Partnership helps P&C insurers quickly and confidently underwrite cyber insurance coverage with industry-leading security ratings
Boston, March 24, 2020announced today that it has expanded its Partner Ecosystem program through a new relationship with BitSight, the world's leading provider of security ratings. Used by brokers, insurers, reinsurers, and modelers throughout the world to evaluate, price, and model cyber risk, BitSight Security Ratings are now available to joint customers in the Duck Creek Platform.
"BitSight Security Ratings provide critical information to help P&C insurers around the world underwrite cyber insurance and model risk," said Samit Shah, Director of Insurance Programs & Partnerships at BitSight. "We are focused on bringing efficient underwriting workflow to our customers, and integrating our service with the Duck Creek Platformwas a natural fit for us."
Unlike existing security assessment tools that examine a company's policies or conduct periodic scans, BitSight continuously measures security performance based on evidence of compromised systems, diligence, user behavior, and data breaches to provide an objective, evidence-based measure of performance. This data-driven, outside-in approach requires no information from the rated entity. With BitSight Security Ratings, insurance organizations can augment questionnaire-based assessment towards a continuous-outcome-based model that is both effective and efficient.
"Cyber security represents a growing threat to businesses of all sizes, and protecting them with appropriate coverage is only becoming more difficult as the types and scope of cyber threats expand," said Elizabeth Del Ferro, Vice President, Partner GTM at Duck Creek Technologies. "Security Ratings are a fantastic value-add for carriers, and Duck Creek is thrilled to welcome BitSight into our rapidly-growing partner ecosystem."
An Anywhere Enabled Integrationnow available on the Duck Creek Content Exchangeallows insurers to make requests to the BitSight service to retrieve an overall rating and industry comparison, as well as information on individual risk vectors, their grades, and their industry comparison grades. Using this data, carriers can assess the cyber risk of an applicant organization during the underwriting process and price the policy appropriately.
About BitSight:
BitSight transforms how organizations manage cyber risk. The BitSight Security Ratings Platform applies sophisticated algorithms, producing daily security ratings that range from 250 to 900, to help organizations manage their own security performance; mitigate third party risk; underwrite cyber insurance policies; conduct financial diligence; and assess aggregate risk. With over 2,100 global customers and the largest ecosystem of users and information, BitSight is the Standard in Security Ratings. For more information, please visit www.bitsight.com, read the BitSight blogor follow @BitSight on Twitter.
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 standalone basis or as a full suite, and all are available via Duck Creek OnDemand. For more information, visit www.duckcreek.com.
Media Contact:
Paul Rechichi
Racepoint Global
617-624-3295
prechichi@racepointglobal.com
