Duck Creek Technologies (DCT) has inked a partnership deal with Price Digests, a division of Informa PLC (GB:INF), to provide insurers with the most comprehensive API-integrated vehicle asset data solutions.
DCT is a leading provider of SaaS core systems for the P&C and General Insurance industry. Price Digests’ API solutions are built on top of industry-leading cloud provider Amazon Web Services, allowing for full security compliance. They offer various solutions to insurance companies without depending on third-party valuation sources and partnerships.
With this partnership, insurers will have access to accurate vehicle verification data and full specifications without leaving their existing business systems. Duck Creek users will be able to make more informed underwriting decisions on commercial auto, given the growing number of non-standard or bespoke commercial vehicles on the road. (See DCT stock chart on TipRanks)
Elizabeth Del Ferro, VP of Partner GTM at Duck Creek Technologies, commented, “To help insurers mitigate risk and improve underwriting quality, it is critical to align with partners that employ the most sophisticated technologies and databases to mine data insights.”
She further added, “Price Digests gives commercial auto insurers access in an instant to critical data that can make their operations more efficient and profitable, and Duck Creek is happy to welcome them into our rapidly-growing partner ecosystem.”
D.A. Davidson analyst Peter Heckmann recently assumed coverage on Duck Creek Technologies with a Buy rating but decreased the price target from $54 to $50 (24.1% upside potential).
Heckmann expects Duck Creek to affirm or even raise its FY22 guidance when it reports Q3 results next month. He believes that the company has ample room to gain market share in the global P&C insurance industry.
Overall, the stock has a Strong Buy consensus rating based on 7 Buys and 1 Hold. The average Duck Creek analyst price target of $51.57 implies 27.3% upside potential from current levels.
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