Duck Creek Technologies, a provider of technology to the property and casualty and general insurance industry, has expanded its Partner Ecosystem program through a new relationship with CARFAX.
CARFAX owns a vehicle history database and provides vehicle history data to 23 of the top 25 auto insurers.
Through the new relationship, CARFAX’s predictive information is now integrated with the Duck Creek platform. The companies said that helps insurance carriers attract and retain the best customers and avoid losses.
Duck Creek customers now have access to CARFAX data through an Anywhere Enabled Integration available on Duck Creek’s Content Exchange. A CARFAX team of actuaries is available to assist with data evaluation and implementation at no charge.
The companies said CARFAX data is beneficial for commercial auto and personal auto coverage. All of the data undergoes quality assurance testing to improve accuracy and eliminate duplicate or irrelevant records.
Using CARFAX data, insurers can measure road exposure and avoid losses with predictive information, Dan Hill, national sales director in the CARFAX Banking & Insurance Group, said in a news release.
Hill also said, “Duck Creek’s customers need the most accurate information possible to make informed underwriting decisions. Our studies show that using registration type and length of ownership in rating can produce a seven-point lower loss ratio, and we look forward to working with Duck Creek to help insurers reduce risk with better data.”
Providing competitive pricing is important to property and casualty carriers, and that is especially the case for auto insurance lines, said Elizabeth Del Ferro, vice president, partner GTM at Duck Creek Technologies.
“And the largest and highest-quality data set available is necessary for the underwriting decisions that make that pricing possible,” Del Ferro said. “CARFAX offers personal and commercial auto insurers an unparalleled quantity and quality of actionable data that can provide a distinct competitive advantage, and Duck Creek is thrilled to welcome them into our rapidly-growing partner ecosystem.”
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