Duck Creek Technologies Inc 's

The market for P&C and general insurance core system software is highly competitive and fragmented. Carriers increased spending on software applications, as well as the emergence of new platforms that have expanded beyond the modernization of core systems to include new digital engagement and data and analytics solutions, have piqued the interest of investors and entrepreneurs. Increased capital enables market participants to pursue more aggressive go-to-market strategies, improve existing products, launch new ones, and merge with other vendors. This market is also influenced by shifting technological preferences, shifting customer needs, and the introduction of new models, products, and services, all of which contribute to a highly competitive market. Furthermore, existing relationships between potential customers and our competitors may make it difficult to sell our solutions to such customers.
Our current and future competitors vary in size and in the breadth and scope of the products and services they offer, and may be larger, have longer operating histories, or have greater available financial, technical, sales, marketing and other resources than we do, as well as larger installed customer bases. Our current principal competitors include, but are not limited to:
Internally Developed Technology and Software: Many large insurance companies have sufficient IT resources to develop and maintain proprietary internal systems, or to consider developing new custom systems. Often these in-house technology programs will be supported by large scale consulting firms such as IBM, Wipro, Cognizant, and others.
P&C and General Insurance Industry Software Vendors: Vendors such as Guidewire, Insurity, Majesco, Sapiens and others provide software products that are specifically designed to meet the needs of insurers.
Horizontal Software Vendors: Vendors such as Oracle, SAP, Pegasystems and others provide software that can be customized to address the needs of insurers.
IT Services Firms: Firms such as DXC Technology, NTT Data and Tata Consultancy Services Limited offer software and systems that can be adapted for the P&C and general insurance industry. We believe the principal competitive factors in our market include, but are not limited to:
Breadth and depth of product functionality,
Line of business support that fits the needs of each element of a carrier?s business,
Total cost of ownership,
Domain expertise in the P&C and general insurance industry,
Scalability, reliability and uptime of application,
Quality of implementation and collaborative customer service, including service and support staff for users,
Modern and intuitive technology and user experience,
Brand awareness, reputation and customer references,
Integration with a wide variety of third-party applications and systems. Our ability to remain competitive in the geographies in which we are active will depend to a great extent upon our ongoing performance in these areas.