(Image source: Cytora homepage.)
Duck Creek Technologies (Boston) has announced that that Cytora (London) has joined its Partner Ecosystem program. Through its Property API, Cytora can enable Duck Creek customers to improve the efficiency and accuracy of their underwriting, automatically enriching insurance submissions with property, location, and rating data from 50+ sources to enable fast, accurate risk assessment.
Duck Creek customers can now interface with Cytora’s Property API seamlessly in their underwriting process through an Anywhere Enabled Integration, available on the Duck Creek Content Exchange, according to a Duck Creek statement. The Property API automatically enriches insurance submissions with all of the information needed to underwrite in one API call, meaning underwriting teams no longer need to manually gather information to assess commercial risks, the vendor says.
Cytora addresses deficiencies in manual processes, whereby submission data sent to carriers and MGA from brokers and insurers is often replete with errors and missing values. These faults can lead to inaccurate risk selection and inefficient processes.
With Cytora’s Property API, insurers can do the following, according to the Duck Creek statement:
- Enhance risk differentiation and assess risk more accurately with data from 50+ sources;
- Improve underwriting efficiency by automating data gathering and validation; and
- Provide a better customer experience by providing fairer pricing and passing savings back to their customers.
“Assessing and pricing risk accurately is critical to insurers now more than ever,” comments Bart Patrick, EMEA MD, Duck Creek. “The volume of data involved inherently opens the door for error when manual processes are introduced, not to mention the disadvantage that the pace of work involved presents. Cytora offers an excellent solution that solves several complex problems at once; their Property API is a fantastic value-add for carriers, and Duck Creek is thrilled to welcome them into our rapidly-growing Partner Ecosystem”
Automated, High-Quality Data
“We’re really excited to be partnering with Duck Creek, a company that similarly understands the impact innovative technology can have on the insurance industry,” says Richard Hartley, CEO, Cytora. “Insurers often receive incomplete information, which makes it difficult for them to assess risk quickly and accurately. With Cytora, Duck Creek customers can now automate repetitive manual processes and access high-quality data to assess risks more accurately.”