This week, Duck Creek Formation 2023 brought insurance and technology leaders together at the Signia by Hilton Orlando Bonnet Creek in Orlando, Florida for one of the year’s most anticipated user conferences.
ValueMomentum was a silver sponsor of the event and took the opportunity to connect with clients and partners at our booth, discuss how insurers can drive business growth with core systems, and share our solution – Core AMS++ -, designed to help insurers optimize the run and maximize the growth of their Duck Creek core.
ValueMomentum Underwriting Chatbot Selected as Finalist in Duck Creek Formation 2023 Hatch-a-thon
This year, Duck Creek partners and customers were challenged to keep insurance human, find untapped synergy between insurance operations, and integrate technologies that enhance customer experience. Sessions at the conference focus on understanding and improving the customer experience and leveraging SaaS for expansion, offering real world examples of how Duck Creek, its customers and partners are rising to meet the challenge.
This same challenge is applied to the second annual Hatch-a-thon contest where teams submit innovative solutions built on the Duck Creek platform. The Hatch-a-thon sparked interest from 24 teams whose projects were judged by the Duck Creek Advisory Board and attendees of Formation ‘23.
Improving operations and increasing business value were the goals behind ValueMomentum’s innovative chat bot submission – a finalist in the “Duck Creek Hatch-a-thon.” The Cognitive Underwriter Virtual Assistant (CUVA) chatbot, designed by the ValueMomentum team, quickly gathers data from Duck Creek or other information sources to expedite underwriting analysis—greatly reducing errors from manual work, slashing NB quote-processing time, and saving 20-30% of underwriter’s time spent on non-core activities.
Underwriters as well as IT leaders who saw the demo at the conference have requested further roadmap enhancements to add to the value that CUVA already demonstrates. Make sure to check out the video!
“With an increased adoption of AI/ML and NLP technologies, we saw a greater potential for an efficient collaboration tool for underwriters. Timely availability of accurate data will help drive faster and accurate underwriting analysis, thereby saving billions of dollars for insurers as well as help underwriters spend more time on core activities,” said Ruchi Gurhani, ValueMomentum’s Duck Creek Practice lead and one of the team members who developed CUVA. Other team members that contributed to the development of CUVA include Rajasekaran Rajendran, Shirisha Kudurmalla, and Deepti Reddy Kontala.
Similar to ValueMomentum’s submission, Hatch-a-thon ideas focus on accelerating speed-to-market activities; maximizing operational efficiency across insurance functions; and optimizing the user experience. Other Hatch-a-thon finalists included Xceedance and Coforge.
ValueMomentum’s Ashok Murugesan, Nachiket Pandya, Ruchi Gurhani, Kobe Joiner and Wayne Rodrigues
Creating Lasting Value with Core Transformation
Through the Hatch-a-thon contest as well as through conversations with business and technology leaders at Duck Creek Formation 2023, it is clear that the development of new and innovative ideas that advance on-demand, cloud and software-as-a-service technology solutions to rapidly improve insurance carriers’ core technology systems, as well as unique concepts that address insurance carrier operational pain points is necessary for insurers to build meaningful interactions with their customers.
As a P&C focused IT services and solutions provider, ValueMomentum is focused on helping insurers leverage the rich functionality of Duck Creek to transform, grow, and create lasting value for their business.
See how ValueMomentum helped a large specialty insurer accelerate speed to market of their Duck Creek cloud platform in this test automation case study.