The Semi-Annual Release includes newly added APIs, product lines, and product forms along with other features that allow for a quick match to target market graphics, independent business intelligence reports, and improved global product presentation.
Decision Research Corporation (DRC), an industry leading provider of cloud-provisioned enterprise solutions for the P&C and Specialty insurance industry, is proud to announce the immediate availability of the DRC Insurance Platform Semi-Annual Release, complete with newly added capabilities and functions.
The DRC Insurance Platform is a full-service suite that integrates the robust RS X Rating engine with comprehensive Quote and Policy Administration, Billing, Claims, Analytics, and pre-configured third-party integrations – all made to handle the complex risks that P&C insurers (especially E&S and Specialty) face.
The March Release highlights DRC’s continued commitment towards delivering innovation to the E&S and Specialty Industry. These newly added features will further enable insurers to exceed the ever-changing customer expectations in the industry and stay ahead of the market. Key features for the DRC Insurance Platform March Release include:
- Additional APIs have been added, bringing DRC’s robust API library to 130 atomic, flexible, and non-prescriptive services.
- Customer Clearance/Internal Clearance. This allows for quick and accurate risk clearance to speed up submission, indication and quoting.
- Enhanced support for Azure Single Sign-On capabilities for the SAML standard to empower streamlined integrations.
- New product lines including Commercial Property, Directors and Officers, and Trucking were added.
Other exciting new features include a user interface theme picker to quickly match target market graphics, self-service data analytics for independent business intelligence reports, multi-currency enhancements to improve global product presentation and calculation, additional product forms, among other functionality enhancements to take advantage of a cloud deployment.
Rob Whitton, DRC’s VP of Business Development says, “Underwriting teams are often assigned with non-underwriting tasks for the most trivial of procedures because of a lack of automation. DRC surveyed 100 industry professionals and found that nearly all executives believe that their underwriting team spends many hours a week on non-underwriting tasks. These new features are essential to eliminating these unnecessary hours so underwriters can focus on higher-level tasks.”
Cleaner, more comprehensive, and timely data allows underwriters to respond more quickly to their agents and focus their time on the risks that really require human review. In a volatile market like E&S and Specialty, sustainable growth is key. This can only be achieved through reduced expense ratios and efficient, thoughtful underwriting that is powered by a cloud-provisioned, end-to-end full suite platform.
Les McElhaney, VP of Product and Technology testifies the following: “There has been less automation assistance in the Specialty and E&S markets due to the copious amounts of data to review and the highly customized pricing models. This base release delivers that much-needed automation to the industry and furthers insurance technology’s capabilities of handling complex risks.”
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