DRC’s insurance policy administration platform makes it easy for insurance entities of all sizes to create and deliver incredible products for their clients. Our end-to-end functionality is as versatile as it is powerful, combining RS X Rating, our industry-leading core technology, with comprehensive policy administration functionality for Quote, Policy, Rating, Billing, Claims, Agency Administration, advanced analytics and pre-configured third-party integrations.
Here’s a look “under the hood” at DRC’s insurance policy administration platform, regarded for its speed, agility and deep industry experience.
Solving the Administrative-Task Problem for Insurance Providers
Insurance providers struggle with a never-ending deluge of administrative tasks, sapping resources better-applied to more valuable activities. According to research, between 30-40% of underwriting time is spent on administrative tasks, a number which can be reduced significantly with DRC’s automation platform.
With dynamic underwriting portals, carriers have easy access to powerful functionality tailored to servicing their customers’ unique needs. The DRC Platform provides multiple solutions in one unified system, enabling insurers to manage their policy base and provide quotes, policy servicing, rating, billing, claims and agency administration with 24/7 access through dedicated portals. Underwriters, insureds, agents and shoppers can also tap into the power and functionality of RS X through convenient portals.
Facilitating New Insurance Product Development
According to a recent survey, more than 60% of insurers are looking to cut between 11-20% of costs in the next year, so tools that accelerate innovation while keeping expenses down have never been more relevant.
With quote-to-claims throughout the entire insurance policy lifecycle, DRC’s insurance policy administration suite increases productivity and expedites speed to market for new products. We create our software solutions with built-in versatility to serve the diverse needs of agents, shoppers, insureds and back operations staff, knowing that their customers expect near-constant innovation.
This is particularly important given that it generally takes almost half a year to adapt an existing insurance product, and nearly double that to create a new one. 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 intuitive user interfaces and helps manage forms as business users work in Microsoft Excel® to model, design and configure new products. Using Microsoft Excel® workbooks built by analysts, not programmers, our rating technology creates web services, incorporates automated underwriting features and eliminates unnecessary steps and potential errors inherent in traditional “code and load” development.
Overcoming Policy Administration Platform Integrations
Integrations pose a particularly thorny issue for carriers, presenting the challenge of unifying a disparate patchwork of often-unwieldy legacy infrastructure systems.
The DRC platform works with many popular third-party integrations to enhance functionality and seamlessly iintegrates with business process workflows across software platforms and user groups.
Some frequent integrations include replacement cost calculators, property characteristics, document management systems, and more. The multitude of integrations available with DRC ensures a seamless integration with other legacy systems.
Getting the Most Out of Analytics to Transform Insight into Action
According to research nearly 40-50% of analysts spend their time managing data, rather than deriving insights from it.
DRC offers access to valuable analytics tools to advance continual improvement to stay a step ahead of the competition. Tools that give users the capacity to visualize and oversee interactive dashboards; generate clear, effective data analytics reports; and seamlessly embed reports and dashboards into portals give users deep insights into current organizational contexts and support business planning going forward.
The DRC analytics platform supports the generation of declaration pages, policies, invoices, quotes, endorsements, general notices, cancellations and other outputs. The analytics platform also enables print and PDF document generation that can be emailed, stored or displayed on desktop and mobile devices. With 60% of insurers noting that solid use of analytics has helped increase sales and profitability, DRC provides the tools necessary to build out a fully-functional analytics arsenal.
DRC Scales Your Business by Committing to You
We begin our customer partnerships with a fast, no-cost Two-Week Challenge. This rapid test deployment and proof of concept proves our technology’s performance and accelerates the decision-making process.
Next, we perform a pre-implementation analysis to solidify the forward plan, identify any gaps and align the team on overall program objectives. In the subsequent implementation, we configure the product(s) and framework, connect interfaces and configure outputs, load the data and conform any necessary customizations. Following implementation, we progress through pre-production and production phases to test the product to ensure full functionality, and finally offer painless upgrading options when required.
Customer Success with DRC
Our policy administration platform processes billions in written premium each year. With 24-hour accessible web-based quoting and a robust cloud-based policy administration system, we remain committed to stand at the forefront of traditional and emerging needs to advance the success of our customers now and in the months and years to come.