Risk Control’s Platform Will be Fully Integrated into Duck Creek’s Comprehensive Suite of SaaS Solutions for P&C and General Insurers
BOSTON, Oct. 10, 2024 (GLOBE NEWSWIRE) — Duck Creek Technologies, the intelligent solutions provider defining the future of property and casualty (P&C) insurance, today announced it has acquired Risk Control Technologies, Inc. (“RCT”), a Toronto-based provider of risk management and loss control solutions. This strategic investment is set to transform how insurance carriers prevent loss and manage risk, enabling deployment of advanced AI and machine learning capabilities at the forefront.
“As the world faces increasing risks—whether from climate change, cyber threats, or other emerging challenges—having advanced tools to manage these exposures is crucial. Risk Control is a leader in not only identifying potential loss, but preventing it through preemptive risk mitigation,” said Mike Jackowski, Chief Executive Officer of Duck Creek Technologies. “In addition to sharing Duck Creek’s core values, Risk Control’s leadership and team members bring a wealth of insurance knowledge and experience. Together, we will help insurers work closely with their policy holders to prevent losses, improve safety and better prepare for the future.”
The RCT RiskHub platform will enhance the Duck Creek SaaS suite of insurance technology products, further increasing Duck Creek’s ability to improve underwriting accuracy, optimize claims processes, and reduce overall risk exposure. By integrating RCT’s solution into Duck Creek Technologies platform, insurance carriers will have rich predictive capabilities, enabling them to better manage underwriting risks and maximize an efficient, integrated policy and claims management experience.
“Being part of Duck Creek Technologies will strengthen our goal to help carriers optimize and increase risk-data coverage across their entire business,” said David Da Costa, Chief Executive Officer of Risk Control Technologies. “We are excited to be part of Duck Creek and to work jointly to deliver modern technology innovations that transform the insurance industry and help insurers strengthen their customer engagements and drive impactful operational efficiencies. We look forward to this new chapter and the enhanced capabilities we can now offer to the market as part of the Duck Creek family.”
RCT’s industry-leading loss control and risk assessment platform will be seamlessly integrated with Duck Creek’s comprehensive suite of products to enable data-driven decisions for all stakeholders to improve proactive risk mitigation.
“I’m confident that the combined strengths of Duck Creek and Risk Control, two of our most trusted partners, will bring enhanced capabilities and innovative solutions to the market to bolster risk management and loss control,” said Murali Natarajan, Senior Vice President and Chief Information Officer of West Bend Mutual Insurance. “We look forward to the positive impact this integration will have on our underwriting process, ultimately benefiting our business and customers.”
Raymond James & Associates served as financial advisor to Risk Control Technologies on the transaction.
About Risk Control Technologies
Risk Control Technologies Inc. (RCT) is the leading provider of Risk Management and Loss Control software to the insurance industry. RCT’s RiskHub platform helps underwriting assess risk, and leverage the appropriate risk assessment tool based on the risk’s complexity. RCT helps over 150 insurance organizations improve their loss ratios, increase customer retention, implement operational efficiencies, and harness powerful data insights to enable better business decisions. RCT’s customers include a wide range of insurance organization types, operating across a broad variety of lines of business. For more information, visit www.riskcontroltech.com.
About Duck Creek Technologies
Duck Creek Technologies is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. Visit www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and X.
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