DRC’s New Rating Tool Available for Insurers

Decision Research Corporation (DRC), announced the release of new tools in DecisionMaker Rating which enable carriers to more precisely set policy premiums. This toolset, DecisionMaker Rating Optimizer, allows carriers to arrive at an advantageous pricing through a user-maintainable set of rules. 

DecisionMaker Rating Optimizer enables carriers to break down complex rating scenarios into granular, functional units in a secure environment.  Optimizer will assist business users with test case validation, input and output mappings, as well as in managing and analyzing each step in a complex rating scenario.  These enhancements make the solution a powerful tool for pricing and managing large volumes and types of insurance products.   

DRC has developed the capability to arrive at a premium amount that finds the optimal price for each policy based on a combination of rules that automatically adjust the rate.  Actuaries can now set criteria for determining an acceptable policy premium and have DecisionMaker Rating Optimizer find the best possible price.

“DecisionMaker Rating Optimizer solves complex business problems by leveraging existing company Excel expertise” says Stephen Korow, vice president of technology at DRC.  “Actuarial and business analysts can assemble stacks of spreadsheets which model complex business rules and rating calculations which are utilized as the blueprint for the generation of a complete rating service.  DecisionMaker Rating Optimizer consumes the generated service and applies a library of algorithms to iteratively analyze the rating calculation.  A goal-seeking approach can be applied to the service to arrive at the desired rate.” 

“DecisionMaker Rating has historically always provided the ability to empower business users to manage rate and rules changes across multiple lines of business with minimal IT assistance,” says Karen Yamamoto, president of DRC.  “These additional tools allow business units to support and test the most complex calculations and speed the process of developing new rates and put them into production for complex lines of business.”