This drill allows you to work on the recovery portion of the stroke.
As you lift your arm out of the water for the recovery, imagine a string tied to your elbow. Keep your arm relaxed and let this imaginary string lift your arm by your elbow and carry it around to the entry of your next stroke. This is the basic idea of how the bent-arm recovery should feel.
The finger-tip drag drill provides you with more kinesthetic feedback. To do the drill, let your fingertips skim across the surface of the water during the recovery phase. This will help you gain a better feel for the correct positioning of the bent-arm during recovery.