Duck Creek Technologies Adds Lloyd’s of London Integration to its Reinsurance Cloud Platform

Duck Creek Reinsurance extends its market leading capabilities to support insurance carriers globally LONDON, Dec. 19, 2023 (GLOBE NEWSWIRE) — Duck Creek Technologies, the intelligent solutions provider defining the future of property and casualty (P&C) and general insurance, announces support for and integration into Lloyd’s Outwards Reinsurance Scheme (LORS) for its ceding reinsurance customers using […]

Duck Creek Reinsurance extends its market leading capabilities to support insurance carriers globally

LONDON, Dec. 19, 2023 (GLOBE NEWSWIRE) — Duck Creek Technologies, the intelligent solutions provider defining the future of property and casualty (P&C) and general insurance, announces 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 continues to offer global carriers the necessary tools to integrate into the world’s leading reinsurance market.

The LORS capability within 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’s LORS integration demonstrates our commitment to the London reinsurance market. As we build upon over three decades of market-leading reinsurance management capabilities, Duck Creek Reinsurance is delivering the core functionality and innovation to enable global growth for our reinsurance customers,” says Julien Victor, managing director, reinsurance management. “Duck Creek is also involved in the Lloyd’s Blue Print 2 initiative and we are proud to lead the market with cloud-based technology that supports many of the world’s most prominent insurance carriers’ reinsurance programs spanning the London, European, APAC, Bermuda, and USA territories.”

Duck Creek Reinsurance is 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 is a flexible solution tailored to international organizations using multiple currencies and multiple GAAP requirements.

About Duck Creek Technologies
Duck Creek Technologies is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand.

Visit www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and Twitter.

Contact
Drake Manning
drake.manning@duckcreek.com

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World Bank Sees Major Drop in Remittances to Pakistan Next Year

The World Bank has projected a drop in remittance flows to Pakistan to $24 billion in 2023 and a further drop below $22 billion with a 10 percent decline in 2024, saying the growing economic turmoil sparked by a balance of payment crisis and high debt…

The World Bank has projected a drop in remittance flows to Pakistan to $24 billion in 2023 and a further drop below $22 billion with a 10 percent decline in 2024, saying the growing economic turmoil sparked by a balance of payment crisis and high debt has led to a worsening loss of public confidence reflected in a diversion of remittances from formal to informal channels. The Bank in its latest report 'Leveraging Diaspora Finances for Private Capital Mobilization' stated that in Pakistan, low expectations of a return of positive economic growth as the International Monetary Fund (IMF)-the supported program takes effect, are likely to weigh on public confidence, leading remittances to decline by 10 percent and drop below $22 billion in 2024. 'Formal remittance flows plummeted by 20 percent in 2023 on top of a decline of 5 percent in 2022. Remittance flows in 2023 are expected to drop to $24 billion', the Bank added. The report further stated that the rupee depreciated sharply between early 2022 and early 2023, and the government's attempts to limit capital outflows through import and capital controls diverted remittance inflows from formal channels, contributing to shortages of foreign currency. Depreciation and exchange rate management policies have led migrants in Bangladesh, Pakistan, and Sri Lanka to take advantage of the black-market premia and transfer funds through informal and formal channels. Despite strong employment of foreign workers in Saudi Arabia, given a push for giga-projects, outward remittances from there to destination countries were down by 13 percent in the first half of 2023 compared with a year earlier. The decline likely reflects post-COVID adjustments, as well as Saudi Arabia's recent policy allowing foreign migrant workers to bring their families to the country when they work, possibly resulting in fewer remittances back home. This could have negative implications for remittance flows to Pakistan and most North African countries. The report further stated that Pakistan, Bangladesh, Sri Lanka, and Nigeria had offered a small payment, either a fixed amount or a percentage (for large transactions), to intermediary banks to offset money transfer costs paid by remitters. According to one study, the Pakistan Remittance Initiative was associated with a 13 percent increase in formal remittance flows. Such incentives have little impact, however, in countries with large differences between parallel and official exchange rates. Several countries started imposing pecuniary or restrictive measures in response to the increase in migration flows. El Salvador charges $1,130 to migrants from Africa and India, while Pakistan charges $800 to each Afghan asylum seeker waiting to depart to a third country. The Bank stated that the United Kingdom reported that Pakistan ordered all illegal immigrants to leave the country by November 1, 2023, or face deportation. Pakistan has been detaining large numbers of undocumented Afghans and then transporting them directly to the border. The Bank stated that Pakistan has a diaspora savings certificate now under issuance. However, the amount raised by developing countries via diaspora bonds so far has been minuscule compared to the volume of remittance inflows. At almost $189 billion in 2023, remittance flows to South Asia once again are likely to exceed expectations, outstripping previous forecasts by $13 billion. As of 2022, this remarkable increase is attributable entirely to remittance flows to India, which are expected to beat previous forecasts by $14 billion and reach $125 billion in 2023. After growing at 12.2 percent in 2022, growth in remittances to South Asia is likely to decelerate to 7.2 percent in 2023. This regional average results from high growth in one-half of the South Asian countries (Bangladesh, India, Nepal, and Sri Lanka) and declines in the other half (Afghanistan, Bhutan, Maldives, and Pakistan). The key drivers of remittance growth in 2023 are a historically tight labor market in the United States, high employment growth in Europe reflecting extensive leveraging of worker retention programs, and a dampening of inflation in high-income countries. The slackening in remittance growth relative to 2022 is attributable to a near collapse in growth in 2023 in Saudi Arabia and Kuwait, and the halving of growth in the remaining GCC countries triggered by the drop in oil prices and production cuts in the Organization of the Petroleum Exporting Countries (OPEC)+. As a share of GDP, there was wide variation in remittances across South Asia. At 27 percent, Nepal continued to have the highest share of remittances relative to GDP in South Asia. It also featured in fifth place among countries that are most dependent on remittances globally. In comparison, remittances as a share of GDP ranged around 7 percent in Sri Lanka and Pakistan and 5.2 percent in Bangladesh in 2023. In India, the share of remittances in the economy was only 3.4 percent, despite its position as the largest recipient of remittances globally.

Source: Pro Pakistani

Bank Alfalah Limited and U Microfinance Bank Enter into Strategic Collaboration for a Financing Facility of PKR 10bn

U Microfinance Bank (U Bank), one of the largest microfinance banks in Pakistan, has forged a strategic partnership with Bank Alfalah Limited, one of the country’s largest commercial banks, to secure a short-term financing facility of PKR 10 billion a…

U Microfinance Bank (U Bank), one of the largest microfinance banks in Pakistan, has forged a strategic partnership with Bank Alfalah Limited, one of the country's largest commercial banks, to secure a short-term financing facility of PKR 10 billion aimed to collaboratively facilitate U Bank's corporate funding. The collaboration was officiated in a formal ceremony held recently in Karachi, where Mr. Mohamed Essa Al Taheri, President and CEO - U Bank, and Mr. Atif Bajwa, President and CEO - Bank Alfalah, signed a Memorandum of Understanding in the presence of key management representatives from both the organizations. The ceremony underlined resilience and harmony within the financial sector in Pakistan and signified a collective effort to drive positive change and a shared commitment towards financial inclusion. Mr. Mohamed Essa Al Taheri, President and CEO - U Bank, spoke about the collaboration: 'We are delighted to enter into this strategic alliance with Bank Alfalah that significantly contributes to our efforts towards offering inclusive financial products and services to the underbanked population, expanding our outreach further to more regions of Pakistan, and driving overall economic development in the country. At U Bank, we work towards creating real and meaningful impact in communities we serve, and this collaboration enables us to achieve that.' Mr. Atif Bajwa, President and CEO - Bank Alfalah, expressed on the collaboration: 'The extension of this fully underwritten facility seeks to strengthen our partnership with U Microfinance Bank and reflects our commitment to promote financial inclusion in Pakistan. Our shared goal is to ultimately empower underserved communities and drive inclusive economic growth.' The partnership signifies a pivotal move to strengthen relations between the two banks and to enhance U Bank's efforts towards financial inclusion in Pakistan. With this financing facility, U Bank aims to fortify its endeavors towards further building the microfinance sector in Pakistan and pursue strategic initiatives that contribute to the bank's sustained growth. Bank Alfalah's role in providing a PKR 10 Billion facility highlights its commitment to supporting key players in the financial sector, aligning with its broader strategy of fostering growth in banking in Pakistan. This collaboration stands as a testament to the dynamic and cooperative spirit within the local banking industry, and sets a precedent for future synergies that enable collective progress.

Source: Pro Pakistani