Philadelphia, PA – February 22, 2023 Decision Research Corporation (DRC), the leading provider of cloud-provisioned enterprise solutions for the P&C and Specialty insurance industry, announced the roll out of RS X Rating to support Beazley’s digital advancement initiative to move their full enterprise rating to the cloud.
RS X Rating allowed Beazley to separate their rating processes from servicing. This enabled them to quickly react/adjust to market requirements by making rate changes and product adjustments that met broker expectations. The digital shift to a cloud environment also created a more seamless and frictionless implementation of partner integrations.
To enable growth and distribution of their business, Beazley realized their on-premise servers and software were holding back opportunities. In order to achieve their digital first goals, they identified those servers were a thing of the past and it was essential to move to the cloud. Beazley selected DRC as their primary technology partner to further this initiative with the cloud-provisioned foundation of the DRC solutions hosted in Microsoft Azure.
“Despite internal anxiety of moving a core component to the cloud, the actual deployment was basically a non-event. DRC was instrumental in helping Beazley modernize and simplify our digital processes. The RS X rating engine was an integral part of the toolkit that enabled zero touch broker interactions and submissions,” said Samata Tummala, Head of Technology (USA and Canada) at Beazley. “This seamless transition in the sales and business processing function positioned Beazley as a forward-thinking insurer and helped us earn the business of more brokers.”
“This milestone achievement helps advance Beazley’s Technology strategy of moving critical systems to cloud infrastructure,” said Libby Davey, Global Chief Information Officer at Beazley. “The integration flexibility and scalability helps Beazley expand distribution networks and provision infrastructure more nimbly.”
“DRC is pleased to be able to once again partner with Beazley, helping them meet their growth initiatives to grow their business” said Karen Yamamoto, CEO and President at Decision Research Corporation. “We look forward to continuing to work with Sam and her team to further enable Beazley’s growth and business objectives,” continued Yamamoto.
Decision Research Corporation (DRC) provides innovative, cloud-based, enterprise solutions to P&C insurance companies looking to boost their business development efforts, reduce administrative overhead, and accelerate speed-to-market for their products through automation. RS X Rating, DRC’s no-code rating solution, gives actuaries the ability to configure powerful automation functions without IT assistance, and to price risks and model products, no matter how complex, all through a familiar Microsoft Excel® interface. DRC’s flagship product is the DRC Insurance Platform, a full-service policy administration system, including portals, quoting, billing, claims, and advanced analytics, powered by RS X Rating, and engineered to streamline internal processes and empower business users within a secure and robust enterprise ecosystem. DRC has remained committed to total customer satisfaction throughout its 50-year history, and its clients, running the gamut of size and scope from large global carriers to regional start-ups, continue to rely on DRC’s trusted solutions to manage over $7 billion in written premium. To learn more about DRC, visit www.decisionresearch.com.
Beazley plc (BEZ.L), is the parent company of specialist insurance businesses with operations in Europe, North America, Latin America and Asia. In 2021, Beazley underwrote gross premiums worldwide of $4,618.9 million.
Beazley manages seven Lloyd’s syndicates, all Lloyd’s syndicates are rated A by A.M. Best.
Beazley’s underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd’s.
Beazley’s European insurance company, Beazley Insurance dac, is regulated by the Central Bank of Ireland and is A rated by A.M. Best and A+ by Fitch.
Beazley is a market leader in many of its chosen lines, which include professional indemnity, cyber liability, property, marine, reinsurance, accident and life, and political risks and contingency business.
For more information please go to: www.beazley.com
For more information on this press release, contact:
Kristina.Tomino@DecisionResearch.com | (808) 982-9152