Risk Control Technologies sold to Duck Creek

Risk Control Technologies sold to Duck Creek | Insurance Business Canada

Technology

Risk Control Technologies sold to Duck Creek

Flagship platform to be fully integrated into wider group’s suite of offerings

Technology

By
Terry Gangcuangco

Duck Creek Technologies, a global provider of software solutions for the property & casualty insurance sector, has announced its acquisition of Toronto-based Risk Control Technologies (RCT).

The transaction, financial terms of which were not disclosed, will see RCT’s flagship platform RiskHub fully integrated into Duck Creek’s software-as-a-service suite. The integration is expected to enhance underwriting accuracy, streamline claims processes, and reduce overall risk exposure.

“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.”

Commenting on the market implications of the merger, West Bend Mutual Insurance senior vice president and chief information officer Murali Natarajan said: “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.

“We look forward to the positive impact this integration will have on our underwriting process, ultimately benefiting our business and customers.”

Meanwhile Duck Creek CEO Mike Jackowski highlighted how crucial it is to have advanced mitigation tools as perils like climate change, cyber, and other emerging challenges present increased risk.

“Risk Control is a leader in not only identifying potential loss, but preventing it through preemptive risk mitigation,” he noted.

“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 policyholders to prevent losses, improve safety, and better prepare for the future.”

What do you think about this story? Share your thoughts in the comments below.