Scores and other telematics data from the Verisk Data Exchange will support pricing models for Duck Creek’s insurer customers
JERSEY CITY, N.J., December 21, 2016 — Verisk Insurance Solutions, a leading source of information about property/casualty insurance risk, today announced an agreement with Duck Creek Technologies 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). 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 Insurance Solutions is a Verisk Analytics (Nasdaq:VRSK) business.
The Verisk Data Exchange—the first-of-its-kind data exchange for driving history—was launched in July 2016. 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.
“Duck Creek’s software solutions and the Verisk Data Exchange model-ready scores and data will form a powerful combination,” said Jim Levendusky, vice president of telematics at 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,” said Patti Griffin, chief product officer at 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.”
Insurers and data providers interested in learning more about the exchange should visit www.verisk.com/telematics.
About Duck Creek Technologies
Duck Creek Technologies is a leading provider of comprehensive P&C insurance software and services for insurers of all sizes worldwide. Employing progressive technology, Duck Creek solutions enable insurers to optimize outcomes and enhance engagement through advanced digital and data capabilities and integrated functionality that can be delivered via the cloud or on-premises. For more information, visit www.duckcreek.com.
About Verisk Insurance Solutions
A Verisk Analytics (Nasdaq:VRSK) business, Verisk Insurance Solutions is a leading source of information about property/casualty insurance risk. Drawing upon unique data assets and deep domain expertise to provide innovative solutions that are integrated into customer workflows, Verisk Insurance Solutions includes the industry-leading brands of ISO, AIR Worldwide, and Xactware. Around the world, Verisk Insurance Solutions helps customers protect people, property, and financial assets. For more information, visit www.verisk.com/insurance.