ML models, providing essential digital capabilities to meet the critical needs of our customers and partners.”
Shaji Sethu, Managing Director APAC, of Duck Creek Technologies, concluded, “Duck Creek is truly excited to enter the Indian insurance market with our global solutions. We want to empower insurance companies in India with hyper-personalized insurance solutions that help customers buy or service insurance from any device and anytime. Customers from all parts of India can feel secure knowing they are covered and can raise claims anytime.”