A well-designed acquisition strategy opens up a myriad of opportunities for companies in the insurance sector. Acquisitions can deliver access to previously untapped markets, expand the customer base, acquire new or additional capabilities, increase overall scale and help to diversify risks. However, acquiring a new book of business also creates additional complexity. New coverages may need to be added and existing policies may need to be updated. DRC helps insurers of all sizes integrate acquired books and reach performance goals faster by leveraging automation right from the start. Our feature-rich automated processing platform quickly brings new acquisitions up and running and then helps them grow with unlimited potential. With DRC, no automation challenge is too large… or too small.
DRC’s Software Solutions Liberate Legacy Systems to Accelerate New Lines of Business
DRC technology allows easy integration of an acquired book through phased deployment and the ability to scale based on cash flow and profit targets. With DRC you can:
- Access a modern, interconnected architecture with a complete API library
- Integrate with data enrichment providers to improve data quality
- Reduce manual entry for improved automation and enable partnering with anyone
- Price flexibly for strategic phased rollout and accommodate cash flow and business profitability objectives
- Access advisory support to catalyze growth
- Bring in initial revenue through basic functionality and scale-up through additions and innovation
Converting Manual Processing Into Automation Fuels Scalable Growth
In 2014, a global insurance leader purchased the Private Risk Services line from a local insurance provider. The global insurer had such a small base of existing insureds in certain states of the US that they hadn’t ever felt the need to automate policy processing and instead relied on manual Excel Raters. Acquiring the new book of business provided the company with increased penetration in those markets but also meant that they would either have to hire a large, costly staff to handle the increased policy volume or automate their books in order to accommodate the new business.
Our client looked to automation vs. increased staffing. With the help of DRC, the company was able to load the newly acquired book onto the DRC platform, identify soon-to-expire policies and re-rate them in time for renewal. During that process, underwriters could identify any missing information and then present the re-rated quotes back through the agent to the insured. Once an insured confirmed to remain with our client, DRC had downstream feeds into enterprise systems that included billing, a legacy mainframe, and document generation and print. When our client was later acquired by another group, their operational teams across business functions endorsed and adopted the functionality and ease of use of DRC’s policy administration system, noting it is “flexible and performs well.”
The DRC Platform allows for policy changes and quick modifications to adjust rates and coverages in real-time. Today DRC technology continues to enhance new sales opportunities and streamline policy administration for our client and agents alike.
DRC transforms the laborious, manual and time-consuming process of integrating new acquisitions into painless automated success. Let us show you today how easy and profitable integrating strategic acquisitions can be.