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Facing challenges across its personal and commercial lines, Mutual Benefit selected Accenture Duck Creek Rating and Policy Administration to replace its legacy systems and improve performance.
A regional property and casualty (P&C) insurance firm with home offices in Huntingdon, Pennsylvania, Mutual Benefit Group has been providing P&C insurance coverage since 1908.
In 2005, Mutual Benefit was facing declining market share in its personal lines and needed to relook its pricing range for greater accuracy. On the commercial lines side, Mutual Benefit was using five different rating solutions to manage its business.
Mutual Benefit selected Accenture Duck Creek Rating and Policy Administration to address these business challenges. The exceptional flexibility and usability of Accenture Duck Creek has enabled the insurer to drive premium volume and policy count across both commercial and personal lines.
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In 2005, Mutual Benefit was faced with distinct business challenges across its personal and commercial lines. On the personal lines side, the first issue was declining market share. One reason for this was that independent agents had essentially abandoned clumsy comparative raters in favor of proprietary raters from larger national and regional carriers.
The second issue was the need to expand its pricing range for greater accuracy. It needed to reevaluate a risk appetite that was too restrictive and pricing that was not competitive in certain territories.
On the commercial lines side, Mutual Benefit was using five different rating solutions to manage its business. This caused delays in processing due to redundant entry, stymied growth and made the training of new employees time-consuming and difficult.
Mutual Benefit decided to replace inflexible legacy systems to streamline internal processes, reduce maintenance costs and create an agency portal that would enable faster and more accurate quoting and processing.
Mutual Benefit selected Accenture Duck Creek Rating and Policy Administration. Based on modern technology, Duck Creek enabled:
Rapid rollout of the software
Better performance for end-users
An enhanced user experience
Easy connection to comparative raters and agency management systems
Incorporation of underwriting rules and referrals to enable straight-through processing
Faster quoting and binding of policies
For its personal lines business, this meant a proprietary rating system that could be accessed via a portal and that would encourage agents to look to Mutual Benefit for their personal lines business needs.
Mutual Benefit used Accenture Duck Creek Rating to quickly deploy a custom predictive analytic rating algorithm. This would let it expand market share through improved pricing precision and an expanded underwriting appetite.
Mutual Benefit Group is also taking advantage of Accenture Claim Components, allowing it to move toward a best-of-suite approach that simplifies integration requirements and data warehousing effort, all at a lower cost of ownership. The insurer plans to evolve to take advantage of new technologies and capabilities including software-as-a-service.
Using Accenture Duck Creek’s Templates and Author, Mutual Benefit has combined an exceptional user interface with ISO-based rating and forms to transform its commercial auto, general liability, commercial property and commercial package products.
Significant improvements to Mutual Benefit’s operational efficiency in personal lines have reduced the time required to issue policies and endorsements from one week to a couple of hours for most auto and homeowners transactions. Commercial automobile endorsement processing was reduced from more than 30 days to one day.
Using Accenture Duck Creek rating and policy administration, Mutual Benefit has developed its Celent Model Carrier award-winning portal, called PROcision, which included the following elements that were not available in the legacy system:
Underwriting rules with automated underwriting referrals.
Integration with third party data.
A combination of traditional and new rating variables with many price points.
Mutual Benefit has experienced growth in both premium volume and policy count, which is attributed to both the usability of the new system and the new rating structure. It is also equipped to quickly introduce or modify its complex products and better serve its customers and distributors.
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