(Image credit: Gerd Altmann.)
Duck Creek Technologies (Boston) has announced that Terrene Labs (Chicago) has joined its Partner Ecosystem. Terrene is a data science company whose solution enhances customer experiences for agents and direct insureds and provides a comprehensive risk profile to impact and enrich the underwriting process. An integration with Duck Creek Policy gives carriers access to data from Terrene Labs from directly within the Duck Creek Platform.
“Our solution helps carriers reduce underwriting expenses through more efficient data collection and superior insight for underwriting risk selection, as well as improve loss experience by avoiding risks through greater risk insight,” comments Piyush Singh, Founder and CEO, Terrene Labs. “Partnering with Duck Creek and leveraging the Duck Creek Anywhere API is a perfect choice for us, and we are excited to leverage the Duck Creek Platform for advancing the underwriting process to provide better customer experience and achieve straight-through processing”
Terrene uses only four fields to identify, verify, and classify risk to the appropriate business class and then performs a comprehensive risk profile using traditional, non-traditional, and new-world attributes, which the vendor vaunts as being in tune with today’s world of information accessibility. Duck Creek reports that this yields a significant amount of high-veracity data that has been validated for optimized underwriting.
Duck Creek and Terrene Labs have jointly developed an Anywhere Enabled Integration, now available on the Duck Creek Content Exchange, for insurers looking to accelerate implementation through Duck Creek’s Anywhere API program, the vendor reports. This integration provides a pre-integrated risk profile enrichment pre-fill solution within Duck Creek Policy. It adds a call to a Terrene Labs service to retrieve account, location, and risk analysis data when starting a quote. The comprehensive risk profile data is then used to pre-populate the quote, as well as show alerts for customer-specific underwriting flags returned from the Terrene service based on automated and carrier-specific analysis of the risk profile.
Big Data, AI and Machine Learning
“Terrene’s engine uses big data, AI, and machine learning to create comprehensive risk profiles, vetting each element of the data to provide the best outcomes for insurers,” comments Elizabeth Del Ferro, VP, Partner GTM at Duck Creek Technologies. “Their solution is a fantastic value-add for carriers, and Duck Creek is thrilled to welcome them into our rapidly-growing partner ecosystem.”