Duck Creek Technologies has expanded its partnership with big data software company Precisely to bolster smarter underwriting capabilities.
Duck Creek Policy enables P&C carriers to deliver insurance products at scale in an era of rapid, customer-centric innovation and growth. Precisely’s data integration, data quality, data governance, location intelligence, and data enrichment products power better business decisions to create better outcomes.
The Precisely CAT Area Underwriting Embargo integration for Duck Creek Policy is designed to give carriers more control when it comes to writing policies in potential natural disaster areas such as wildfire and hurricane prone areas. This integration leverages Precisely Spectrum Spatial to manually select areas that are seen as high risk to the carrier.
Clarence Hempfield, senior vice president, product management at Precisely, said, “Leading Insurers must manage and extract insights from a wide array of location and other data sources which fuel their underwriting decisions.
“With Spectrum Spatial, you can integrate and orchestrate data from different databases, applications, formats, and data types to quickly gain a richer, more complete view of opportunities and risks through powerful location analytics and visualisation. We’re excited to launch this integration with Duck Creek Policy and help our mutual customers underwrite risk more accurately with trusted data.”
In a recent blog post, Quantexa explored how the use of data is key to intelligent underwriting. Insurers, the company said, should consider how they can bring data to the centre of their business, harnessing the power of data-driven and connected decision eco systems.
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