CyberCube, a leading provider of software as a service (SaaS) insurance core systems, said today that it has teamed with Duck Creek Technologies (Nasdaq: DCT) to streamline the underwriting of cyber insurance policies.
CyberCube's Risk Scoring Analytics application programming interface (API) will be integrated into Duck Creek Policy, the award-winning underwriting platform, as part of the agreement. This means that CyberCube will automatically scan and score hazards entered into Duck Creek Policy. As a result, the product streamlines the underwriting process, increases efficiency, and improves the capacity to uncover cyber vulnerabilities by automating the flagging and referring of risks that require assessment.
Head of Client Account Management and Technology Services of CyberCube, Ross Wirth, said: “This new partnership with Duck Creek will bring tangible benefits to the users of Duck Creek’s policy underwriting platform. Prior to the integration, underwriters were making decisions without access to key cyber metrics. They may have missed key flags and would have had to rely solely on external research during the underwriting process. Now, that’s changing. CyberCube’s risk scoring API will act as an early indicator to assist in the underwriting process. Ultimately, underwriters will gain a more complete view of a client’s cyber exposures and vulnerabilities early in the underwriting process so that they can respond accordingly.”
CyberCube is a global leader in cyber risk analytics for the insurance business. Insurers, reinsurers, and brokers use CyberCube's solutions to better understand their cyber risk exposure and assess clients for underwriting purposes. Risk carriers can also use CyberCube's technologies to test their risk portfolios against simulated systemic cyber catastrophes.
In an era of rapid, customer-centric innovation and expansion, Duck Creek Policy enables P&C carriers to create insurance products at scale. With automation and workflow management tools, an integrated development environment for insurance products, and pre-built content, the Policy product supports the entire insurance policy lifecycle process. As a result, carriers can get to market faster, increase operational efficiencies, and improve customer happiness by using low-code tools offered via a software-as-a-service (SaaS) paradigm.
“Data-enhanced underwriting is a modern risk-selection requirement to effectively and appropriately analyze cybersecurity risks, With CyberCube, we are bringing better business and underwriting intelligence into Duck Creek Policy, ensuring carriers who underwrite cyber risk have a centralized source of actionable data.”
Robert Fletcher, Head of Global Solution Partnerships of Duck Creek Technologies