Duck Creek Technologies, a software provider for property and casualty and general insurance, has introduced Payments Marketplace, a payment system built for the global insurance market.
The Payments Marketplace connects with established payment providers, allowing insurers to manage transactions from start to finish.
Duck Creek has partnered with Paymentus to bring bn in payment volume to the platform. This collaboration will support several of the world’s 10 largest insurance companies and major regional insurers.
The Duck Creek Payments Orchestrator reduces integration time from the usual nine to 18 months to one to two weeks. It links insurers with global payment technologies and providers, handling both collections and payouts without requiring changes to existing IT systems.
Allan Lacoste, Chief Payments Officer at Duck Creek Technologies, stated that the launch of Payments Marketplace is a major step in insurance technology, delivering secure and efficient payment processing for insurers and customers.
Through strategic partnerships with industry leaders like Paymentus, we’re building a robust ecosystem that empowers carriers with both payment flexibility and reliability.
Allan Lacoste, Chief Payments Officer at Duck Creek Technologies
Jerry Portocalis, Chief Commercial Officer of Paymentus Holdings, Inc., said the partnership will expand the reach of their electronic billing and payment solutions. He added that both companies share the goal of simplifying payments and improving customer experience.
Duck Creek Technologies, established in 2000, provides software solutions for the property and casualty insurance sector. Over time, the company has secured funding from various investors, including Dragoneer Investment Group, Neuberger Berman, Insight Partners, and Temasek.
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.
In January 2023, Vista Equity Partners acquired Duck Creek Technologies for $2.6 bn. Under the terms of the agreement, Duck Creek shareholders will receive $19.00 per share in cash, which represents a 46% premium to Duck Creek’s closing stock price on January 6, 2023, the last full trading day prior to the transaction announcement, and a premium of approximately 64% over the volume weighted average price of Duck Creek’s stock for the 30 days ending January 6, 2023.
“This transaction is a testament to the value of the Duck Creek platform, the success of our strategy and the strength of our incredible team. Following a deliberate and thoughtful process, the Board approved this transaction which delivers a great outcome for Duck Creek’s shareholders, providing them a certain and substantial cash value at an attractive premium,” said Michael Jackowski, Chief Executive Officer of Duck Creek.
“Duck Creek is proud to have pioneered cloud-based mission-critical systems for the P&C insurance industry to deliver a best-in-class customer experience. We are excited to enter the next chapter for Duck Creek in partnership with Vista Equity Partners to continue supporting P&C insurance carriers’ move to the cloud.”
