CARFAX® Joins Duck Creek Partner Ecosystem, Helping Auto Insurers Reduce Risk, Settle Claims Faster, and Improve the Bottom Line

Rhea-AI Summary

Duck Creek Technologies (Nasdaq: DCT) has expanded its Partner Ecosystem by collaborating with CARFAX, integrating CARFAX's comprehensive vehicle history data into the Duck Creek Platform. This integration aims to enhance insurance underwriting decisions, enabling carriers to lower loss ratios by up to 7 points. CARFAX's rigorous data quality assurance ensures accuracy, benefiting both commercial and personal auto insurance. The partnership aims to give Duck Creek clients a competitive edge in a challenging market, with access to unparalleled data resources.

Positive

• Integration of CARFAX data enhances insurance underwriting decision-making.
• Potential to lower loss ratios by up to 7 points, improving profitability.
• Access to the largest vehicle history database strengthens competitive positioning.

Negative

• None.

Partnership offers carriers automated access to the world’s largest motor vehicle history database

Boston, April 19, 2021 (GLOBE NEWSWIRE) -- Duck Creek Technologies (Nasdaq: DCT) announced today that it has expanded its Partner Ecosystem program through a new relationship with CARFAX, owner of the world’s largest vehicle history database and provider of crucial vehicle history data to 23 of the top 25 largest auto insurers. The company’s predictive information is now integrated with the Duck Creek Platform, helping insurance carriers attract and retain the best customers while avoiding losses.

“CARFAX data helps insurers measure road exposure  and avoid losses with predictive information,” said Dan Hill, National Sales Director in the CARFAX Banking & Insurance Group. “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 7-point lower loss ratio, and we look forward to working with Duck Creek to help insurers reduce risk with better data.”

CARFAX data is beneficial for commercial auto as well as personal auto coverage, and all of it undergoes rigorous quality assurance testing to improve accuracy and eliminate duplicate or irrelevant records. Duck Creek customers now have access to CARFAX data through an Anywhere Enabled Integration available on Duck Creek’s Content Exchange. Plus, CARFAX has a team of experienced actuaries ready to assist with data evaluation and implementation at no charge.

“Providing competitive pricing is vitally important to P&C carriers, perhaps nowhere more than in auto insurance lines, and the largest and highest-quality data set available is necessary for the underwriting decisions that make that pricing possible,” said Elizabeth Del Ferro, Vice President, Partner GTM at Duck Creek Technologies. “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.”

About CARFAX

CARFAX, a part of IHS Markit (NYSE: INFO), is the vehicle history expert for used car buyers, sellers, lenders, insurers and the automotive industry. With over 25 billion records, CARFAX has the most accident and damage information. CARFAX has vehicle history data on all used cars and light/ medium trucks model year 1981 or newer and has over 112,000 data sources including government, public, and corporate sources. CARFAX provides the data insurance carriers value in their underwriting and rating processes, helping them attract and retain more of their target insurance customers. To learn more about the CARFAX Banking & Insurance Group, visit www.CarfaxForInsurers.com or call 800-789-6232.

About Duck Creek

Duck Creek Technologies (Nasdaq: DCT) is a leading provider of core system solutions to the P&C and General insurance industry. By accessing Duck Creek OnDemand, the company’s enterprise Software-as-a-Service solution, insurance carriers are able to navigate uncertainty and capture market opportunities faster than their competitors. Duck Creek’s functionally-rich solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. For more information, visit www.duckcreek.com.

Media Contact:
Paul Rechichi
Racepoint Global
617-624-3295
prechichi@racepointglobal.com

FAQ

What is the new partnership announced by Duck Creek Technologies on April 19, 2021?

Duck Creek Technologies announced a partnership with CARFAX to integrate its vehicle history data into the Duck Creek Platform, enhancing underwriting for insurance carriers.

How does the CARFAX partnership benefit insurance carriers using Duck Creek Technologies?

The partnership allows insurance carriers to use CARFAX's data to improve underwriting decisions and potentially reduce loss ratios by up to 7 points.

What advantages does CARFAX's data provide to Duck Creek's customers?

CARFAX provides the largest vehicle history database, improving data accuracy and quality for better risk assessment in auto insurance.

What is the significance of the partnership for Duck Creek Technologies' market position?

The partnership strengthens Duck Creek's competitive advantage by offering unmatched data resources essential for underwriting and pricing decisions in auto insurance.