Duck Creek Technologies has announced that it has expanded its Partner Ecosystem through a new deal with data-science company Terrene Labs.
Terrene “enhances customer experiences for agents and direct insureds and provides a comprehensive risk profile to significantly impact and enrich the underwriting process,” Duck Creek said. The company’s integration with Duck Creek Policy will give carriers access to data from Terrene Labs from directly within Duck Creek’s platform.
“Our solution helps carriers reduce underwriting expenses through more efficient data collection and superior insight for underwriting risk selection, as well as improving loss experience by avoiding risks through greater risk insight,” said Piyush Singh, founder and CEO of Terrene Labs. “Partnering with Duck Creek and leveraging the Duck Creek Anywhere API is a perfect choice for us, and we are excited to leverage the Duck Creek Platform for advancing the underwriting process to provide better customer service experience and achieve straight-through processing.”
Terrene uses only four fields to identify, verify and classify risk to the appropriate business class, Duck Creek said. It then performs a comprehensive risk profile that yields a significant amount of high-veracity data.
Duck Creek and Terrene Labs have jointly enabled an Anywhere-enabled integration, which is now available on the Duck Creek Content Exchange. The integration provides a pre-integrated risk profile enrichment pre-fill tool within Duck Creek Policy and adds a call to a Terrene Labs service to retrieve account, location, and risk analysis data when starting a quote. The data is then used to pre-populate the quote, as well as show alerts for customer-specific underwriting flags returned from the Terrene service.
“Terrene’s engine uses big data, AI, and machine learning to create comprehensive risk profiles, vetting each element of the data to provide the best outcomes for insurers,” said Elizabeth Del Ferro, vice president and partner CTM at Duck Creek Technologies. “Their solution is a fantastic value add-on for carriers, and Duck Creek is thrilled to welcome them into our rapidly growing Partner Ecosystem.”