Coaction Specialty Insurance Group has achieved significant growth, reaching a milestone of $200M in revenue. This impressive feat is a testament to their dedication and expertise in the industry.
Their success can be attributed to their ability to adapt to changing market conditions and expand their product offerings. Coaction Specialty Insurance Group has been able to stay ahead of the curve by diversifying their portfolio.
With a strong foundation in place, Coaction Specialty Insurance Group is now looking to the future, planning for continued growth and expansion.
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Secures $200M Growth Capital
Coaction Specialty Insurance has recently filed its Cyber Suite 2.0 program, offering coverage for cyber incidents such as ransomware, business email compromises, and data breaches.
The program introduces revised rates, including a 9.2% overall increase, which was developed in collaboration with HSB, the reinsurer for this coverage.
Coaction has a strong track record of innovation in the insurance industry, and this new program is a great example of that.
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About the Company
Coaction Specialty Insurance is a leading provider of insurance solutions for individuals and businesses. They have been serving their clients for over 20 years.
Their team of experienced professionals has a deep understanding of the insurance industry and is dedicated to providing personalized service to each and every client.
Latest News
Coaction has filed its Cyber Suite 2.0 program, offering coverage for cyber incidents such as ransomware, business email compromises, and data breaches.
The program introduces revised rates, including a 9.2% overall increase, to better align premiums with risk.
New tier criteria will help determine premiums, ensuring they're more accurately priced based on risk.
Coaction collaborated with HSB, the reinsurer for this coverage, to develop the proposed rates.
The Cyber Suite 2.0 program also includes enhanced benefits like identity recovery, public relations support, and regulatory fine coverage.
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Adopts Duck Creek SaaS Core
Coaction Specialty Insurance has adopted Duck Creek SaaS core solutions to upgrade its commercial specialty insurer's core policy, billing, and commercial templates from on-premises to cloud-based software as a service (SaaS) using Duck Creek OnDemand.
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This transition will consolidate Coaction's technology on Microsoft's Azure platform, increasing its speed to market and ease of connecting with customers and industry partners.
Duck Creek OnDemand will efficiently consolidate Coaction's technology solutions on Microsoft's Azure platform, allowing for increased speed-to-market and ease of connecting with customers and industry partners.
Coaction's technology modernization strategy aims to create insurance products more quickly and efficiently, meeting the end-to-end engagement needs of its customers.
With Duck Creek OnDemand, Coaction will be able to increase agility, flexibility, and scale accordingly with its business, allowing its internal teams to focus on innovation that drives value for its customers.
Coaction's shift from on-premises to SaaS is a meaningful example of major carriers embracing the cloud strategically for their businesses, according to Mike Jackowski, CEO of Duck Creek Technologies.
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Frequently Asked Questions
What does specialty insurance mean?
Specialty insurance covers unique items, services, or risks not typically included in standard insurance policies. It fills gaps in coverage for specific needs, providing protection for what's often excluded or overlooked.
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