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Pitney Bowes Business Insight in Pact with Duck Creek Technologies

By Rajani Baburajan
TMCnet Contributor

Pitney Bowes Business Insight, which provides enterprises with solutions to acquire, serve and grow customer relationships, announced partnership with Duck Creek Technologies, a leading provider of software and services to the insurance industry, to offer a comprehensive policy administration solution.

The integrated solution enables carriers to "enhance underwriting operations through more productive, cost-effective and error-proof policy processing," according to company officials.

The solution combines Pitney Bowes Business Insight's Spectrum (News - Alert) Data Quality Platform and Location Intelligence solutions with the Duck Creek Policy Administration product. It provides carriers with customer information validation, data enrichment and geo-spatial analysis--all in a single API called directly from the Duck Creek user interface and entirely transparent to the business user, company officials said.

Duck Creek Technologies focus on helping insurance carriers get products to market more quickly and ultimately driving profitable premium growth, says Kerrick Tweedy, co-founder, product manager, Duck Creek Technologies. Integrating with Pitney Bowes Business Insight (News - Alert) allows them to address both of these key initiatives.

"By making the integration available out-of-the-box, we help carriers get products to market more quickly," Tweedy said. "By bringing in the wealth of data provided by the Spectrum and Envinsa solutions, we give brokers and underwriters the information they need to do their jobs more effectively, therefore driving more profitable premium growth."

Pitney Bowes Business Insight is committed to providing insurance carriers with the most advanced, intuitive and customer-friendly solutions to enhance their business operations.

According to Bill Sinn, strategic industry and marketing director, Insurance, Pitney Bowes Business Insight, insurance carriers want a policy administration system that is designed to automate key policy functions, define workflows and enable straight-through-processing of core business processes.

The new solution, according to Sinn, helps them address the market demands.

"When an agent or underwriter enters data into the Duck Creek Policy Administration product it makes a Web services call to Pitney Bowes Business Insight Spectrum Platform. Spectrum returns a comprehensive set of enriched data, including address verification, proximity to risk and emergency services, and identification of the exact location of the insured assets," company officials explained.

The enriched data is leveraged at multiple points throughout the underwriting process. For instance, if the policy is returned as an underwriting exception, Pitney Bowes Business Insight's Envinsa Location Intelligence Solution enables the carrier to visually compare the proximity of the policy to the existing book of business to determine risk accumulations and threats of over-exposure or aggregated risks within a catastrophe area, the company said.

The combined solution also leverages the power of Pitney Bowes Business Insight's EngageOne solution for policyholder communications. It provides underwriters with the ability to conduct in-line editing of policies and other communications to reflect specific coverage parameters not available in standard forms.

The two companies will be demonstrating the joint solution at the ACORD LOMA Insurance Systems Forum, to be held May 24-26 at the Mandalay Bay Resort & Casino in Las Vegas, NV.

Back in May, Duck Creek Technologies announced a partnership with AssureSign, a provider of electronic signature technology, to develop integrated solution to enhance customer acquisition and renewal process.