Dynamically Adaptive Policy Administration
Explore quote, policy, rating, billing, claims, agency administration and advanced functionality
End-to-end functionality to support any insurance product and scale with your success. Proven performance across the complete policy lifecycle.
Our integrated solution combines RS X Rating, our industry-leading technology, with comprehensive policy administration functionality to provide: Quote, Policy, Rating, Agency Administration, Billing, Claims, advanced analytics and pre-configured third-party integrations.
Our powerful solutions
Quote
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- Comprehensive customer index provides customer profile information, policies, records and notes
- Quick Quote and Full Quote with a “save for later” option
- Obtain multiple quotes through copy/quote functionality
- Moratorium support to prevent quoting based on catastrophe or other business reasons
- Data prefill options
- Risk location visualization and payment provider integration
- Shopper portal for direct business
- Renewal quote functionality
- Quote proposal package
- Allows for real-time policy issuance
Policy
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- Flat and pro rata cancellations
- Implement and automate policy renewals with early renewal capabilities and “Do Not Renew” for all 50 states
- Premium adjustment and transaction roll back
- Update and prorate premiums automatically to conform with policy endorsements
- Provide full endorsement (MTA) functionality with backdating options
- Manage advanced policy servicing and out-of-sequence endorsements with rollback/roll forward features
- Renewal quote and conversion functionality
- Generate policy document package
Rating
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- Work in Microsoft Excel® to model, design and configure new products with minimal need for development assistance
- Eliminates unnecessary steps and potential errors inherent in traditional "code and load" development
- Expedites product development and delivers ready-to-use rating microservices in any digital insurance library
Billing
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- Enable credit card payments by insureds and agents or expand additional payment type alternatives
- Automate agency settlement
- Provide unlimited bill plan options with an automated and/or scheduled bill plan
- Combine installment due date and equity-based due date processing 24/7
- Detail fees and service charges featuring flexible fee creation
- Accommodate unlimited state fees, taxes and surcharges
- Interface with major general ledger and checkwriting systems and credit card/ACH processors
- Process adjustment and reversal
Claims
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- Issue First Notice of Loss (FNOL)
- Integrate with policy systems for coverage verification
- Import and pre-fill policy information for claims automatically
- Manage claims payments with extensive controls and built-in workflow for reserve and payment transactions
- Set user authority limits by product line coverage, indemnity reserve amounts and expense payment
- Account for indemnity, expense, salvage and subrogation transactions
- Update claim status dynamically
Agency Admin
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- Add, modify or delete agent E&O policy and licensing information and update agencies/agents information and update agencies/agents
- Structure flexible commission options
- Verify and maintain producer eligibility
- Run factor and dollar-based commission schedules/ management with new business and renewal commission rates using more than 10 variables
- Establish and monitor agent to carrier appointment
- Define agency/agent hierarchy by parent organizations, siblings and manage subagency relationships
Download our policy brochure
Explore the full range of DRC Policy functionality.
From legacy systems to the current state-of-the art-solutions, DRC works with your technology environment and your needs.
Automating Existing Manual Processes
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- Increase your market share and make your product available in new markets
- Utilize key reduction leading to reduced operator error
- Process at a greater volume through automation vs. manual processes
- Establish governance on your enterprise pricing
- Take intellectual property control of your underwriters pricing spreadsheets
- Provide technical rating to multiple platforms
- Present risk data to geographically dispersed decision makers
- Expand your distribution network to increase business volume
Pool Re
Compliance
Compliance
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- Eliminate manual premium calculations
- Automate quarterly and annual pool re reports
- Reduce staff efforts to meet regulatory obligations
Automating New Platform (startups)
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- Utilize a modern interconnected architecture with complete API library
- Integrate with data enrichment providers to improve data quality
- Reduce manual entry
- Partner with anyone - and everyone
- Flexible pricing and deployment options to accommodate cash flow and business profitability objectives
- Deploy your innovative idea on a scalable platform - begin with basics to bring in revenue and expand on our proven and robust Digital Risk Center
E-trade
Platform
Platform
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- Complete straight through processing for improved conversion rates
- Reduce time to market with pre-configured integration
- Work within a flexible cloud-based architecture to scale with demand
- Gain unfiltered access to your mission critical data by working within the Microsoft architecture and data
- Access inhibited visibility of your business with our analytics partners
Automating
Specialty Lines
Specialty Lines
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- Turn small premiums into an engine of profitable growth
- Bundle and cross sell speciality and basic insurance products
- Receive quotes back in real time
- Reduce costs associated with laborious human underwriting
- Discover new opportunities to work with SMEs
Acquired
Lines
Lines
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- Transform new acquisitions into painless automated success
- Integrate an acquired book through phased deployment
- Adjust rates and coverages in real time
Additional Policy Features
“DRC has provided us with great customer support over multiple global deployments with their digital underwriting solutions."
Head of Digital Trading at a Global Insurance and Reinsurance Company
Harnessing the power of RS X
DRC RS X technology offers the fastest, most accurate and cost effective path to transform insurance products from concept to production. Starting with Excel®, RS X delivers complete enterprise solutions for rating and rollout to dramatically accelerate the rating development cycle.
We'll help you find the fastest path from concept to rollout
Request a Demo