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Accenture has introduced new ISO cyber liability coverage options through Accenture Duck Creek Templates. The newly integrated cyber liability endorsements will allow insurers to more easily create and sell cyber security coverage to customers, according to the vendor.
Accenture characterizes the introduction of the endorsements as the fruit of a decade-long alliance between Accenture Duck Creek and ISO committed to providing clients with up-to-date templates that enable them to create and deliver products to market more quickly. The vendor will automatically provide new endorsements to insurers using the Accenture Duck Creek Template subscription service, enabling them to stay current with ISO definitions. The service now supports 11 lines of business in all U.S. jurisdictions, with hundreds of programs and variations implemented through the extension and override features of the Duck Creek software, according to the vendor. Other benefits include base ISO’s advisory loss costs, rules and forms with the ability to override, extend and adjust base ISO content, an Accenture statement reports.
“Using the Accenture Duck Creek service, we continue to deliver our customized offering to the marketplace,” comments Tracey Berg, CIO of West Bend Mutual Insurance, one of 35 insurers processing ISO-related business using Duck Creek Templates. “Being able to use ISO-based content, along with our unique coverage extensions is key to our commercial business.”
More Easily Creating New Offerings
The long alliance between Accenture and ISO has ensured that the newest rules and regulations are included in Duck Creek Templates so that insurance carrier customers can continue to reduce costs, lower risks and maintain agility in product development, according to Patti Griffin, global product lead, Accenture Duck Creek. “By staying current on cyber liability endorsements and any other new liability coverages, we can assist our clients in their efforts to remain compliant and to more easily create new offerings.”
“We value our long-standing and successful relationship with Accenture Duck Creek,” said Chris Perini, chief marketing officer, Verisk Analytics, ISO’s parent company. “Our Verisk Strategic Alliance program provides an efficient way for our mutual clients to receive and implement ISO’s industry-leading data and analytics services.”