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Westfield Insurance (Westfield Center, Ohio) has adopted a new integration between Duck Creek Technologies (Columbia, S.C.) and Verisk (Jersey City, N.J.) that the vendors claim that significantly simplifies implementation of data and analytics for commercial lines underwriters. The insurer announced that it had selected Duck Creek’s OnDemand software-as-a-service offering for policy administration, along with other products from the vendor, in early 2017.
The new technology will connect Verisk’s commercial lines underwriting information through Duck Creek Anywhere Managed Integrations, a subscription-based service, fully managed and supported by Duck Creek and available exclusively via Duck Creek OnDemand, the provider’s SaaS solution for the property/casualty insurance industry, according to a statement from the vendors.
“We strive for excellence in providing coverage to our customers,” said Jason Reynolds, Underwriting Resources Leader, Westfield. “We’re excited to experience how this new integration can enhance the policy processing and underwriting process.”
The insurer anticipates that the integration will accelerate underwriting decisions by automatically accessing data for more than six million commercial buildings and 26 million businesses in Verisk’s ProMetrix database when evaluating a policy. ProMetrix is used by 24 of the largest 25 commercial insurers to support their underwriting workflow, according to Verisk.
Better, Faster Decisions on the Duck Creek Platform
“Gaining real-time access to Verisk information through managed, platform-level integrations will give carriers greater data quality and more powerful analytics,” comments Bill Bond, CTO, Duck Creek Technologies. “It will allow Westfield and other insurers to make better and faster decisions through the Duck Creek Platform, by eliminating manual data entry and providing immediate data delivery.”
Duck Creek Policy OnDemand customers have access to five direct pre-built integrations with Verisk, including the following according to the joint vendor statement:
- Commercial property replacement cost estimates
- Commercial property risk data and information by address
- Territory and commercial building codes as well as wind and crime data
- The ability to retrieve and store ProMetrix loss costs, ISO Public Protection Classification (PPC), and associated data for new business transactions
- The ability to retrieve the ISO symbol for specified vehicles
“This joint offering with Duck Creek fits in perfectly with Verisk’s position as a leading Insurtech data provider,” comments Rick Stoll, VP, product management, ISO Commercial Underwriting, Verisk. “We consider the integrations as ‘plug and play’ services for customers to receive the most accurate data and analytics possible. They are ideal to support companies developing commercial insurance underwriting processes.”