Market Overview

NSW, Australia's State Insurance Regulatory Authority (SIRA) Revamps Online Consumer Quoting Portal to Support Affordable Compulsory Third-Party Rate Options

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Underpinned by Duck Creek's OnDemand SaaS offering, solution returns
multiple rates to online users in seconds

Duck
Creek Technologies
today announced that NSW, Australia's State
Insurance Regulatory Authority (SIRA) has gone live with Duck Creek's OnDemand
Rating
solution to promote competitive automobile insurance through
a next-generation online consumer portal.

Responsible for regulating Compulsory Third Party (CTP) auto insurance,
SIRA launched their new portal, Green
Slip Check
, to encourage competition and transparency in the market,
giving policy buyers in New South Wales real-time access to quote
comparisons from multiple insurers.

With Duck Creek's Rating OnDemand Software-as-a-Service, hosted in the
Microsoft Azure cloud, SIRA can now validate changes to pricing and
coverage options provided to consumers by the state's major insurers and
reject those not within price-setting rules.

New South Wales Minister for Finance, Services, and Property the
Honourable Victor Dominello, MP said the improvements to the Green Slip
price comparison website had been warmly welcomed by customers.

"Over 95 percent of users have reported a positive experience after
using the Green Slip Price Check website. The introduction of new
technologies and innovations, such as the Duck Creek platform, are
critical to the future success of our compulsory third-party insurance
scheme," Mr. Dominello said.

"The Green Slip Price Check website is helping to drive competition in
the CTP market by making it easier for motorists to compare prices and
switch insurers if they find a better deal," Mr. Dominello continued.
"Duck Creek's platform helps to ensure that the premiums quoted to NSW
motorists are accurate and reliable."

"In the local market, it is refreshing to see a government agency taking
innovative steps to digitize the entire supply chain (from insurer to
consumer) in order to drive benefits for the citizens of NSW," said
Shaji Sethu, Managing Director, Asia Pacific at Duck Creek Technologies.

Duck Creek also provides context-specific text and guidance for each
user and calculates the exact amount that each insured would save due
with a new policy. Of customers using the website, 97% gave it a "thumbs
up" rating.

"SIRA's next generation portal for coverage and price comparison is a
great example of regulation working to provide cost transparency to
citizens through the use of technology," said Karlyn Carnahan, head of
Celent's Property Casualty practice for the Americas. "The use of modern
technology permits the kind of scalability that is needed for a consumer
driven initiative, and, launching the project in the cloud not only
enables that scalability, but also helped drive the speed of
implementation."

Duck Creek's back-end Rating solution was integrated with an independent
front-end user interface that offers pricing comparisons at up to 10,000
quotes per hour. Also, Duck Creek's easy-to-use configuration and
automated testing tools have enabled SIRA to process insurers' new
pricing filings more rapidly.

"It's fantastic to see SIRA using Duck Creek Rating OnDemand to power
their new consumer portal," said Michael Jackowski, CEO of Duck Creek
Technologies. "We're very excited to see it applied in such a creative
and important way, and pleased to see how quickly this project went live
thanks to the power of SaaS."

About State Insurance Regulatory Authority
SIRA is a new
government organisation responsible for the regulatory functions in
relation to workers compensation insurance, motor accidents compulsory
third party (CTP) insurance and home building compensation. http://www.sira.nsw.gov.au

About Duck Creek Technologies
Duck Creek Technologies paves
a genuine path to the future for P&C insurance companies. Decades of
insurance experience underpin advanced technologies specifically
designed to accommodate change – allowing carriers to navigate
uncertainty and capture market opportunities than their competitors.
Duck Creek solutions are available standalone or as a full suite. All
are available via Duck Creek OnDemand, the provider's SaaS solution for
the P&C insurance industry. For more information, visit www.duckcreek.com.

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