CAMBRIDGE, Mass., July 19, 2023 /PRNewswire/ -- Relativity6 announced today that it has partnered with Duck Creek Technologies, the intelligent solutions provider defining the future of property and casualty (P&C) and general insurance, to offer best-in-class industry classification. Via the Duck Creek Platform, Relativity6 allows insurers to instantly classify any business by its 6-digit NAICS, ISO GL, or NCCI codes. By providing high accuracy and speed around industry class codes, insurance carriers can instantly determine if a potential risk is truly in appetite, price policies more accurately, and ultimately reduce premium leakage.
"In a hardening market, it's absolutely vital that carriers only bind policies that are actually in appetite. In today's economy, businesses are constantly changing the services they provide, and knowing what a business is doing right now is crucial for carriers to reduce premium leakage and improve loss ratios. Today over 50% of risks are misclassified, leading to extreme inefficiencies in pricing and overall risk selection. Relativity6 is the leading industry classification company, providing classification data to some of the world's largest carriers today. We are thrilled to bring our best in class, AI-powered industry classification technology to the Duck Creek ecosystem," said Alan Ringvald, CEO of Relativity6.
The Relativity6 Anywhere Enabled Integration with Duck Creek Policy allows an underwriter to seamlessly retrieve a NAICS code prediction on a business via a score, as well as supporting data of the makeup of that score, all within their underwriting business workflow. This integration further helps underwriters write risks with a crucial data point now enabled in the decision-making process.
"As the commercial lines property and casualty industry faces inflation and other external factors, it is essential for carriers to grow their books of business in a calculated way," said Robert Fletcher, Sr. Partner Manager at Duck Creek. "Including additional data points that have historically been looked up manually or sometimes not at all, in an automated fashion in underwriters' policy system workflow can yield strong results and eliminate bad risks. Relativity6 NAICS classification data help do just this, and we are equally excited to add them to our Solution Partner Ecosystem."
Relativity6's AI platform retrieves up-to-the-second information about a business in order to automatically detect its 6-digit NAICS code and verify its existence. Relativity6 is the fastest and most accurate NAICS detector on the market, improving commercial underwriting workflow and overall business classification and segmentation. Relativity6 is backed by Fin VC, State Auto Labs Fund, and Vectr Ventures. For more information visit: www.relativity6.com
About Duck Creek Technologies
Duck Creek Technologies is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. Visit www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and Twitter.