Success in the modern insurance marketplace relies in no small part on launching new products in a timely manner. However, sometimes rolling out new policies and products can be more complex and rigorous than planned. Gathering and deploying IT resources, traversing across siloed departments, dealing with manual processes and connecting data from disparate legacy systems all conspire to drag out and complicate the development cycle. Of course, no software platform comes “out of the box” ready for every environment or any company’s goals. Achieving quicker speed-to-market demands a flexible system that creates a technology foundation to allow new products to be rolled out quickly and correctly.
When launching new lines of business, your policy administration system must have the following qualities:
- End-to-end functionality to support any insurance product and scale with success
- Pre-configured third-party integrations
- Flexibility to work with any technology environment
It is no secret in the insurance industry that IT requests can back up for months or even years. If enabling a new product or entering a new region requires waiting for time and labor-intensive reprogramming, you’ll likely fail to capture all the new opportunities. Modern software has to support an efficient rollout of product changes across the insurance lifecycle, including policy administration, claims management, billing and customer service.
The Benefits of a Nimble Policy Administration Platform
An insurance provider’s new-product introduction time can now be measured in months rather than years. The right platform will drive significant savings, including a reduction in IT operating costs and a decrease in implementation costs as new lines of business continue to roll out. And of course, with a more efficient platform, your business will be able to increase market share and make your product available in new markets.
DRC’s Solution to Bringing Products to Market Faster
The DRC insurance platform provides insurance entities of all sizes end-to-end functionality that’s as versatile as it is powerful. Our integrated solution combines RS X Rating, with comprehensive policy administration functionality to provide Quote, Policy, Rating, Billing, Claims, Agency Administration, advanced analytics and pre-configured third-party integrations. With quote-to-claims throughout the entire insurance policy lifecycle, our platform increases staff productivity and expedites speed to market. We create our software solutions to serve the diverse needs of agents, shoppers, insureds and back-office operations. Our software 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 standing at the forefront of traditional and emerging needs to advance the success of our customers.
For a more complete picture of our solutions, click here to find out everything that DRC can do to help your business.