Duck Creek Technologies (DCT) has selected AcordPay to join its Partner Ecosystem to make automated payments and help agencies and carriers benefit from smooth end-to-end payment processing.
Shares of the provider of SaaS core systems for the P&C and General Insurance industry have gained 22% over the past year. (See Duck Creek stock chart on TipRanks)
AcordPay, based in the U.S., is a leader in insurance payments technology that provides a suite of insurance payment solutions, including ClearPay. ClearPay, combined with major agency management systems, enables producers to set amounts payable, payment dates and electronically approve payments to insurers staying in their agency management systems.
With the addition of AcordPay’s ClearPay, insurers will be able to receive premium payments and related reconciliation data, along with the direct import of the same into Duck Creek Billing.
The Vice-President of Partner GTM at Duck Creek Technologies, Elizabeth Del Ferro, said, “This integration eliminates the tedious process for an insurer of manually reconciling all producer payments, while simultaneously reducing handling time and posting errors.”
She added, “With this assurance of payment from producers, insurers can also improve their ability to forecast cash flows. AcordPay offers a highly valuable service to our mutual customers, and we are delighted to welcome them into our Partner Ecosystem.”
Stifel Nicolaus analyst Parker Lane recently increased the price target from $55 to $60 (20.5% upside potential) and maintained a Buy rating on the stock.
Lane remains impressed with Duck Creek Technologies’ robust fundamentals, long-term growth potential and strength in digital transformation spending patterns.
Overall, the stock has a Strong Buy consensus rating based on 7 Buys and 1 Hold. The average Duck Creek price target of $52.50 implies 5.4% upside potential from current levels.
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