Analytics inform decisions about investment, gauge the success of sales and marketing activities and streamline businesses to be leaner and more efficient. Across vertical markets, gaining insights into an organization’s own data and having the capacity to perform deep analytics on complicated datasets has never been more critical. In the highly competitive insurance industry, an organization with a detailed analytical overview of its business data can leverage that knowledge to have a first-mover advantage when market conditions change. As insurance products, the rating technologies behind them, regulation and other dynamics of the insurance industry become ever more complex, developing and honing analytical capabilities has become an increasingly important strategic priority.
With enhanced functionality optimized for the unique requirements of the Specialty Market, DRC Analytics furnish valuable tools that enable data insight for insurers and enhance understanding of what is happening in their businesses in real-time, all seamlessly integrated into the DRC Insurance Platform and available to any and all user groups on a permission basis.
DRC Analytics provide data insights via DRC-managed content and client self-service. Managed content analytics offer pre-configured dashboards, reports and visualizations with relevant filters such as date ranges, product states, production channel and more. But analytics have their greatest impact when they are widely shared and used. An organization’s ability to furnish effective access to its citizen data scientists — those not necessarily formally trained in statistics and data science — democratizes the ability to glean meaningful, actionable insights from the data. The self-service capability of DRC Analytics enables self-sufficient citizen data scientists to:
- build custom reports, dashboard and visualizations
- define custom and calculated fields with measures and filters
- perform custom data mining and data discovery
- measure meaningful KPIs
- generate custom automated reports and dashboards
- share insights across an organization
For example, when an underwriter logs into the DRC Analytics system, custom-configured dashboards offer full flexibility to display panels visualizing the exact data needed at any particular moment. Panels include, for example, new policies, policies in force, the ability to filter by state or city, or other relevant underwriting parameters. DRC Analytics offers full flexibility throughout the implementation beginning with seamless initial data upload to making recommendations panels, providing relevant, up-to-date insight for particular lines of business and unique organizational situations.
After gaining familiarity with our analytics capabilities, users can cross-reference panels to gain deeper insights and further analyze policy data at its most granular level to provide a comprehensive overview.
DRC Analytics offer stunning visualizations to reveal insights easily buried in standard spreadsheets. Individual users also have the ability to modify visualizations to optimize their ability to absorb and interpret information into bubble graphs, pie charts and so much more based on preferences and requirements. Of course, DRC Analytics easily export data to PDF or Excel®️, to distribute and share reports with other decision-makers. In addition to static exports that represent a snapshot of data frozen in time, DRC Analytics enables links to hot data to create automated, dynamic, reports and visualizations where the underlying data is refreshed in real-time. Users across the organization can then make immediate, critical business decisions based on the most accurate and most timely information.
DRC Analytics help insurers of all sizes better understand what’s happening in their businesses, determine how to allocate resources and take advantage of new opportunities. DRC works closely with each client to load the relevant data and personalize the managed content dashboards, ensuring quick startup and speedy results to stay ahead of the competition.
Take our Two-Week Challenge
DRC understands the risk involved in selecting technology partners, especially with the rapid advances. That’s why we offer a no-cost, no-obligation Two-Week Challenge, which allows you to test what our technologies can do, no strings attached. Our product configuration team will build out a product in your production environment and also allow you to experience dynamic DRC APIs.