Westfield Streamlines Commercial Lines Underwriting Through New Verisk and Duck Creek Technologies Integration
Staff Writer | April 19, 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 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.”
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