Digital insurance solutions provider Decision Research (DRC) has rolled out DRC Rater, a new solution for insurers of all sizes, to fully automate existing Excel raters and other manual or legacy pricing tools.
This lightweight, cost effective service faithfully replicates even the most complex rater, and is deployed on enterprise level infrastructure and a SQL Server database foundation.
From a pricing engine to a centralized, version controlled repository that ensures safety and security of all corporate intellectual property and customer data, the DRC Rater offers a complete solution to automate and expedite pricing and underwriting decision making and obviate outdated Excel raters and pricing tools.
DRC president Karen Yamamoto said: “We saw an unmet need in the market for a new service to replace error prone spreadsheets, and also persist all of the risk data fields for analysis, rather than just the data needed to bind a risk.
“DRC Rater is the packaging together of our technical expertise in automating Excel raters built up over the last decade, and bundling that innovation with an enterprise data layer, underwriting portal and version controlled administration toolkit.”
DRC Rater enables actuarial, underwriting and product teams to:
Maintain and secure all data in a centralized version controlled repository that keeps internal IP safe
Easily enforce all underwriting rules and pricing guidelines
Bulk upload and manipulation of large schedules of risk data (properties, fleets, scheduled items etc.), through a familiar Excel like browser experience.
Review complete risks as well as apply credits and debits to obtain market prices
Produce rating worksheets and other PDF output for inclusion in submission packets
Save risk data for use in analytics and export from the rating system into a system of record via JSON/XML/direct SQL calls
Many large insurers with sophisticated policy administration systems still have manual or legacy processes that burden staff, slow down productivity and increase the likelihood of errors. If you are drowning in Excel Raters, it’s time to upgrade to the DRC Rater.
Source: Company Press Release