Today: January 18, 2019, 9:19 pm
  
Business

NSW, Australia’s State Insurance Regulatory Authority (SIRA) Revamps Online Consumer Quoting Portal to Support Affordable Compulsory Third-Party Rate Options

PR-Inside.com: 2018-09-13 10:02:02

Underpinned by Duck Creek’s OnDemand SaaS offering, solution returns multiple rates to online users in seconds

NSW, Australia’s State Insurance Regulatory Authority (SIRA) Revamps Online Consumer Quoting Portal to Support Affordable Compulsory Third-Party Rate Options

Racepoint Global
Paul Rechichi, 617-624-3295
prechichi@racepointglobal.com

Duck Creek Technologies today announced that NSW, Australia’s State Insurance Regulatory Authority (SIRA) has gone live with Duck Creek’s OnDemand Rating solution to promote competitive automobile insurance through a next-generation online consumer portal.

Responsible for regulating Compulsory Third Party (CTP) auto insurance, SIRA launched their new portal, Green Slip Check, to encourage competition and transparency in the market, giving policy buyers in New South Wales real-time access to quote comparisons from multiple insurers.

With Duck Creek’s Rating OnDemand Software-as-a-Service, hosted in the Microsoft Azure cloud, SIRA can now validate changes to pricing and coverage options provided to consumers by the state’s major insurers and reject those not within price-setting rules.

New South Wales Minister for Finance, Services, and Property the Honourable Victor Dominello, MP said the improvements to the Green Slip price comparison website had been warmly welcomed by customers.

“Over 95 percent of users have reported a positive experience after using the Green Slip Price Check website. The introduction of new technologies and innovations, such as the Duck Creek platform, are critical to the future success of our compulsory third-party insurance scheme,” Mr. Dominello said.

“The Green Slip Price Check website is helping to drive competition in the CTP market by making it easier for motorists to compare prices and switch insurers if they find a better deal," Mr. Dominello continued. “Duck Creek’s platform helps to ensure that the premiums quoted to NSW motorists are accurate and reliable.”

“In the local market, it is refreshing to see a government agency taking innovative steps to digitize the entire supply chain (from insurer to consumer) in order to drive benefits for the citizens of NSW,” said Shaji Sethu, Managing Director, Asia Pacific at Duck Creek Technologies.

Duck Creek also provides context-specific text and guidance for each user and calculates the exact amount that each insured would save due with a new policy. Of customers using the website, 97% gave it a “thumbs up” rating.

“SIRA’s next generation portal for coverage and price comparison is a great example of regulation working to provide cost transparency to citizens through the use of technology,” said Karlyn Carnahan, head of Celent’s Property Casualty practice for the Americas. “The use of modern technology permits the kind of scalability that is needed for a consumer driven initiative, and, launching the project in the cloud not only enables that scalability, but also helped drive the speed of implementation.”

Duck Creek’s back-end Rating solution was integrated with an independent front-end user interface that offers pricing comparisons at up to 10,000 quotes per hour. Also, Duck Creek’s easy-to-use configuration and automated testing tools have enabled SIRA to process insurers’ new pricing filings more rapidly.

“It’s fantastic to see SIRA using Duck Creek Rating OnDemand to power their new consumer portal,” said Michael Jackowski, CEO of Duck Creek Technologies. “We’re very excited to see it applied in such a creative and important way, and pleased to see how quickly this project went live thanks to the power of SaaS.”

About State Insurance Regulatory Authority
SIRA is a new government organisation responsible for the regulatory functions in relation to workers compensation insurance, motor accidents compulsory third party (CTP) insurance and home building compensation. http://www.sira.nsw.gov.au

About Duck Creek Technologies
Duck Creek Technologies paves a genuine path to the future for P&C insurance companies. Decades of insurance experience underpin advanced technologies specifically designed to accommodate change – allowing carriers to navigate uncertainty and capture market opportunities than their competitors. Duck Creek solutions are available standalone or as a full suite. All are available via Duck Creek OnDemand, the provider’s SaaS solution for the P&C insurance industry. For more information, visit www.duckcreek.com.

Press Information


Published by
Hossam Abdel-Kader
+43 1 9582319
e-mail
http://www.pr-inside.com/


# 892 Words
Related Articles
More From The Author
China's Yili Group Upgrades Its R&D Center [..]
Inner Mongolia Yili Industrial Group Company Limited (Yili Group), one of the Chinese dairy giants, upgraded its R&D center [..]
Nokia and France Télévisions show how 5G [..]
Successful pilot showcases the world's first 8K Ultra High Definition TV program streaming on 5G, paving the way to the [..]
Uwe Härtel to head Entersekt’s Central European [..]
Entersekt : Härtel has deep knowledge of the market for authentification systems and extensive sales experience in the digital [..]
Solidium Oy’s financial statements and half-year report [..]
Financial year 1 July 2017–30 June 2018 The return on equity holdings was 8.8 per cent in the financial yearSolidium’s [..]
eQ RAISED 310 MILLION EUROS FOR TWO [..]
PRESS RELEASE13 September 2018, at 09:00 a.m.   eQ Asset Management raised a record 175 million euros for its latest Northern [..]
 
More From Business
3,300+ Finance, Business Leaders Join Asian Financial [..]
HONG KONG, Jan 16, 2019 - (ACN Newswire) - More than 3,300 financial policymakers, financial elites and business leaders attended [..]
The Executive Talk: Chememan PCL (SET:CMAN)
BANGKOK, Jan 15, 2019 - (ACN Newswire) - Chememan PCL (SET:CMAN) Chief Executive Officer, Mr. Adisak Lowjun discusses the company's [..]
Sapphire's Subsidiary Awarded EPC Contract of RMB [..]
SINGAPORE, Jan 15, 2019 - (ACN Newswire) - SGX Mainboard-listed Sapphire Corporation Limited ("Sapphire", and together [..]
Hong Kong Investment Promotion chief visits London [..]
HONG KONG, Jan 14, 2019 - (ACN Newswire) - The Director-General of Investment Promotion of the Hong Kong Special Administrative [..]
Wildfire Design & Build Receives 2018 Best [..]
NAPA December 13, 2018 -- Wildfire Design & Build has been selected for the 2018 Best of Napa Award in [..]

Disclaimer: If you have any questions regarding information in this press release please contact the company added in the press release. Please do not contact pr-inside. We will not be able to assist you. PR-inside disclaims the content included in this release.