Specialty lines bring with them complexity and risk that have historically required highly skilled, specialized expertise in underwriting and rating. This level of bespoke personal involvement comes at a cost, but DRC can now automate and streamline processes that have previously required personal attention to make small premium policies more profitable. Whether you want to expand your business into the specialty market or make your existing line more efficient, with DRC, no automation challenge is too large… or too small.
Free Your Underwriters from Manual Excel® Workbooks and Shared Network Folders
DRC helps improve efficiency and automation to catalyze growth. Manual models can’t scale efficiently and can even break down entirely as you expand your distribution network. DRC automation allows you to:
- Save 100% of risk description data to a structure data store for analytics use
- Present risk data to geographically dispersed decision-makers
- Provide technical pricing data to multiple platforms (partner portals, aggregators, lead generation companies)
- Maintain IP control of proprietary underwriter spreadsheets
- Process with greater efficiency and throughput
- Establish governance on enterprise pricing
- Eliminate manual rekeying
- Expand distribution network to increase business and volume
- Increase market share by making products available to consumers previously unattainable due to the hindrance of manual processes
At the Heart of It All, RS X Rating Accelerates Speed to Market
RS X Rating offers the most accurate, cost-effective and fastest path to transform insurance products from concept to production and bring them to market. In addition to generating rates, RS X Rating creates optional intuitive user interfaces and helps manage forms as business users work in Excel to model, design and configure new products. Using Excel Workbooks built by analysts, not programmers, RS X Rating creates web services, incorporates automated underwriting features and eliminates unnecessary steps and potential errors inherent in traditional “code and load” development. Underwriters, insureds, agents and shopper customers can harness the power of RS X Rating through convenient portals.
London Syndicate Leverages DRC to Transform Low Premium Business into Profit
One of the most well-respected syndicates in the London market, focusing on high and medium dollar markets, turned to DRC to expand its business into the small and medium enterprise market by bundling and cross-selling specialty and basic insurance products more efficiently and profitably. Using RS X Rating and the DRC Underwriter Portal, our client’s agents were able to enter risks and receive quotes back in real-time by enabling agents to enter risk data into a predefined box. DRC’s automated processing reduced the high costs associated with laborious human underwriting to make lower-premium business newly profitable, helping the syndicate expand written premium in areas previously off-limits.
With DRC, our client’s underwriters now focus where their specialized expertise matters most, not on routine processing of low-premium business. Working with DRC allowed our client to find new opportunities to work with SMEs that were previously off-limits due to their low average premium. Let DRC show you how automation makes even small premium businesses a hardworking engine to fuel profitable, long-term growth.