(Aerial view of Jersey City waterfront. Photo credit: Gryffindor.)
Verisk Insurance Solutions (Jersey City, N.J.), a source of property/casualty insurance risk information, has signed agreement with insurance systems vendor Duck Creek Technologies (Columbia, S.C.) that will enable Duck Creek customers to access the Verisk Data Exchange. Duck Creek will receive driving data and risk scores from Verisk through a Verisk-built application programming interface (API), a Verisk statement says. Participating Duck Creek insurer customers will be able to use the data with consumer consent to identify safe drivers who might be eligible for discounts.
Verisk Analytics describes the Verisk Data Exchange— launched in July 2016—as the first-of-its-kind data exchange for driving history. Consenting connected-car owners will have the option to contribute their driving data and seamlessly take advantage of insurers’ usage-based insurance (UBI) programs typically designed to reward safe drivers. The Verisk Data Exchange also assigns consumers a driving risk score. Similar to a credit score, it can be used to demonstrate responsible driving history and serve as the basis for car insurance premiums. General Motors was the first auto manufacturer to sign on to the Verisk Data Exchange.
Running Start for Insurers Launching UBI Programs
“Duck Creek’s software solutions and the Verisk Data Exchange model-ready scores and data will form a powerful combination,” comments Jim Levendusky, VP of telematics, Verisk Insurance Solutions. “This will provide a running start for insurers looking to launch UBI programs and offer better integration with the workflows of insurers already in this space.”
“Duck Creek currently offers its customers preintegrated Verisk content through Duck Creek Templates that streamline the underwriting and rating process,” comments Patti Griffin, chief product officer, Duck Creek Technologies. “Under an exciting expansion of our existing relationship with Verisk, Duck Creek has an additional offering of new prebuilt content that uses scores and other data from the Verisk Data Exchange to enhance solutions for insurers.”