DRC's Latest Pricing Impact Analysis Tools Reduce Book Runs to Minutes

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May 17, 2023, 08:00 ET

Cutting edge updates to the DRC Insurance Platform upgrades functionality and features across the enterprise system that drastically reduce time and touchpoints.

PHILADELPHIA, May 17, 2023 /PRNewswire/ -- Decision Research Corporation (DRC), an industry leading provider of cloud-based enterprise solutions for the P&C insurance industry, is proud to announce the immediate availability of the DRC Insurance Platform Spring 2023 Release, complete with newly added capabilities and functions.

The Spring 2023 Release highlights DRC's continued commitment towards delivering innovation to the P&C insurance industry. Key features for the DRC Insurance Platform Spring release include:

Rate Impact Analyzer – Generate multiple permutations of a rate plan in the same day without any data manipulation to assess the potential impact of rate changes. Calculate up to 50,000 records per minute, all without IT involvement.
RS X Product Studio – A powerful unified environment for defining, modeling, testing, managing and deploying insurance products using DRC's proprietary product generating technology.
Enterprise Claims – DRC Claims can seamlessly connect and integrate with any policy administration system, including TPA systems. New claims APIs allow for increased partner interaction and a new universal FNOL chatbot can be added to any DRC or third-party portal.
Enhanced Configurable Bind Authority and Underwriting Rules – Enforce authority limits and limit user access to certain fields and functions with the Agent and Policy portals to manage security and ensure correct access and privileges for users.

Additional feature upgrades include an advanced e-signature capability to optimize management of electronic agreements, new analytics reports and panels across policy retention and sales for increased insights about business metrics, corresponding signature to ID records, a customizable convenience fee payment for billing, security updates, refinements to the user interface on the system, new APIs, and an improved single sign-on interface.

"I am excited to announce this Spring's release of the DRC Insurance Platform. Driven by customer feedback, our focus for this release has been increasing automation, business analysis and insight, and ease of integration," stated Les McElhaney, Vice President of Product and Technology at DRC. "We have achieved this with more powerful capabilities across the entire policy lifecycle, from product development, underwriting, claims processing, through portfolio analysis."

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 face.

To get a deep dive into these recent updates to DRC's software solutions, visit www.decisionresearch.com or email [email protected].

About DRC
Decision Research Corporation (DRC) provides innovative, cloud-native, enterprise solutions to P&C insurance companies looking to boost their business development efforts, reduce administrative overhead, and accelerate speed-to-market for their products through automation. RS X Rating, DRC's no-code rating solution, gives actuaries the ability to configure powerful automation functions without IT assistance, and to price risks and model products, no matter how complex, all through a familiar Microsoft Excel® interface. DRC's flagship product is the DRC Insurance Platform, a full-service policy administration system, including portals, quoting, billing, claims, and advanced analytics, powered by RS X Rating, and engineered to streamline internal processes and empower business users within a secure and robust enterprise ecosystem. DRC has remained committed to total customer satisfaction for over half a century and its clients, running the gamut of size and scope from large global carriers to regional start-ups, continue to rely on DRC's trusted solutions to manage over $7 billion in written premium. To learn more about DRC, visit www.decisionresearch.com.

SOURCE Decision Research Corporation