Harnessing the AI to Bolster Your Insurance Experience

Human beings are known for a myriad of different things, but most importantly, they are known for getting better on a consistent basis. This tendency to improve under all circumstances has notably enabled us to hit upon some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is largely down to its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look a little bit closer, it will become clear how the whole runner was also very much inspired by the way we applied those skills across a real-world setting. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. This revolution, in turn, will scale up the human experience from all conceivable directions, but even after achieving such a monumental feat, technology will somehow continue to deliver every right good in the book. The same has grown to become a lot more evident in recent times, and truth be told, a newly-formed platform should only make that trend bigger and better moving forward.

Decision Research Corporation (DRC), an industry leading provider of cloud-provisioned enterprise solutions for the P&C and Specialty insurance industry, has officially launched a new DRC Insurance Platform, which is envisioned to use artificial intelligence for the purpose of scaling up your insurance experience. Going by the available details, the platform is capable of initiating any claim type from report-only to full FNOL, but those are not the only new features in play here. So, what are some of its stated new features? Well, for starters, we now have a dedicated claims chatbot who relies upon AI to let users report FNOL and create new claims via a universal interface that can be initiated in Agent, Policy, and Insured Portals, as well as partner website. Interestingly, this chatbot is understood to be with compatible with all major devices, thus offering sizeable utility to customers and workers living in far off locations. Next up, we have a screen theme designer that seemingly reduces customer branding of DRC Insurance Platform by a whopping 70% so to optimize customer experience and client branding. Hold on, there is more. DRC’s latest brainchild also introduces a Commercial Lines Enhanced Underwriting Process, which contains configurable milestones from submission to issuance, and therefore, supports highly complex new business workflows that are often required in specialty lines products.

“We’re finding that in a world with expanding risks like cyber-risks and climate change; increased capacity, flexibility in processing, and innovation that directly contribute to usability is crucial in the E&S and Specialty industry,” said Rob Whitton, Vice President of Business Development at DRC. “The exciting and highly capable features in this release prove DRC’s ongoing commitment to R&D and our continued commitment to the specialty and commercial insurance industry.”

As for the remaining features, the platform is working with stuff like phase indicator to visualize the phases of policy submission, a workbook approval flow to the RS X Rating engine for increased accuracy, a quote options panel that features a grid to compare versions of quotes side-by-side on one interface, multiple refinements to the usability and design billing portal, and much more.

Founded back in 1971, DRC is rightfully known as a behemoth when it comes to providing innovative, cloud-based, enterprise solutions to P&C insurance companies, who are looking to boost their business development efforts, reduce administrative overhead, and accelerate speed-to-market for their products through automation. The company’s excellence in what it does is wholly validated by the fact that it currently manages more than $7 billion in written premiums. Of course, the new platform will be looking to soon put this number on an even higher pedestal.