Posted on 12 Jul 2012 by Neilson
Decision Research Corporation (DRC), the market leading rating and policy processing software solution provider to the Property & Casualty Insurance industry, announced today that Beazley, the London-based global specialist insurer, has successfully implemented DecisionMaker™ Rating Enterprise into production. Beazley launched five of its products at this time: Media Tech E&O, Miscellaneous Professional Liability, Miscellaneous Medical Liability (surplus lines), Architects & Engineers E&O, and Commercial Crime Coverage.
“This is not a black box solution. We now have the ability to create and manage our own unique specialty rate formulas and calculations in the DecisionMaker Rating product templates and not just table factors like in other products. This has substantially reduced our roll-out process and development time of new programs. DecisionMaker Rating Enterprise enables us with the flexibility and speed to market required for the various offerings of our specialty products. The actuary and product managers are assured that the products they constructed are in fact running accurately in the production environment.” said Ben Spencer, Beazley Global Head of IT. “It’s been a pleasure working with the DRC team on this engagement. They are very professional and willing to work across multiple time zones and lines of business,” he continued.
DecisionMaker Rating Enterprise delivers to the product manager or actuary a complete rating and analytics solution for rapid builds of rate programs, rollouts and in-depth impact analysis. The solution includes a library of Microsoft Excel® based, DecisionMaker Rating product templates, a product configurator and tool set, and a high performance processing engine. These components are all bundled together in a managed and controlled environment that enforces version control and code migration with secured access.
“With yet another client in production, this further proves the suitability of DecisionMaker Rating Enterprise for Specialty lines companies” noted Karen Yamamoto, President at DRC. “The Beazley team in the US and abroad has been great to work with. The synergy created between the two teams made for an on-time and within budget launch. We are extremely pleased with the results of this implementation and congratulate them on this major milestone.”
Beazley plc is the parent company of specialist insurance businesses with operations in Europe, the US, Asia and Australia. Beazley manages five Lloyd’s syndicates and, in 2011, underwrote gross premiums worldwide of $1,712.5 million. All Lloyd’s syndicates are rated A by A.M. Best. Beazley’s underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd’s. Beazley is a market leader in many of its chosen lines, which include professional indemnity, property, marine, reinsurance, accident and life, and political risks and contingency business. For more information please go to: www.beazley.com <http://www.beazley.com>
DRC is a highly experienced and trusted solution provider to the P&C insurance industry for Personal, Commercial, and Specialty Lines. DRC consistently delivers and successfully implements software products to support a wide range of P&C insurance companies. DRC’s solutions are in production at small startups to clients with written premium in excess of $5 Billion. Whether the need be Rating, Policy, Administration, Claims, Billing, clients can be confident that when choosing DRC they will receive market leading solutions with unrivalled implementation expertise. For more information about DRC, visit www.DecisionResearch.com <http://www.DecisionResearch.com> .