As the name suggests, specialty lines have unique demands that can not be served with off-the-shelf solutions. In many cases, actuarial teams end up building tools using Microsoft Excel, SQL Server or Visual Basic Access to quickly respond to specific needs. And while these tools offer a great deal of flexibility they also cause a number of compliance and security issues as they are generally not part of the broader enterprise IT infrastructure.
Solutions outside the enterprise IT infrastructure fall under the loose — and potentially vulnerable — label of “Shadow IT.” DRC recently partnered with Kent Black, CIO of Enterprise Applications at Tokio Marine HCC, to discuss how Shadow IT affects insurance companies and what can be done to prevent it. Learn more about Kent’s insights on how to mitigate the risks of Shadow IT here.
In addition to compliance and security risks, makeshift Shadow IT tools also face limitations including lack of scalability, data silos preventing the tool from being used for advanced analytics and the absence of APIs — hindering collaboration with partners and customers.
DRC Rater addresses all of these problems while allowing users to continue to work in the familiar environment of Microsoft Excel. DRC Rater provides a version-controlled solution that protects enterprise intellectual property and supports collaboration without sacrificing flexibility.