Duck Creek buys Risk Control Technologies

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

The deal, financial terms of which were not disclosed, will see leading RCT platform RiskHub fully integrated with Duck Creek's software-as-a-service system. The integration is expected to improve underwriting accuracy, streamline claims processes, and reduce overall risk exposure.

“We are excited to be a part of Duck Creek and to work together to deliver technological innovations that are transforming the insurance industry and helping insurers strengthen their relationships with customers and drive operational efficiencies.”

Commenting on the market impact of the merger, West Bend Mutual Insurance senior vice president and chief information officer Murali Natarajan said: “I am confident that the combined strength of Duck Creek and Risk Control, two of our most trusted partners, will bring growth. capabilities and innovative solutions in the market to strengthen risk management and loss control.

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

Meanwhile, Duck Creek CEO Mike Jackowski highlighted how important it is to have advanced mitigation tools as risks such as climate change, cyber, and other emerging challenges bring increased risk.

“Risk management is a leader in not only identifying potential losses, but preventing them by reducing risk,” he said.

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

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