Mutual Benefit Group Takes a Bold, Major Step in Digital Transformation, Migrating Remaining On-Premises Core Systems to SaaS for Increased Speed to Market and Operational Agility

Duck Creek Technologies (NASDAQ: DCT) and Larsen & Toubro Infotech (BSE: 540005, NSE: LTI) announced today that Mutual Benefit Group (MBG), a property and casualty insurer in Pennsylvania and Maryland and longtime customer of Duck Creek, has chosen to migrate its existing on-premises instance of the Duck Creek Suite to Duck Creek OnDemand, the provider's SaaS solution for the P&C insurance industry. Having previously migrated Duck Creek Claims to Duck Creek OnDemand, MBG CIO Adam Solomon saw the benefits immediately and made the decision to carry out the same process for all of its core insurance technologies. The carrier is partnering with LTI for this business transformation initiative, and all three organizations intend to work closely together throughout the process.

As part of a broader cloud strategy for its business, the carrier's decision to migrate all of its core systems to SaaS was driven by a desire for a modern operating model that will allow them to shift more resources to direct support of their agents and customers. A regional carrier in a market saturated by the largest players in the industry, MBG saw this move to SaaS as an opportunity to use technology to help level the playing field and deliver exceptional customer experiences.

"Moving the rest of our systems to a cloud-native, continuously updated, highly-secure system is a transformative step in our journey to a model that will ensure we remain meaningful and competitive in our marketplace," said Adam Solomon, CIO of Mutual Benefit Group. "Our team, along with LTI and Duck Creek, adopted a test and learn approach, and we intend to regularly update the system and take advantage of new features as they become available. Not only will this approach modernize our customer and agent relationships and transaction capability, it adopts a new target operating model that fundamentally changes our business. Significant innovation is required to achieve this goal; through the process, MBG is establishing and adopting a new standard for insurance operations that will give us longterm viability in an ever-changing digital world."

OnDemand is Duck Creek's cloud-based, SaaS delivery solution for all Duck Creek applications, providing all services, support, and computing resources carriers need. By leveraging the best available technology and continuously delivering new functionality to solve ever-changing P&C insurance business challenges, OnDemand enables a fundamentally new approach to competing in today's industry - one where technology supports strategy rather than dictating it.

"This transformation will enable Mutual Benefit Group to be among the most agile and responsive partners to its employees, agents, and policyholders," said Sanjay Jalona, CEO & Managing Director, LTI. "We are proud of this groundbreaking partnership with MBG and Duck Creek that will optimize operational costs and result in profitable growth, both now and in the future."

LTI is a Premier SI partner of Duck Creek, offering proven solutions to power underwriting profitability, claims efficiency, loss prevention, new channel distribution, and modern user experiences.

"We are honored that Mutual Benefit Group has seen the value of Duck Creek OnDemand so quickly and made such a transformative decision to move the remainder of their full Duck Creek Suite to our evergreen SaaS solution," said Michael Jackowski, CEO of Duck Creek Technologies. "Duck Creek OnDemand keeps MBG current on the latest technologies and offers a significant paradigm shift, one we believe will have a tremendous impact." "Plus, partnering with LTI on this project was a great choice," Jackowski continued. "They enjoy an excellent reputation in our industry, and represent exactly the type of domain knowledge, commitment to customer success, and industry focus that we value in a successful implementation partner."

Shares of Larsen & Toubro Infotech Ltd was last trading in BSE at Rs.3948.85 as compared to the previous close of Rs. 4031.4. The total number of shares traded during the day was 2874 in over 868 trades.

The stock hit an intraday high of Rs. 4057.05 and intraday low of 3923.9. The net turnover during the day was Rs. 11461140.

Source : Equity Bulls

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