Duck Creek Technologies announced support for and integration into Lloyd's Outwards Reinsurance Scheme (LORS) for its ceding reinsurance customers using Duck Creek Reinsurance. Lloyd's of London demands their members to have robust outwards (ceding) reinsurance strategies with appropriate systems, controls, procedures, and expertise to enable the effective management of outwards reinsurance purchasing and recoveries. With this latest functionality, Duck Creek Reinsurance offers all the code sets used in LORS and USM messages, enabling Lloyd's members and Duck Creek customers to directly connect to and interact with the Lloyd's technology platform and processes.

Duck Creek Reinsurance is equipped with the required data structure to support LORS Outward Reinsurance Advice Message to advise underwriters of transactions which are new, amended, or replaced by brokers, as well as Underwriter Response Messages which are used to advise underwriter authorisations, objections, and data changes. Duck Creek's LORS integration also will confirm successful batch processing or report errors and will automatically notify insurance carriers regarding ceding movements and processing status. The Duck Creek Reinsurance LORS module includes full audit trail functionality giving insurers the ability to delete pre-authorised items or groups of items where they are in error and to request authorisation for signed items to be cancelled.

Duck Creek Reinsurance are a SaaS-based cloud platform that connects with any policy or claims system, data warehouse, and downstream general ledgers to track all the information related to reinsurance contracts (treaties and facultative contracts), claims, accounting data, technical data, auxiliary data, financial data, and more). Duck Creek Reinsurance has built-in reporting and can also connect to popular corporate reporting solutions. Duck Creek Reinsurance was a flexible solution tailored to international organizations using multiple currencies and multiple GAAP requirements.