Month: August 2023

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Duck Creek Technologies Expands to the Indian Market, Offering Its Global Core Technology Platform to India-Based Insurance Carriers

The company’s Indian subsidiary signs its first full-suite customer partnership in the region with HDFC ERGO

Mumbai, Aug. 09, 2023 (GLOBE NEWSWIRE) — Duck Creek Technologies India LLP, a subsidiary of Duck Creek Technologies, today announced a historical milestone with its expansion into the Indian general insurance market. Duck Creek Technologies India LLP now offers India-based insurers the ease, convenience, and power of modern cloud-based software-as-a-service (SaaS), delivered as a full suite of capabilities or as stand-alone solutions. With this expansion, Duck Creek reinforces its market commitment by establishing its data center in India, supported by nearly 1,000 local employees.

In partnership with its first core systems full-suite India-based insurance customer, HDFC ERGO General Insurance Company Limited (“HDFC ERGO”), Duck Creek will deploy its intuitive, user-friendly, and powerful solutions to empower HDFC ERGO to take new products to market faster and significantly improve their customers’ experience throughout the policy lifecycle and across the insurer’s entire portfolio. Duck Creek’s products and solutions will holistically bring a competitive advantage to HDFC ERGO across its entire system, portfolio and operations.

Speaking about the partnership, Sriram Naganathan, President and Chief Technology Officer, HDFC ERGO General Insurance, said, “As a leading insurer of the country, at HDFC ERGO, it has been our priority in adopting innovative technologies to address the evolving demands of our customers and offer them an enhanced customer experience. Being a digital insurer of scale, our partnership with Duck Creek Technologies India LLP is a crucial step towards unlocking the full potential of HDFC ERGO’s wide insurance solutions and enabling us to offer efficient delivery and more convenience for our customers. Duck Creek’s SaaS solution will empower our advanced AI/ML models, providing essential digital capabilities to meet the critical needs of our customers and partners.”

Rohit Bedi, Chief Revenue Officer, Duck Creek Technologies, stated, “Our commitment to HDFC ERGO aligns with their outstanding vision to make insurance easier, more affordable, and more dependable for all the people in India. We are extremely proud to be a partner to HDFC ERGO, India’s leading insurance brand, in their journey to transform general insurance services in the region.” Bedi added, “This is a significant milestone in Duck Creek’s continued growth as a leading SaaS choice for insurers worldwide. Duck Creek’s partnership with HDFC ERGO is another proof point that our global technology solutions are geared towards enabling a more modern and efficient insurance enterprise.”

Drawing on its experience supporting the world’s largest insurers and reinsurers, Duck Creek will offer its suite of SaaS-based core insurance delivery solutions, including policy, claims, billing, rating and reinsurance, to help Indian general insurers innovate and modernize their products and services.

“Duck Creek is truly excited to enter the Indian insurance market with our global solutions. We want to empower insurance companies in India with hyper-personalized insurance solutions that help customers buy or service insurance from any device and anytime. Customers from all parts of India can feel secure knowing they are covered and can raise claims anytime,” said Shaji Sethu, Managing Director APAC, Duck Creek Technologies.

The Indian insurance market was valued at $127 billion in 2021 ($30 billion, represented in the non-life sector). It is anticipated to grow to over $200 billion by 2027, which presents an exciting opportunity for Duck Creek.

About HDFC ERGO

HDFC ERGO General Insurance Company Limited was promoted by erstwhile Housing Development Finance Corporation Ltd. (HDFC), India’s premier Housing Finance Institution and ERGO International AG, the primary insurance entity of Munich Re Group. Consequent to the implementation of the Scheme of Amalgamation of HDFC with and into HDFC Bank Limited (Bank), one of India’s leading private sector banks, the Company has become a subsidiary of the Bank. HDFC ERGO is the second largest non-life insurance company in the Private Sector as on 31st March 2023 based on gross premium garnered. A digital-first company, transforming into an AI-first company, HDFC ERGO is a leader in implementing technology to offer customers the best-in-class service experience. The company has created a stream of innovative & new products as well as services using technologies like Artificial Intelligence (AI), Machine Learning (ML), Natural Processing Language (NLP), and Robotics. HDFC ERGO offers a range of general insurance products and has a completely digital sales process with ~94% of retail policies issued digitally. HDFC ERGO’s technology platform has empowered the customers to avail 69% of the services digitally on a 24×7 basis with ~19% of the customer requests serviced by Artificial Intelligence-based tools. In FY23, the company has issued 1.22 crore policies and has settled ~50 lakhs claims. The Company has an active data base of 1.5+ crore customers. HDFC ERGO is present in 496 districts of the country through their 215 branches, 10,000+ employees and 1.8 lakhs agents and channel partners.

HDFC ERGO offers a complete range of General Insurance products including Health, Motor, Home, Agriculture, Travel, Credit, Cyber and Personal Accident in the retail space along with Property, Marine, Engineering, Marine Cargo, Group Health and Liability Insurance in the corporate space. Be it unique insurance products, integrated customer service models, top-in-class claim processes or a host of technologically innovative solutions, HDFC ERGO has been able to delight its customers at every touch-point and milestone to ensure consumers are serviced in real-time.

Please log on to www.hdfcergo.com or stay connected on the following social media handles to get more information on HDFC ERGO and the products and services offered by the company.

Facebook: https://www.facebook.com/hdfcergo

Twitter: https://twitter.com/hdfcergogic

LinkedIn: https://www.linkedin.com/company/hdfcergo

YouTube: https://youtube.com/c/hdfcergo

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.

Carley Bunch
Duck Creek Technologies
+1201-962-6091
[email protected]

GlobeNewswire Distribution ID 8890991

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Government launches loan to invest in solar equipment

The National Treasury has launched the Energy Bounce Back Loan Guarantee Scheme (EBB) – an initiative aimed at alleviating the impact of continuing difficulties resulting from unreliable power supply for small businesses and households.

This follows President Cyril Ramaphosa’s commitment in his 2023 State of the Nation Address to adjust the bounce-back loan scheme (BBS) to enable small businesses to invest in solar equipment. Minister of Finance Enoch Godongwana has provided detail on the adjustment of the Bounce-Back Loan Scheme.

“The EBB aims to generate 1000MW in additional generation capacity as well as facilitate resilience to loadshedding for micro and informal businesses. Resilience measures include power storage assets without generating capacity, like batteries and inverters. The EBB is a complementary intervention to the tax measures announced in the 2023 Budget Speech. Applicants may therefore apply for both tax and EBB measures,” the National Treasury said on Tuesday.

Pricing of the loans will be capped at the repo rate (at the commencement of the loan) plus a maximum of 6%.

Households and Small and Medium Enterprises (SME’s) will have the option of approaching any participating bank. Participating banks, Development Finance Institutions and non-bank SME finance providers will compete subject to the product terms, conditions, and pricing cap. The EBB will be available until 30 August 2024.

To facilitate investments, government will, through a government guarantee administered by the South African Reserve Bank, assume the initial losses (20%) with finance providers assuming the risk for remaining losses for SME’s and households’ rooftop photovoltaic solar investments (rooftop solar). The EBB will operate through three mechanisms.

The loan guarantee for rooftop solar for SMEs and households’ investment facilitates loans to SMEs and households for investments related to rooftop solar generated energy.

This investment includes solar panels, batteries, inverters, and other installation related costs.

Loan guarantee for rooftop solar for Energy Service Companies (ESCOs) facilitates loans to ESCOs who provide leasing, instalment sale, and power purchase contracts to SMEs and households.

“This mechanism will allow businesses and households to switch to ESCO service providers for more reliable and cleaner energy without the need for loans to finance the full upfront costs of rooftop solar equipment themselves.

Support from the EBB, which will be provided to the ESCOs to enable them to scale up and expand leasing services to households and small businesses, will require ESCOs to assess the individual need of households or businesses, the implementation of a suitable solution, and the conclusion of a leasing, instalment sale, and power purchase contract between the ESCO and applicant,” National Treasury said.

Working capital loans for businesses in rooftop solar supply chain will facilitate working capital loans for those businesses that supply rooftop solar to meet increased demand.

“This mechanism will increase the supply of rooftop solar solutions allowing businesses to source rooftop solar equipment with minimum delays.

“An additional mechanism will be concluded with the Industrial Development Corporation (IDC) to facilitate new ESCO entrants, as well as scale up existing ESCO’s through a mezzanine finance instrument.

“The IDC and National Treasury will provide details of this instrument once concluded. Participation in the EBB will be facilitated through commercial banks on an opt-in basis. Non-bank finance providers, including wholesale retailers who provide lending products to SMEs for EBB eligible related loans, can access the scheme through participating commercial banks,” National Treasury said.

Participation through commercial banks will be subject to basic requirements, such as tax compliance and adherence to other legal and regulatory requirements.

Any business borrowing under the EBB will be expected to meet the participating bank’s specific requirements, be registered with the Companies and Intellectual Property Commission or be registered for Value Added Tax in terms of the Value Added Tax Act, 89 of 1991 with the South African Revenue Service.

Eligible businesses must have a maximum turnover of R300 million. DFI’s and non-bank lenders, which include wholesale retailers offering credit products servicing informal traders, can also access the scheme through a commercial bank up to a maximum of R300 million per entity.

The maximum amount a business can borrow is R10 million. Businesses can also borrow a maximum of R30 000 through the scheme, for resilience measures.

This is to enable access for micro, informal businesses that may require portable batteries or similar equipment to these assets.

For households, a maximum loan amount, for the purchasing of rooftop solar, will be R300 000 per household.

For the leasing mechanism, prospective customers would also need to comply with the requirements set out by participating banks and the ESCO providing the leasing service.

Businesses in the rooftop solar supply chain, those importing batteries, investors and panels will be able to borrow up to R100 million for working capital to ensure that wait times are reduced. Installers can borrow a maximum of R100 million.

Source: South African Government News Agency

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Finance Minister welcomes Cabinet approval of DG appointment

Minister of Finance Enoch Godongwana has welcomed Cabinet’s approval of the appointment of Dr Duncan Pieterse as the new Director-General of the National Treasury for a period of five years.

Pieterse is currently the Deputy Director-General of Asset and Liability Management.

“The Director-General provides strategic leadership to the department, guides its organisational structure, and manages a team of experts who handle various aspects of financial management, economic analysis, and policy formulation. He or she is central to shaping the fiscal policies, economic direction, and financial stability of the country,” the Minister said on Thursday.

Pieterse joined the department in 2013 and has worked in various positions for the last 10 years. Pieterse served as a Deputy Director-General of Economic Policy and later Deputy Director-General: Asset and Liability Management.

Dr Pieterse has a Bachelor of Business Science, Master’s in Public administration from Harvard University and a Doctor of Philosophy, amongst others.

“I believe Duncan has more than enough experience, expertise, and chutzpah to make a success of this new challenge,” Godongwana said.

The Minister met with top management and staff of the National Treasury to inform them of the appointment of Dr Pieterse as Director-General of the department.

National Treasury said top management and staff welcomed the appointment of Dr Pieterse and to bringing certainty to the leadership of the Treasury.

Acting DG Ismail Momoniat also welcomed the appointment of Dr Pieterse, especially the fact that the baton of leadership is now moving to a younger generation.

Godongwana has thanked all those who had applied for the position and commended the Acting Director-General for his leadership.

“As a true and dedicated servant of the department and the country, he further mentioned that he will continue to serve the department for at least a year to ensure a smooth transition and oversee several key projects that will strengthen the governance and anti-corruption system; modernising the procurement system, and overseeing the process to get our country out of grey listing,” the Minister said.

Source: South African Government News Agency

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SIU welcomes action taken against Tembisa Hospital officials

The Special Investigating Unit (SIU) welcomes the disciplinary action taken against Tembisa Provincial Tertiary Hospital officials based on findings and recommendations made by the SIU.

This week the Gauteng Department of Health announced that it has suspended six of the nine officials that were sighted in the SIU’s report. While the Deputy Director for Supply Chain has since retired, a Chief Physiotherapist has resigned, and a sessional Medical Officer has since stopped working at the facility.

The disciplinary action comes after the SIU entered into a secondment agreement with the Gauteng Provincial Government to investigate allegations of corruption, fraud and maladministration in matters pertaining to supply chain management processes at Tembisa Hospital under the Gauteng Department of Health.

The SIU handed over a preliminary investigation report to the Premier of Gauteng in December 2022. Based on the findings of the report, the SIU has since motivated for a proclamation to further investigate supply chain management at the Tembisa Hospital.

Once the proclamation is signed and gazetted, and the SIU investigation findings points to undue benefit, the SIU will pursue officials who resign in the face of an investigation or disciplinary action by freezing their pension benefits and institute civil litigation to recover financial losses suffered by state institutions. In addition to investigating corruption, maladministration and malpractice, the SIU also identifies systematic failures, and makes recommendations to improve measures to prevent future losses.

The SIU is empowered to institute civil action in the High Court or a Special Tribunal in its name, to correct any wrongdoing uncovered during its investigations caused by acts of corruption, fraud, or maladministration. In line with the Special Investigating Units and Special Tribunals Act 74 of 1996, the SIU refers any evidence pointing to criminal conduct to the National Prosecuting Authority (NPA) for further action.

Enquiries:

Kaizer Kganyago

Spokesperson

Special Investigating Unit

Cell: 082 306 8888

E-mail: [email protected]

Source: Government of South Africa

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Correctional Services hosts countries from Southern Africa for sports and culture games at Kgoši Mampuru, 14 to 18 Aug

DCS to host countries from Southern Africa for sports & culture games

Correctional Services in South Africa is to host Sports and Culture Games from 14 – 18 August 2023 at Kgoši Mampuru II Correctional Centre, involving countries from the Southern Africa Region. These games mark an important cultural diplomacy in the integration agenda for Corrections, Prisons and Penitentiary Services of the countries in the Southern African Development Community (SADC).

Participating countries include Zambia, Botswana, Swaziland, Namibia, Zimbabwe and South Africa. Correctional officials from these countries are expected to compete in various sporting games, such as, soccer, netball, aerobics, athletics, chess, darts, pool, tennis, volleyball and many other sporting codes.

Sports and Culture Games are a critical element in strengthening and consolidating the long standing historical, social and cultural affinities and links among the people of the SADC Region. Cooperation within the Corrections, Prisons and Penitentiary Services will result in the Region being more streamlined in terms of legislation, training and development, promoting best practices that shall place African corrections in the international arena.

Moreover, the importance of sports cannot be over emphasized, especially for correctional officials due to the nature of the work that they do. The games will further contribute towards a healthy workforce within the corrections in the SADC region. This is with the hope that officials will also exchange ideas on how to take the work of corrections in the SADC region to new heights.

Generals, Commissioners and high-ranking officials from participating countries are expected to attend the games in support of their respective teams.

Sporting Games are scheduled at Kgoši Mampuru II Correctional Centre Sporting field as follows:

Opening Ceremony Date: 14 August 2023 Time: 08h00

Closing Ceremony Date: 18 August 2023 Time: 16h00

Other venues to be utilised include the Pilditch Stadium and Gezina sports field. A comprehensive programme will be shared prior the commencement of the games.

Interested members of the media are invited as indicated above:

Media Confirmations:

Mocheta Monama

Cell: 083 555 2188

Source: Government of South Africa

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ECOWAS leaders meet on Niger political situation

The Heads of State and Government of the Economic Community of West African States (ECOWAS) are holding a meeting on Thursday in Abuja on the political situation in the Niger Republic.

The leaders are to decide on the next lines of action after the series of proposition made to the military junta in Niger to restore democratic governance in that member country.

President Bola Tinubu, who is the current Chairman of the ECOWAS Authority of Heads of State and Government, is hosting the leaders at the State House.

An outstanding decision earlier taken on the Heads was the military intervention proposed after a seven days ultimatum to the junta who overthrow President Mohamed Bazoum.

Six days after the July 26, the ECOWAS Heads of State and Government at a meeting in Abuja, called for the immediate release and reinstatement of Bazoum as the legitimate Head of State and Government of the Republic of Niger.

The leaders also rejected any form of purported resignation by Bazoum and declared him as the only recognised and elected President by ECOWAS, the African Union and the international community.

‘‘In this regard, only official acts of President Bazoum or his duly-mandated officials will be recognised by ECOWAS,’’ they said.

The leaders expressed strong condemnation of the attempted overthrow of constitutional order in Niger, and the illegal detention of Bazoum, as well as members of his family and government.

They demanded full restoration of constitutional order in the Republic of Niger and considered the illegal detention of Bazoum as a hostage situation, holding the coupists solely responsible for his safety and that of his family and government.

Presidents Patrice Talon of Benin Republic, Alassane Ouattara of Cote d’Ivoire, Adama Barrow of The Gambia, Nana Akufo-Addo of Ghana, Embalo of Guinea Bissau, Macky Sall of Senegal, Faure Gnassingbé of Togo attended the Summit while the Presidents of Cape Verde, Liberia, Niger and Sierra Leone were represented.

Source: News Agency of Nigeria