Headquartered in Spokane, Washington, Cochrane & Company offers a full array of specialty insurance products for its agency producers.
Cochrane wanted to move their business to the Web and provide their agents with the ability to interact, quote and manage policies online. Cochrane engaged Accenture Duck Creek for a proof-of-concept. Accenture Duck Creek developed and installed the product at the Cochrane site, making it functional at Cochrane for 60 days, allowing the company time to evaluate and learn the system.
Cochrane is now in production with Accenture Duck Creek’s solution, offering Web-submissions to its agents for 12 products.
Not only did Cochrane save on manual labor with its new Web capabilities, but they are able to bind a much higher percentage because they can provide an initial quote in about two minutes.
Cochrane decided to look at new technologies to take their business to the Web and gain a greater competitive advantage. The company wanted to offer agents the ability to submit applications and quote online.
Unlike many general agents or surplus lines brokers, Cochrane had an established internal IT department. With in-house expertise and resources, Cochrane was in a much better position than most companies to look at options beyond packaged vendor solutions.
Cochrane knew it did not want to build the Web submission solution from the beginning and settled on a technology strategy that would focus on ‘toolsets’.
Cochrane was particularly interested in Accenture Duck Creek, since the vendor targeted the carrier market more than the general agents market. Since Cochrane functions much like a carrier and has an internal IT staff, the company believed Accenture Duck Creek was much closer to its requirements in both functionality and technology than most of the vendors that Cochrane’s peers were working with.
When Cochrane saw a demonstration of Accenture Duck Creek’s EXAMPLE Platform, what really appealed to the company was the tool for defining products. All the logic was already in the base system, which would enable Cochrane to develop its products (or, rather, those of the carriers they represent) in-house, using Accenture Duck Creek’s EXAMPLE Author, the product definition component of the EXAMPLE Platform. Cochrane also liked the inheritance model of the Accenture Duck Creek solution.
Before making a final decision, Cochrane engaged Accenture Duck Creek for a proof-of-concept.
Accenture Duck Creek developed and installed the product on site and, after a demo and a detailed discussion of integration needs, the proof-of-concept remained functional at Cochrane for 60 days, allowing the company time to evaluate and learn the system.
The implementation effort included integration with ImageRight as well as some limited integration with Cochrane’s AIM policy administration solution.
On the business side, the company is now in production with Accenture Duck Creek’s solution, offering Web-submissions (called “SuperQuotes”) to its agents for 12 products.
Cochrane processed a record 700 quotes in a single month with the Accenture Duck Creek system.
Not only did the company save on manual labor with its new Web capabilities (which they estimate at approximately one full-time employee), but they are able to bind a much higher percentage because they can provide an initial quote in about two minutes.
In this market, retail agents had become very frustrated by the time required to get quotes, receiving quotes that were often too high or, worse yet, putting in all the upfront effort without ever being provided a quote.
The Accenture Duck Creek solution has enabled Cochrane to provide agents with a simple and easy way to do business via the Web.
The Accenture Duck Creek system has also given Cochrane a competitive advantage resulting from technology self-sufficiency and the shorter time required for developing new products.
In the future, Cochrane plans to expand the integration of the Accenture Duck Creek system to streamline the process even further.