NSW, Australia’s State Insurance Regulatory Authority (SIRA) Revamps Online Consumer Quoting Portal to Support Affordable Compulsory Third-Party Rate Options
BOSTON--(BUSINESS WIRE)--Sep 13, 2018--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.
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PUB: 09/13/2018 04:00 AM/DISC: 09/13/2018 04:01 AM