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Simplify Complex Rating With DecisionMaker™ Rating Optimizer
Jan 20, 2011 (03:01 PM EST)
Now available, DecisionMaker™ Rating Optimizer Toolset
HONOLULU, Jan. 20, 2011 /PRNewswire/ -- Decision Research Corporation (DRC), is pleased to announce 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 the most advantageous pricing through a user-maintainable, goal-seeking set of rules.
DecisionMaker Rating Optimizer enables carriers to break down complex rating scenarios into granular, functional units in a secure, version-controlled 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, combined with DecisionMaker Rating's proven scalability make the solution a very powerful tool for pricing and managing large volumes and types of insurance products.
Carriers expend an enormous amount of time and resources manually analyzing their premiums in order to be competitive with other carriers in the marketplace while maintaining the profitability necessary to sustain their business and maximize shareholder returns. 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 which 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. For example, a carrier can use a combination of acceptable expense ratio, minimum profit and other factors to derive an optimal premium for each policy on an individual basis.
"DecisionMaker Rating Optimizer solves complex business problems by leveraging existing company Excel expertise," said Stephen Korow, VP 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," commented 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."
DRC is a highly experienced and trusted software development company that consistently delivers and successfully implements software solutions to support a wide range of P&C insurance industry lines of business. From small startup insurers and MGAs to insurers with written premium in excess of $2 Billion, clients choose DecisionMaker for their rating, quoting, policy administration, billing and claims system needs. For more information about DRC, call us or visit www.decisionresearch.com.
SOURCE Decision Research Corporation