Westfield Streamlines Commercial Lines Underwriting through New Verisk and Duck Creek Technologies Integration
Joint InsurTech solution simplifies connections of data and analytics for underwriting and process efficiency
BOSTON/JERSEY CITY–April 27, 2018—Duck Creek Technologies and Verisk have developed a new integration that significantly simplifies implementation of data and analytics for commercial lines underwriters. Westfield is the first insurer to take advantage of this new integration. Verisk (Nasdaq:VRSK) is a leading data analytics provider, and Duck Creek Technologies is a leading provider of P&C insurance software and services.
This 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 P&C insurance industry.
“We strive for excellence in providing coverage to our customers,” said Jason Reynolds Underwriting Resources Leader at Westfield. “We’re excited to experience how this new integration can enhance the policy processing and underwriting process.”
Westfield anticipates this integration accelerating underwriting decisions by automatically accessing data for more than six million commercial buildings and 26 million businesses in 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.
“Gaining real-time access to Verisk information through managed, platform-level integrations will give carriers greater data quality and more powerful analytics,” said Bill Bond, CTO of 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:
- 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,” said Rick Stoll, vice president of product management for ISO Commercial Underwriting at 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.”
Verisk (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk helps customers protect people, property, and financial assets.
Headquartered in Jersey City, N.J., Verisk operates in 30 countries and is a member of Standard & Poor’s S&P 500® Index. In 2017, Forbes magazine named Verisk to its America’s Best Mid-Size Employers list and to its World’s Most Innovative Companies list. Verisk is one of only seven companies to appear on both lists. For more information, please visit www.verisk.com.
About Duck Creek Technologies
Duck Creek Technologies paves a genuine path to the future for P&C insurance companies. Decades of insurance experience underpin advanced technologies specifically designed to accommodate change—allowing carriers to navigate uncertainty and capture market opportunities faster than their competitors. Duck Creek solutions are available standalone or as a full suite. All can be deployed via OnDemand, the provider’s SaaS offering for the P&C insurance industry. For more information, visit www.duckcreek.com.
Westfield was founded in 1848 by a small group of hard-working farmers who believed in the promise of the future and the power of the individual. Today, as one of the nation’s leading Property & Casualty companies, they remain true to their vision and are dedicated to your protection and prosperity and to the progress of our community. For more information, visit www.westfieldinsurance.com
Edelman (for Verisk)