Insurtech company Duck Creek Technologies has launched Payments Marketplace, a payment ecosystem tailored for the global insurance industry.
The Duck Creek Payments Marketplace seamlessly integrates with payment providers, offering carriers end-to-end payment management.
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Furthermore, the company partnered with digital payment solutions provider Paymentus to enhance marketplace integration.
Duck Creek stated that both entities aim to bring billions in payment volume to the Payments Marketplace, serving various global Top 10 insurers and large regional carriers.
By utilising the Duck Creek Payments Orchestrator, the Payments Marketplace can reduce payment integration timelines to just one to two weeks, compared to the nine to 18 months typically required for direct integrations.
The Duck Creek Payments Orchestrator links insurers to global payment providers, enabling collections and payouts across any IT infrastructure.
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By GlobalDataDuck Creek chief payments officer Allan Lacoste said: “Duck Creek continues to innovate with the launch of our Payments Marketplace, which represents a major leap forward in insurance technology and delivers security-focused, seamless payment processing for carriers and their customers.
“Through strategic partnerships with industry leaders like Paymentus, we’re building a robust ecosystem that empowers carriers with both payment flexibility and reliability.”
Duck Creek stated that by using the marketplace, carriers can receive continuous updates and improved experiences, thereby ensuring security, best practices, and seamless integration with its SaaS core systems.
Paymentus chief commercial officer Jerry Portocalis stated: “Through our partnership with Duck Creek, we can deliver our best-in-class electronic billing and payment solutions to a larger, more global customer base. Together, we’ll realise our common goal to simplify payments for carriers and help them deliver the best customer experiences for their customers.”
In December 2024, Duck Creek entered a partnership with Suncorp, a general insurer based in Australia and New Zealand, to modernise its core insurance platforms.
