FICO Partners with Duck Creek Technologies

Rhea-AI Summary

FICO has announced a partnership with Duck Creek Technologies to integrate the FICO® Cyber Risk Score into the Duck Creek platform. This collaboration aims to enhance policy quoting and underwriting workflows for property and casualty insurers. The FICO Cyber Risk Score leverages comprehensive cybersecurity data to provide an empirical risk assessment, benefiting insurers in their risk selection and pricing processes. This integration is anticipated to streamline underwriting efforts and allow for faster, data-driven decisions.

Positive

• Partnership with Duck Creek enhances underwriting processes for property and casualty insurers.
• Integration of FICO Cyber Risk Score provides insurers with empirical data for better risk assessment.
• Expected to improve operational efficiency in policy quoting and underwriting workflows.

Negative

• None.

SAN JOSE, Calif., Sept. 10, 2020 /PRNewswire/ -- FICO, a global analytics leader, announced today that it has partnered with Duck Creek Technologies.  The partnership offers a seamless integration of the FICO® Cyber Risk Score with P&C insurers policy quoting and underwriting workflows within the Duck Creek platform.  The partnership enables access to the industry's most accurate cyber risk score, providing visibility into an organization's enterprise security behaviors for underwriting efforts, while helping to drive better business decisions.

The FICO® Cyber Risk Score is an empirical score that relies on a comprehensive and diverse set of cyber security data signals to quickly determine the risk profile of any organization. These insights outline key risk indicators, including the health of IT systems, network infrastructure, and software and services. This information is used to fine-tune the machine learning model that produces a risk score that forecasts the likelihood of a future breach event for a given company or its associated third-party vendors.

"A trusted score benchmark in the industry – insurers, brokers, vendor managers, and Chief Risk Officers all depend on the FICO Cyber Risk Score to assess and quantify an organization's security risk," said Manish Karir, vice president of product management, at FICO. "Integrating the FICO Cyber Risk Score with Duck Creek's platform provides a reliable cyber assessment for insurers in the risk selection process to enhance their underwriting and pricing processes. We are truly excited to partner with Duck Creek Technologies to give P&C insurers a more streamlined and accurate underwriting workflow."

"Cyber security is a threat to businesses of all sizes, and carriers are much more prepared to address it properly with an empirically-derived benchmark for cyber risk, rather than an opinion-based ranking," said Elizabeth Del Ferro, vice president, partner GTM at Duck Creek Technologies. "With access to this data available directly through the Duck Creek platform, our customers' underwriting decisions can be made faster and with greater confidence. The FICO Cyber Risk Score is a very valuable tool for insurers, and Duck Creek is glad to welcome FICO into our rapidly-growing partner ecosystem."

To learn more about the FICO and Duck Creek Technologies partnership, please visit: https://www.duckcreek.com/content-exchange/fico_cyber_risk_score_integration/.

Check out FICO's recent market leader position for the third year running in the new Chartis Research report: Cyber Risk Quantification Solutions, 2020: Market Update and Vendor Landscape.

To learn more about the FICO® Cyber Risk Score, please visit https://cyberscore.fico.com.

About FICO

FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 195 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail, and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.

Join the conversation at https://twitter.com/fico & http://www.fico.com/en/blogs/.

For FICO news and media resources, visit www.fico.com/news.

FICO is a registered trademark of Fair Isaac Corporation in the United States and in other countries.

 

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SOURCE FICO

FAQ

What is the FICO Cyber Risk Score and its significance for insurers?

The FICO Cyber Risk Score is an empirical assessment that evaluates an organization's cybersecurity risk based on diverse data signals, aiding insurers in their risk selection and pricing.

How does the FICO and Duck Creek partnership benefit P&C insurers?

The partnership provides seamless integration of the FICO Cyber Risk Score into Duck Creek's platform, enhancing underwriting workflows and enabling faster, data-driven decisions.

When was the FICO partnership with Duck Creek Technologies announced?

The partnership was announced on September 10, 2020.

What types of organizations can benefit from the FICO Cyber Risk Score?

Property and casualty insurers, brokers, and vendor managers can utilize the FICO Cyber Risk Score for assessing and quantifying cybersecurity risks.

What improvements can P&C insurers expect from integrating FICO's Cyber Risk Score?

Insurers can expect improved risk assessment accuracy, enhanced underwriting processes, and streamlined policy quoting workflows.