Duck Creek Technologies, an intelligent solutions provider reshaping the future of property and casualty (P&C) insurance, has acquired Risk Control Technologies (RCT) in a bid to revolutionise how insurance carriers manage risk and prevent loss.
The move aims to ultimately enhancing operational efficiencies within the entire insurance industry.
The RCT RiskHub platform will be integrated with Duck Creek’s SaaS suite of insurance technology products.
This integration will equip insurance carriers with sophisticated predictive capabilities, enabling them to better manage underwriting risks and ensure an efficient, cohesive policy and claims management experience.
While the exact financial value of the deal has not been disclosed, this investment is expected to significantly bolster Duck Creek’s ability to provide comprehensive risk management solutions to its clients.
Duck Creek Technologies is known for its cutting-edge software-as-a-service (SaaS) solutions tailored for the insurance sector, while Risk Control Technologies focuses on identifying and mitigating risks within the insurance domain.
By joining forces, both companies aim to enhance their service offerings, allowing insurance carriers to improve underwriting accuracy and optimise claims processes.
Mike Jackowski, Chief Executive Officer of Duck Creek Technologies, emphasised the importance of advanced tools in managing emerging risks, stating, “As the world faces increasing risks—whether from climate change, cyber threats, or other emerging challenges—having advanced tools to manage these exposures is crucial. Risk Control is a leader in not only identifying potential loss, but preventing it through preemptive risk mitigation.”
David Da Costa, Chief Executive Officer of Risk Control Technologies, expressed enthusiasm about the partnership, noting, “Being part of Duck Creek Technologies will strengthen our goal to help carriers optimise and increase risk-data coverage across their entire business.” He added, “We are excited to be part of Duck Creek and to work jointly to deliver modern technology innovations that transform the insurance industry and help insurers strengthen their customer engagements and drive impactful operational efficiencies.”
Murali Natarajan, Senior Vice President and Chief Information Officer of West Bend Mutual Insurance, also praised the acquisition, stating, “I’m confident that the combined strengths of Duck Creek and Risk Control, two of our most trusted partners, will bring enhanced capabilities and innovative solutions to the market to bolster risk management and loss control.” He concluded by expressing anticipation for the positive impact this integration will have on the underwriting process, ultimately benefiting their business and customers.
Raymond James & Associates served as the financial advisor to Risk Control Technologies for this transaction.
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