FCCI Collaborated with Cognizant to Create New Extra & Surplus Insurance coverage Strains of Business By Investing.com

Cognizant (NASDAQ:) leveraged Duck Creek Applied sciences’ cutting-edge coverage administration system to modernize FCCI’s operations and increase the insurance coverage group’s footprint into the Extra & Surplus market

TEANECK, N.J., Oct. 23, 2024 /PRNewswire/ — Cognizant (Nasdaq: CTSH) introduced right now that, beneath strategic partnership as system integrator with FCCI Insurance coverage Group (FCCI), they’ve supported the creation of FCCI’s new Extra & Surplus (E&S) traces of enterprise, which launched Oct. 1, 2024. This strategic collaboration leveraged Cognizant’s experience within the insurance coverage sector and Duck Creek Coverage with Energetic Supply with the objective to modernize FCCI’s operations and drive enlargement into the E&S market. FCCI’s transition to Duck Creek’s platform will enable for energetic supply and assist the corporate drive operational efficiencies, automate guide processes, and improve the velocity to marketplace for new merchandise”designed to scale back expense ratios, enhance core operational efficiency, and improve scalability to deal with larger volumes seamlessly.

Underneath this collaboration, FCCI and Cognizant have carried out a state-of-the-art coverage administration system that enhances FCCI’s present admitted business property and casualty choices with E&S functionality. The E&S section gives Normal Legal responsibility, Extra Legal responsibility, Inland Marine, Crime, and Property and Bundle. The primary two traces went dwell in October, and the remaining traces will go dwell in early 2025.

“These new E&S lines of business are a significant milestone in FCCI’s modernization journey, signaling a major expansion of our footprint in the industry. Furthermore, it marks a pivotal evolution in our business strategy,” mentioned Dave Patel, Government Vice President “ Chief Info Officer (CIO) of FCCI. “By entering the E&S market, we’re positioning FCCI to be the commercial carrier of choice with ‘one-stop’ shopping for our agency partners. Cognizant’s deep industry knowledge and track record in managing complex insurance programs made them the ideal partner to lead this critical transformation.”

In 2023, as soon as FCCI formally moved to enter the E&S market, Cognizant performed a radical overview and in the end suggested on the know-how answer choice. In the beginning of 2024, work to implement Duck Creek’s platform started, and the experience of Cognizant’s supply workforce in insurance coverage proved essential to the implementation’s velocity and tempo. As a premier Duck Creek supply associate, Cognizant targeted on the objectives of optimizing FCCI’s value buildings, delivering buyer expertise and digital capabilities whereas decreasing the dangers and prices related to program implementations.

“We proudly support FCCI’s journey to update and expand its operations. The successful implementation of our Policy with Active Delivery platform marks an important milestone for FCCI entering the Excess & Surplus market. This collaboration underscores our commitment to providing innovative solutions that enable our clients to adapt quickly and deliver exceptional service to their agents and policyholders,” mentioned Chris McCloskey, Chief Working Officer of Duck Creek Applied sciences.

“We are excited to collaborate with FCCI to expand their business into the E&S market and beyond,” mentioned Ajay Pandita, Senior Vice President and Monetary Companies, Fintech & Insurance coverage Business Unit Chief of Cognizant. “This partnership builds on our ongoing efforts to modernize FCCI’s applications and migrate policies to the Duck Creek platform. Our combined expertise and cutting-edge digital solutions are expected to enable FCCI to deliver superior customer experiences and achieve sustained growth.”

About Cognizant
Cognizant (Nasdaq: CTSH) engineers trendy companies. We assist our shoppers modernize know-how, reimagine processes, and rework experiences to allow them to keep forward in our fast-changing world. Collectively, we’re enhancing on a regular basis life. See how at www.cognizant.com or @cognizant.

About FCCI
Based 1959 in Sarasota, Florida, FCCI Insurance coverage Group gives business property and casualty insurance coverage, threat management companies, and surety bonds. FCCI writes enterprise solely by 551 contracted businesses and three,839 unbiased brokers in 20 states, plus Washington, D.C. Coverages embody auto, crime, cyber legal responsibility, gear, property, basic legal responsibility, inland marine, umbrella, and employees’ compensation. Contract and business surety bonds are written in 45 states. FCCI insures policyholders throughout many industries, together with agribusiness, building, manufacturing, medical {and professional}, eating places and hospitality, retail, service and restore, and wholesalers and distributors. FCCI has $3 billion in property and $1.1 billion in direct written premiums. It’s rated A (Wonderful) by A.M. Finest Firm. FCCI has regional and department places of work in Florida, Georgia, Indiana, Mississippi, Texas, and Virginia. To be taught extra, go to www.fcci-group.com.

About Duck Creek Applied sciences
Duck Creek Applied sciences is the clever options supplier defining the way forward for the property and casualty (P&C) and basic insurance coverage business. We’re the platform upon which trendy insurance coverage methods are constructed, enabling the business to capitalize on the facility of the cloud to run agile, clever, and evergreen operations. Authenticity, goal, and transparency are core to Duck Creek, and insurance coverage ought to be there for people and companies when, the place, and the way they want it most. Our market-leading options can be found on a standalone foundation or as a full suite, and all can be found through Duck Creek OnDemand.

Go to www.duckcreek.com to be taught extra. Comply with Duck Creek on our social channels for the newest info “ LinkedIn and X.

Contact:Katrina Cheung[email protected]