Duck Creek to Buy Imburse to Expand Solutions for Insurers

Duck Creek Technologies plans to acquire Imburse Payments to add digital transformation tools for insurers.

The acquisition will add Imburse’s digital payments capabilities built for insurers to Duck Creek’s range of Software-as-a-Service (SaaS) solutions for property and casualty (P&C) and general insurers, the companies said in a Thursday (Jan. 5) press release.

“Imburse has developed a great product for the global insurance industry that is not only easy to integrate and implement, but also gives carriers incredible flexibility and payment choices,” Duck Creek Technologies CEO Mike Jackowski said in the release.

PYMNTS research has found that insurance companies are leading the pack in terms of implementing new embedded finance solutions that can benefit themselves, their industry and their customers.

Thirty-six percent of financial institutions (FIs) said that insurance companies are the types of customers most likely to adopt embedded finance solutions, according to the October edition of the Embedded Finance Tracker®, a PYMNTS and Galileo collaboration.

Insurance companies are looking to this technology to help them deliver the payments experiences B2B customers and consumers alike are coming to expect, the report said.

For insurance carriers, Imburse’s cloud-native SaaS payment platform enables connection to the entire payment ecosystem, integration with existing infrastructure and processes, and management of partners for collections and disbursements, according to the press release.

For the carriers’ policyholders, the platform provides a payment experience that is easy to use, flexible and secure, the release said.

Following the acquisition, Imburse’s platform will be available both on a stand-alone basis and integrated with Duck Creek’s suite of technology solutions. Imburse will continue to serve its existing clients while also speeding its plans to expand across Europe and into North America and the Asia-Pacific (APAC) region, per the release.

Subject to closing conditions, the acquisition is expected to close during the second fiscal quarter of 2023, according to the release.

“Being part of Duck Creek will further accelerate our mission to simplify how businesses around the world access the global payments ecosystem,” Imburse CEO Oliver Werneyer said in the release.