Duco for Insurance

Claims

Insurers need to be able to process claims fast, without compromising on accuracy. This goal is made harder by the number of different systems and data formats they are required to deal with. Firms often turn to manual processes to overcome the lack of standardisation, but this approach is slow and raises the total cost per claim.

When speed and accuracy are vital, Duco delivers. The Duco Platform empowers teams to onboard and optimise reconciliations fast, without the need for code. Unlock lower costs per claim, quickly identify over or underpaid claims, and deliver a better customer experience with Duco.

Payments

It’s important for your firm to have total visibility over premium payments and claim payouts. This is not easy when dealing with the many different policyholders and firms in the supply chain, such as brokers, intermediaries and loss adjusters.

The task is also often complicated by disconnected systems, inflexible technology and poor workflow.

With Duco you can ingest data from multiple sources and in multiple formats with little or no pre-transformation. You can then normalise that data without code, using our unique Natural Rule Language, greatly simplifying the payments matching process. Our fuzzy matching technology shows you how likely data is to match, making it easier to spot the errors that are causing breaks. And, when true exceptions are identified, our automated workflow expedites the investigation process, allowing you to resolve issues faster.

Schedule D

Schedule D reports are the primary type of financial report required by US State Insurance Departments for all firms operating in their jurisdiction. They provide vital information that helps regulators to assess the solvency of your business. These statements require you to provide a lot of information about your asset portfolio and your capacity to match revenue and expense.

Duco empowers you to quickly gather and standardise your data, with complete transparency of the entire process from start to finish. This provides full auditability and makes it easier to compile accurate reports that meet regulatory requirements.

GL to PAS

Discrepancies between your general ledger and your Policy Administration System (PAS) or systems could see your firm take on additional risk, or miss key opportunities.

However, insurance firms may find identifying and fixing these errors a significant challenge, given the differences in systems and file formats being used. The scale of the data that requires matching further complicates the issue.

The Duco Platform wasn’t built to handle just one particular type of information. It’s a powerful and flexible solution that enables you to handle vast and complex datasets with ease, regardless of scale. Your data experts can quickly set up controls without code using our unique Natural Rule Language to standardise data between your GL and PAS. All exceptions are captured and can then be automatically assigned to groups and individuals for investigation using our advanced workflow technology.

CECL / IFRS 9

Both the Current Expected Credit Loss (CECL) and IFRS 9 standards require insurers to recognise expected credit losses on certain assets rather than incurred models used elsewhere. Both aim to help financial institutions recognise credit losses earlier.

This requires you to collate data from multiple sources. It is likely this data will be held in different formats, making it difficult for you to reconcile it and ensure its accuracy. It is also hard to provide a transparent overview of data lineage when data often goes through extensive transformation or opaque manual processes to enable reconciliation.

Duco’s fast and flexible solution allows data experts to quickly build data controls, all without coding. Our platform provides you with a granular view of your data for full visibility and auditability of your processes. And, because our platform can ingest, standardise and reconcile data, you get a total overview of its journey from start to finish. You can ensure the accuracy of your data across your organisation to help meet the requirements of regulations like CECL and IFRS 9.

Intersystem reconciliation

Insurers need to be able to trust their data. As data flows through an organisation and between systems it can become corrupt, leading to errors being propagated incorrectly in dozens of systems – which must then be amended manually. To monitor the risk and maintain control, insurers need to run intersystem reconciliations to identify data inconsistencies, but often these are manual or spreadsheet-driven. This creates operational risk, but also lacks automation, transparency, control, and agility to handle change.

Duco provides a flexible system, able to ingest multiple data types with little or no data transformation. Insurers can rely on Duco to reconcile data across all the systems they have in place – regardless of formats. The platform can be live in 24 hours, and it uses our unique Natural Rule Language, meaning users can set up new reconciliations using plain English sentences within hours.

Spreadsheet replacement

Despite great advances in the ability to sort and manage data, insurers are still reliant on vast quantities of spreadsheets and manual work throughout operations departments. This is due to dependencies on inflexible legacy technology, alongside a lack of consistent data standards across the industry. The result is firms are often relying on spreadsheets to reconcile payments and claims data.

There is a better way! Duco is as easy to use as a spreadsheet, but fundamentally more flexible, scalable and auditable. Our intelligent, self-service technology means you can ingest multiple types of data with little or no prior transformation. Non-technical users who understand the data can then set up automated controls within hours, using English sentences – no code required.

Actuarial

Modern actuarial algorithms continue to grow more complex and are using data sets never before used. As the use of Big Data in actuarial models increases, so does the need for that data to be accurate and trustworthy. Duco can help with: data cleansing, data audit, intersystem reconciliation, data normalisation, and synchronisation of emerging systems with existing infrastructure.

Our platform provides a flexible system, able to ingest multiple data types with little or no transformation required. It’s live in 24 hours and, thanks to our unique Natural Rule Language, users can set up new data controls using plain English sentences within hours.

IFRS 17/NAIC LOB

With IFRS 17 regulations in Europe, and upcoming changes to NAIC Lines of Business (LOB) rules, it’s important that insurance companies can adapt to new requirements in stratifying and categorising product data and marrying it to financial data. Duco can help ensure that financial and non-financial information is accurately aggregated and reconciled for regulatory reporting.

Duco empowers you to quickly gather and standardise your data, with complete transparency of the entire process from start to finish. This provides full auditability and makes it easier to compile accurate reports that meet regulatory requirements.

ESG

Environmental, Social and Governance (ESG) standards and transparency have become an important aspect of company profiles among investors and consumers alike. Agencies such as MSCI and AM Best are introducing ESG scores in order to provide such transparency. However, this data is not easily integrated into financial reporting for insurers that wish to provide it. Duco can assist in coalescing and aggregating financial and non-financial data points to make ESG reporting processes more streamlined.

Our platform provides a flexible system, able to ingest multiple data types with little or no transformation required. It’s live in 24 hours and, thanks to our unique Natural Rule Language, users can set up new data controls using plain English sentences within hours.