Cognizant leveraged Duck Creek
Technologies' cutting-edge policy administration system to
modernize FCCI's operations and expand the insurance group's
footprint into the Excess & Surplus market
TEANECK,
N.J., Oct. 23, 2024 /PRNewswire/ --
Cognizant (Nasdaq: CTSH) announced today that, under strategic
partnership as system integrator with FCCI Insurance
Group (FCCI), they have supported the creation of FCCI's new
Excess & Surplus (E&S) lines of business, which launched
Oct. 1, 2024. This strategic
collaboration leveraged Cognizant's expertise in the insurance
sector and Duck Creek Policy with Active Delivery with the goal to
modernize FCCI's operations and drive expansion into the E&S
market. FCCI's transition to Duck Creek's platform will allow for
active delivery and help the company drive operational
efficiencies, automate manual processes, and enhance the speed to
market for new products—designed to reduce expense ratios, improve
core operational performance, and enhance scalability to handle
higher volumes seamlessly.
Under this collaboration, FCCI and Cognizant have implemented a
state-of-the-art policy administration system that enhances FCCI's
existing admitted commercial property and casualty offerings with
E&S capability. The E&S segment offers General Liability,
Excess Liability, Inland Marine, Crime, and Property and Package.
The first two lines went live in October, and the remaining lines
will go live in early 2025.
"These new E&S lines of business are a significant milestone
in FCCI's modernization journey, signaling a major expansion of our
footprint in the industry. Furthermore, it marks a pivotal
evolution in our business strategy," said Dave Patel, Executive Vice President – Chief
Information Officer (CIO) of FCCI. "By entering the E&S market,
we're positioning FCCI to be the commercial carrier of choice with
'one-stop' shopping for our agency partners. Cognizant's deep
industry knowledge and track record in managing complex insurance
programs made them the ideal partner to lead this critical
transformation."
In 2023, once FCCI formally moved to enter the E&S market,
Cognizant conducted a thorough review and ultimately advised on the
technology solution selection. At the start of 2024, work to
implement Duck Creek's platform began, and the expertise of
Cognizant's delivery team in insurance proved crucial to the
implementation's speed and pace. As a premier Duck Creek delivery
partner, Cognizant focused on the goals of optimizing FCCI's cost
structures, delivering customer experience and digital capabilities
while reducing the risks and costs associated with program
implementations.
"We proudly support FCCI's journey to update and expand its
operations. The successful implementation of our Policy with Active
Delivery platform marks an important milestone for FCCI entering
the Excess & Surplus market. This collaboration underscores our
commitment to providing innovative solutions that enable our
clients to adapt quickly and deliver exceptional service to their
agents and policyholders," said Chris
McCloskey, Chief Operating Officer of Duck Creek
Technologies.
"We are excited to collaborate with FCCI to expand their
business into the E&S market and beyond," said Ajay Pandita, Senior Vice President and
Financial Services, Fintech & Insurance Business Unit Leader of
Cognizant. "This partnership builds on our ongoing efforts to
modernize FCCI's applications and migrate policies to the Duck
Creek platform. Our combined expertise and cutting-edge digital
solutions are expected to enable FCCI to deliver superior customer
experiences and achieve sustained growth."
About Cognizant
Cognizant (Nasdaq: CTSH) engineers modern businesses. We help our
clients modernize technology, reimagine processes, and transform
experiences so they can stay ahead in our fast-changing world.
Together, we're improving everyday life. See how at
www.cognizant.com or @cognizant.
About FCCI
Founded 1959 in Sarasota, Florida,
FCCI Insurance Group provides commercial property and casualty
insurance, risk control services, and surety bonds. FCCI writes
business exclusively through 551 contracted agencies and 3,839
independent agents in 20 states, plus Washington, D.C. Coverages include auto,
crime, cyber liability, equipment, property, general liability,
inland marine, umbrella, and workers' compensation. Contract and
commercial surety bonds are written in 45 states. FCCI insures
policyholders across many industries, including agribusiness,
construction, manufacturing, medical and professional, restaurants
and hospitality, retail, service and repair, and wholesalers and
distributors. FCCI has $3 billion in
assets and $1.1 billion in direct
written premiums. It is rated A (Excellent) by A.M. Best Company.
FCCI has regional and branch offices in Florida, Georgia, Indiana, Mississippi, Texas, and Virginia. To learn more, visit
www.fcci-group.com.
About Duck Creek Technologies
Duck Creek Technologies
is the intelligent solutions provider defining the future of the
property and casualty (P&C) and general insurance industry. We
are the platform upon which modern insurance systems are built,
enabling the industry to capitalize on the power of the cloud to
run agile, intelligent, and evergreen operations. Authenticity,
purpose, and transparency are core to Duck Creek, and insurance
should be there for individuals and businesses when, where, and how
they need it most. Our market-leading solutions are available on a
standalone basis or as a full suite, and all are available
via Duck Creek OnDemand.
Visit www.duckcreek.com to learn more. Follow Duck Creek on
our social channels for the latest information – LinkedIn
and X.
Contact:
Katrina Cheung
katrina.cheung@cognizant.com
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SOURCE Cognizant Technology Solutions Corporation