BitSight Joins Duck Creek Partner Ecosystem

The new partnership aims to help property/casualty insurers quickly and confidently underwrite cyber insurance coverage.

(Image source: BitSight homepage.)

Duck Creek Technologies (Boston) has announced that it has expanded its Partner Ecosystem program through a new relationship with BitSight (Boston), a provider of security ratings. Used by brokers, insurers, reinsurers, and modelers globally to evaluate, price, and model cyber risk, BitSight Security Ratings are now available to joint customers in the Duck Creek Platform.

Samit Shah, Director of Insurance Programs & Partnerships, BitSight.

“BitSight Security Ratings provide critical information to help P&C insurers around the world underwrite cyber insurance and model risk,” comments Samit Shah, Director of Insurance Programs & Partnerships, BitSight.  “We are focused on bringing efficient underwriting workflow to our customers, and integrating our service with the Duck Creek Platform was a natural fit for us.”

Duck Creek reports that BitSight differs from other security assessment tools that examine a company’s policies or conduct periodic scans because it continuously measures security performance based on evidence of compromised systems, diligence, user behavior, and data breaches to provide an objective, evidence-based measure of performance. BitSight’s data-driven, outside-in approach requires no information from the rated entity, Duck Creek notes, thus enabling insurers using BitSight Security Ratings to augment questionnaire-based assessment towards a continuous-outcome-based model that is both effective and efficient.

Value-Add for Carriers

Elizabeth Del Ferro, VP, Partner GTM, Duck Creek Technologies.

“Cyber security represents a growing threat to businesses of all sizes, and protecting them with appropriate coverage is only becoming more difficult as the types and scope of cyber threats expand,” comments Elizabeth Del Ferro, VP, Partner GTM, Duck Creek Technologies. “Security Ratings are a fantastic value-add for carriers, and Duck Creek is thrilled to welcome BitSight into our rapidly-growing partner ecosystem.”

An Anywhere Enabled Integration now available on the Duck Creek Content Exchange allows insurers to make requests to the BitSight service to retrieve an overall rating and industry comparison, as well as information on individual risk vectors, their grades, and their industry comparison grades. Using this data, carriers can assess the cyber risk of an applicant organization during the underwriting process and price the policy appropriately, according to the vendor.

Cytora Joins Duck Creek Technologies Partner Ecosystem

Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

Leave a Comment

(required)