Duck Creek Technologies, a provider of intelligent solutions “defining the future of property and casualty (P&C) insurance”, has agreed to acquire France-based Prima Solutions’ flagship commercial reinsurance technology solution, Prima XL.
Prima XL is a cloud-based reinsurance software that collects, centralises, and analyses all data for insurers, reinsurers, and brokers.
As part of the transaction, Duck Creek will also purchase Prima Compliance for Solvency II, a compliance solution which Duck Creek intends to continue offering in the French marketplace.
Duck Creek said Prima XL will enhance its value to current and future customers by simplifying reinsurance management, as well as boost its footprint across EMEA and APAC regions.
With the proposed acquisition of these two cloud-based, software-as-a-service (SaaS) solutions, Duck Creek said it intends to expand its global operations and local presence in the European (EMEA) and Asia-Pacific-Australia (APAC) regions, whilst retaining core talent and operations in Paris, France to complement its operations in the UK and Spain.
Once the transaction is completed, Prima Solutions’ personnel will join Duck Creek to support Prima XL and Prima Compliance sales, customer success, and operations.
Mike Jackowski, Duck Creek’s chief executive officer, said, “The insurance industry is undergoing a generational modernization of its technology infrastructure while organizations seek innovative ways to better manage the entire end-to-end insurance cycle in the cloud. Core systems for policy, rating, billing and claims are advancing at a rapid pace, and Duck Creek is a well-positioned leader here.
“In addition to our global core systems vision, by adding Prima XL to our product family, we are focused on accelerating insurance carriers’ technology goals by delivering evergreen, intelligent, cloud-based SaaS solutions that streamline and automate reinsurance operations.”
Duck Creek recently partnered with InsurTech Tractable. The company, which provides AI to accelerate accident and disaster recovery in the auto insurance sector, integrated its solutions into Duck Creek’s platform.
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