Insurance&Tech_TLB_12.12.19

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

Press Release from Decision Research Corporation

Philadelphia, PA – October 4, 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.

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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.

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“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.” said Rebecka Kilkenny, CIO of K2. “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.”  Beyond direct portals and servicing, the DRC Insurance platform includes enterprise rating, document generation and storage.

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“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.” said Mark Smith, K2 President. 

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“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.” said Karen Yamamoto, CEO of DRC. “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.”

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About LoadStar and K2 Insurance

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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.

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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.

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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.

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About DRC

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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.  To learn more about visit www.decisionresearch.com.

Companies Mentioned in this Press Release: