INSURANCE TECHNOLOGY

K2 Insurance Services launches another innovative product on the DRC Insurance Platform

LoadStar and K2 Insurance | October 05, 2021

Decision Research Corporation (DRC), an industry-leading provider of cloud-based enterprise solutions for the P&C insurance sector, announced today K2 Insurance Services has successfully deployed their innovative LoadStar Customs Inspection Insurance product on the DRC Insurance Platform. Via the DRC Agent Portal, freight forwarders and Customs Brokers are now able to purchase coverage online, submit claims, and are issued certificates in a single session, with full policy service, billing, and claims enabled for back-office processing.

LoadStar, developed by K2 in partnership with a global insurance leader, is the first insurance solution to solve the problem of unpredictable shipping container inspection costs. President of LoadStar Insurance Services, Dan Williams said, "By creating a predictable cost to eliminate an unpredictable threat, LoadStar can mitigate uncertainty and protect profit margins to keep containers flowing smoothly." Due to the novel nature of the product, K2 required a platform that could handle any risk, not just established insurance products.

DRC is our longtime technology partner, so we felt extremely confident turning to them to help us get this unique new product to market quickly and in a cost-effective manner. We were able to get LoadStar up and running on the DRC Insurance Platform, and totally integrated with our enterprise architecture, in just a few months. We take pride in serving our customers using the best and most efficient systems available to the insurance industry, which is why we rely on the DRC Insurance Platform.

- Rebecka Kilkenny, CIO of K2.

Beyond direct portals and servicing, the DRC Insurance platform includes enterprise rating, document generation and storage.

At K2 we're always looking to launch creative programs run by exceptional people. We consider it part of our core mission to provide innovative products and exceptional results in specialty markets, and DRC's technology empowers us to do exactly that.

-  Mark Smith, K2 President.

Innovative thinking is part of DRC's DNA, so we're always excited to see how visionary clients like K2 are able to use our solutions to create a brand-new market. We have been honored to be part of their success and growth for the past seven years and look forward to continuing our partnership for many more to come.

- Karen Yamamoto, CEO of DRC.

About LoadStar and K2 Insurance
LoadStar Customs Inspection Insurance was born out of a decade long "thorn in the side" problem of Importers who have never been offered a solution to offset the unpredictable financial sting of a Customs Inspection. Today we pride ourselves on offering a first ever solution to deliver "a predictable cost to eliminate an unpredictable threat". LoadStar is there to cover your inspection fees from an X-Ray Exam to a Tailgate Exam to a full devanning of your container in an Intensive Exam. LoadStar covers the expense of the invoice and reimburses the claim in 24-48 hours. Fast and efficient processing of your invoice ensures you'll be back up and running and protecting your profit margins and future business. K2 partners are top-tier insurers and MGAs in the specialty areas they serve. In addition to working with financially sound companies, we also employ robust, modern technology that aligns with our expansion plans and allows us to bring products to the marketplace efficiently and quickly. We understand how important it is in today's environment to have a policy administration system nimble enough to accommodate new products, enhancements, and regions. We're continually looking for acquisitions and growth opportunities. Through a combination of specialized, successful MGAs and well-capitalized, nationwide insurance carriers, K2 offers a compelling value proposition to the marketplace.

About DRC
DRC provides innovative, cloud-based, enterprise solutions to P&C insurance companies looking to boost their business development efforts, reduce administrative overhead, and accelerate speed-to-market for their products through automation. RS X Rating, DRC's no-code rating solution, gives actuaries the ability to configure powerful automation functions without IT assistance, and to price risks and model products, no matter how complex, all through a familiar Microsoft Excel® interface. DRC's flagship product is the DRC Insurance Platform, a full-service policy administration system, including portals, quoting, billing, claims, and advanced analytics, powered by RS X Rating, and engineered to streamline internal processes and empower business users within a secure and robust enterprise ecosystem. DRC has remained committed to total customer satisfaction throughout its 50-year history, and its clients, running the gamut of size and scope from large global carriers to regional start-ups, continue to rely on DRC's trusted solutions to manage over $7 billion in written premium.

Spotlight

Many of our clients with insured pets tell us that insurance coverage provides peace of mind. If anything unexpected were to happen, they’d be able to focus on what’s best for their pet rather than finances. Pet insurance helps pet owners prepare for the unexpected. If you’re interested in learning more, please contact us so that we can discuss our recommendations.

Spotlight

Many of our clients with insured pets tell us that insurance coverage provides peace of mind. If anything unexpected were to happen, they’d be able to focus on what’s best for their pet rather than finances. Pet insurance helps pet owners prepare for the unexpected. If you’re interested in learning more, please contact us so that we can discuss our recommendations.

Related News

INSURANCE TECHNOLOGY

Sapiens' Enhanced Digital Solution Empowers Business Users, Reduces Costs, and Accelerates Time to Market

Sapiens | July 01, 2021

Sapiens International Corporation, a leading global provider of insurance software solutions, announced the availability of two new cloud-native components of its DigitalSuite, a dynamic, digital engagement and enablement platform that helps insurers accelerate their digital transformation: Sapiens Journey and Form Composer. Sapiens Journey & Form Composer, created and developed especially for the insurance market by some of the industry's top digital specialists, can be deployed as a stand-alone solution or as part of a full digital enablement program. Sapiens Journey & Form Composers enable business users to introduce and manage current journeys and workflows and design and build new ones without writing code. Simple drag-and-drop, low-code functionality, and a library of widgets and components enable insurers to cut costs and speed time to market without relying on IT personnel. In addition, the modules are very user-friendly, graphic, clear, and easy to publish. Sapiens Journey Composer allows insurers to digitize their existing journeys to improve every stage of the insurance lifecycle for consumers and internal users. Sapiens Form Composer digitizes documentation and forms, allowing insurers to rapidly change journeys by converting conventional PDFs into new digital formats. Together, they can improve existing client journeys while also developing new ones in new businesses or for new lines of insurance. In addition, the modules provide insurers the tools they need to quickly configure and deploy new products, easily integrate data sources, and eliminate costly IT resources, allowing them to control the process of intuitive journey management and creation fully. Sapiens DigitalSuite's modular, cloud-native components can be connected with insurers' existing technology landscape to build new, digitally native journeys, reinvent consumer experience using new technologies, or cater to new lines of business. Sapiens DigitalSuite's open architecture and seamless connection through advanced APIs, the insight of data-driven business processes, and the agility of a cloud-native environment allow a fast entry into new markets. About Sapiens Sapiens International Corporation enables insurers to thrive in this ever business. Sapiens provides digital software platforms, solutions, and services to the property and casualty, life, pension and annuity, reinsurance, financial and compliance, workers' comp, and financial markets. Sapiens has over 35 years of experience delivering to over 600 companies worldwide, demonstrating a proven ability to meet clients' core systems, data, and digital requirements.

Read More

INSURANCE TECHNOLOGY

Shift Technology has Launched Shift Claims Automation on Salesforce AppExchange, the World's Leading enterprise Cloud Marketplace

Shift Technology | July 22, 2021

Shift Technology, a provider of decision automation and optimization solutions for the global insurance industry, announced today the launch of Shift Claims Automation on Salesforce AppExchange, giving insurers and agents more options for settling simple claims without the involvement of claims handlers or loss adjusters. Giving insurance firms' customer service representatives the tools, information, and expertise they need to assist resolve claims more quickly and correctly is one of the most effective methods to address the industry's customer experience issues. Shift Claims Automation is a virtual claims handler that assists customer service professionals or agents in immediately resolving claims rather than going through the conventional claims procedure. All of the information needed to take a claim forward is automatically validated by the solution. An AI decision engine assesses the policy's coverage, responsibility, the authenticity and suitability of documentation, and the possibility of a fraudulent or suspicious claim. Allowing colleagues to settle claims with clients directly can decrease the time it takes to remit money, resulting in more positive customer experiences. Because the solution is available on AppExchange, it will work with current Salesforce deployments. About Salesforce AppExchange Salesforce AppExchange, the world's largest corporate cloud marketplace, gives companies, developers, and entrepreneurs new ways to build, sell, and grow. AppExchange links clients of all sizes and across industries to ready-to-install or customizable applications and Salesforce-certified consultants to address any business problem, with over 6,000 listings, 9 million user installations, and 117000 peer reviews. About Shift Technology Only AI-native decision automation and optimization solutions developed especially for the global insurance sector are available from Shift Technology. The Shift Insurance Suite helps insurers achieve faster, more accurate claims and policy resolutions by addressing many key procedures across the insurance policy lifecycle. Shift was awarded Frost & Sullivan's 2020 Global Claims Solutions for Insurance Market Leadership Award after evaluating billions of insurance transactions.

Read More

CORE INSURANCE

Southern States Insurance Exchange selects OneShield for core system transformation

OneShield Software | November 15, 2021

Striving to provide cost-effective insurance and a great member experience, Southern States Insurance Exchange ("The Exchange") has chosen OneShield Software's (www.OneShield.com) SaaS offering, OneShield Market Solutions, to replace its legacy policy management system. The Exchange seeks to transform its process and delivery platform to provide superior service with greater efficiency to its members and plans to implement OneShield's policy, billing, claims and reporting to support their commercial lines product portfolio, including general liability, commercial auto, inland marine, workers' compensation, and the AAIS Commercial Output Program. "Our members look to The Exchange for comprehensive insurance and risk transfer solutions to protect their agricultural businesses. OneShield's successful track record with digital transformation for regional commercial lines providers made them the clear choice in our technology vendor search." - John Madden, President of The Exchange. OneShield's SaaS offering provides end-to-end policy management (quoting, binding, and servicing), billing (invoicing through to payment), and claims administration (first notice of loss through to payment), including document management, reporting, and analysis. This approach delivers rapid implementation while allowing for customization to address the unique needs of regional commercial insurers within an all-in-one pricing model. "OneShield is excited to partner with The Exchange. This win reflects the advantage we offer insurers – cost-effective SaaS that addresses current requirements while ensuring the technology will be responsive as their needs change." - OneShield Chief Revenue Officer Liza Smith. About OneShield Software OneShield provides solutions for P&C insurers and MGAs of all sizes. Deployed in the cloud, our portfolio of standalone, subscription, and As-a-Service products include enterprise-class policy management, billing, claims, rating, product configuration, business intelligence, and smart analytics. OneShield automates and simplifies the complexities of core systems with targeted solutions, seamless upgrades, collaborative implementations, and lower total cost of ownership. With corporate headquarters in Marlborough, MA, and offices in India, OneShield has 70+ products in production across P&C and specialty insurance markets. About Southern States Insurance Exchange (The Exchange) The Exchange is a reciprocal insurance company that provides Property & Casualty Insurance and risk management solutions to its Ag-Industry members. Operating in 11 states, The Exchange has been insuring agribusiness since 1953.

Read More