(Image source: CARFAX homepage.)
Duck Creek Technologies (Boston) has announced the expansion of its Partner Ecosystem program through a new relationship with CARFAX (Centreville, Va.), owner of the world’s largest vehicle history database and provider of crucial vehicle history data to 23 of the top 25 largest auto insurers. The company’s predictive information is now integrated with the Duck Creek Platform, which the vendor says will help insurance carriers attract and retain the best customers while avoiding losses.
“CARFAX data helps insurers measure road exposure and avoid losses with predictive information,” comments Dan Hill, National Sales Director, CARFAX Banking & Insurance Group. “Duck Creek’s customers need the most accurate information possible to make informed underwriting decisions. Our studies show that using registration type and length of ownership in rating can produce a 7-point lower loss ratio, and we look forward to working with Duck Creek to help insurers reduce risk with better data.”
Duck Creek explains the partnership saying that CARFAX data is beneficial for commercial auto as well as personal auto coverage, and that all of it undergoes rigorous quality assurance testing to improve accuracy and eliminate duplicate or irrelevant records. Through the partnership Duck Creek says customers now have access to CARFAX data through an Anywhere Enabled Integration available on Duck Creek’s Content Exchange. CARFAX also has a team of experienced actuaries ready to assist with data evaluation and implementation at no charge, Duck Creek reports.
Unparalleled Quantity and Quality of Actionable Data
“Providing competitive pricing is vitally important to P&C carriers, perhaps nowhere more than in auto insurance lines, and the largest and highest-quality data set available is necessary for the underwriting decisions that make that pricing possible,” comments Elizabeth Del Ferro, Vice President, Partner GTM at Duck Creek Technologies. “CARFAX offers personal and commercial auto insurers an unparalleled quantity and quality of actionable data that can provide a distinct competitive advantage, and Duck Creek is thrilled to welcome them into our rapidly-growing partner ecosystem.”