Cyber risk analytics specialist CyberCube has announced that it has partnered with Duck Creek Technologies (Nasdaq: DCT), a leading provider of software as a service (SaaS) insurance core systems, to streamline the underwriting of cyber insurance policies.
The partnership will see the integration of CyberCube’s Risk Scoring Analytics application programming interface (API) into Duck Creek Policy, the award-winning underwriting platform. This means that risks input into Duck Creek Policy will automatically be scanned and scored by CyberCube. The offering automates the flagging and referring of risks that require review, streamlining the underwriting process, increasing efficiency, and improving the ability to identify cyber vulnerabilities.
“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 leading provider of cyber risks analytics to the global insurance industry. Insurers, reinsurers and brokers use CyberCube’s products to gain a greater understanding of their exposure to cyber risk and to assess clients for underwriting purposes. CyberCube’s products also allow risk carriers to stress test their portfolios of risk against modeled systemic cyber events.
Duck Creek Policy enables P&C carriers to deliver insurance products at scale in an era of rapid, customer-centric innovation and growth. The Policy product supports the full insurance policy lifecycle process with automation and workflow management capabilities, an integrated development environment for insurance products, and pre-built content. Using low-code tools and delivered through a software-as-a-service (SaaS) model, carriers can go to market faster, increase operational efficiencies, and improve customer satisfaction.
“Data-enhanced underwriting is a modern risk-selection requirement to effectively and appropriately analyze cybersecurity risks,” said Robert Fletcher, Head of Global Solution Partnerships of Duck Creek Technologies. “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.”