Verisk and Duck Creek Announce the Addition of Verisk’s BuildFax Solutions to the Duck Creek Platform

Rhea-AI Summary

Verisk (Nasdaq:VRSK) has partnered with Duck Creek Technologies to integrate BuildFax solutions into Duck Creek's Content Exchange. This collaboration enhances access to vital property condition data for insurers, including insights on roof age and major system conditions. With these additions, Duck Creek's clients can leverage BuildFax's comprehensive analytics to make informed insurance decisions. These solutions are crucial for evaluating risks associated with properties, ultimately aiding in policyholder coverage.

Positive

• Integration of BuildFax solutions into Duck Creek's Content Exchange enhances data access for insurers.
• BuildFax offers critical insights on roof age and property conditions, improving risk assessment.

Negative

• None.

BuildFax Solutions Enable Insurers to Quickly Access Robust Information on Property Condition and History through Duck Creek Content Exchange

Jersey City, N.J., Sept. 30, 2020 (GLOBE NEWSWIRE) --  Verisk (Nasdaq:VRSK), a leading data analytics provider, and Duck Creek Technologies, a leading provider of core system solutions for the property/casualty insurance industry, announced today the addition of solutions from BuildFax, a Verisk business, to Duck Creek’s Content Exchange. These BuildFax solutions will enable insurers to easily access robust property condition and history data through the Duck Creek Platform.

The BuildFax solutions – Roof Age, Property Condition Score, and Major Systems Insights – are rooted in ground-truth permit data, providing critical information about a  property’s condition – which includes the age of its roof and maintenance activity on plumbing, electrical, and mechanical systems.

These additional solutions are the latest Verisk products available on Duck Creek’s Content Exchange. Duck Creek customers can currently access a wide range of Verisk tools through the Content Exchange, including detailed information on the relative risk of vehicles, the replacement cost for specific homes, and robust telematics data from consenting drivers for usage-based insurance programs.

“Personal lines insurers today need quick and easy access to robust data about property conditions,” said Robert Fletcher, head of global solution partnerships at Duck Creek. “With these additions to the Duck Creek Content Exchange, carriers who use our software will now be able to easily access BuildFax solutions and make more informed and efficient decisions about the homes they insure.”

“Information about roofs and major systems is critically important in evaluating a structure’s risk,” said Jonathan Kanarek, managing director of BuildFax. “By integrating these BuildFax solutions into Duck Creek’s Platform, we’re making it simple for Duck Creek’s customers to access updated and detailed information about property conditions and help policyholders get the coverage they need.”

About Verisk 
Verisk (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk helps customers protect people, property, and financial assets.

Headquartered in Jersey City, N.J., Verisk operates in 30 countries and is a member of Standard & Poor's S&P 500^® Index and Nasdaq 100 Index. For more information, please visit www.verisk.com.

About BuildFax
BuildFax, a Verisk business, is a leading provider of property condition and history data for insurance and financial institutions. With the only database of its kind encompassing more than 84 billion data points on commercial and residential structures, BuildFax delivers detailed data on remodeling, solar installations, new construction, roof age, major systems, maintenance history, and more. To learn more about BuildFax, visit www.buildfax.com.

About Duck Creek Technologies
Duck Creek Technologies 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 stand-alone basis or as a full suite, and all are available via Duck Creek OnDemand. For more information, visit www.duckcreek.com.

Contacts:

Joseph Madden
201-232-4486
Joseph.Madden@verisk.com

Paul Rechichi
Racepoint Global (for Duck Creek Technologies)
617-624-3295
prechichi@racepointglobal.com

FAQ

What new solutions has Verisk added to Duck Creek's Content Exchange?

Verisk has added BuildFax solutions, including Roof Age, Property Condition Score, and Major Systems Insights, to Duck Creek's Content Exchange.

How do BuildFax solutions impact insurers using Duck Creek's platform?

BuildFax solutions enable insurers to access crucial property condition data, facilitating better risk assessment and decision-making.

What is the significance of BuildFax's data for property insurance?

BuildFax's data provides detailed information on property conditions, helping insurers evaluate risks related to roofs and major systems.

When was the partnership between Verisk and Duck Creek announced?

The partnership was announced on September 30, 2020.