Integrated solution prefills NAICS codes — enabling fast, accurate underwriting and quoting
NEW YORK, November 2, 2022 — NeuralMetrics, which enables actionable risk-assessment intelligence for P&C insurers, brokers, and agents, announced today it has partnered with Duck Creek Technologies (Nasdaq: DCT), the intelligent solutions provider defining the future of property and casualty (P&C) insurance, to offer carriers API access to critical NAICS code prefill for risk assessment. The partnership provides property/casualty insurers the ability to underwrite commercial lines policies quickly and accurately. Codes and data for additional lines of business, such as workers’ compensation and commercial umbrella, can easily be enabled via the partnership’s API integration.
With the push of a button, insurers using Duck Creek Policy can now prefill essential underwriting information for quote generation, including account name, address, and NAICS 6-digit codes. The NeuralMetrics solution uses artificial intelligence and natural language processing to provide accurate, transparent data for evaluating risk eligibility, enabling straight-through processing, and reducing the time required to complete policy underwriting, quote, and binding.
“Our company’s mission is to provide a better experience for the underwriting teams of commercial lines insurers and their policyholders,” said Prakash Vasant, CEO, NeuralMetrics. “Partnering with Duck Creek gives insurers fast, easy access to imperative risk-evaluation data, results in efficient and reliable underwriting, and drives higher satisfaction and service for agents/brokers and insureds. In addition to speed and accuracy, NeuralMetrics harnesses intelligent technology to make the data sources transparent, so insurers can make quality underwriting decisions with confidence about regulatory compliance.”
Addressing the challenges of proficient underwriting, NeuralMetrics automatically discovers and answers fundamental risk evaluation questions for commercial lines of business. The solution allows insurers access to a range of structured and unstructured data, significantly enhancing legacy and manual underwriting processes.
“Duck Creek is eager to continue enhancing its partner ecosystem with technology that equips commercial lines underwriters with instantaneous data to accelerate their speed to market and helps facilitate their growth,” said Robert Fletcher, Sr. Partner Manager, Duck Creek Technologies. “Our partnership with NeuralMetrics gives our customers a more personalized experience that is tailored to carrier-specific underwriting guidelines, questions, and strategies.”
NeuralMetrics facilitates accurate, contextual commercial lines underwriting and comprehensive lead management for property/casualty insurance organizations. The company’s easy-to-deploy data-aggregation platform is powered by AI and natural language processing to extract industry-compliant, actionable risk-assessment intelligence instantaneously and transparently from dynamic, public sources of information. As a domain-expert partner to insurers, NeuralMetrics enables reliable rating classification, incisive underwriting, and precise policy pricing, as well as lead sourcing and qualification. For more information, visit www.neuralmetrics.ai
About Duck Creek Technologies
Duck Creek Technologies (NASDAQ: DCT) is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. Visit www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and Twitter.
Candace Boyle (for NeuralMetrics)