CapSpecialty was mandated to move its legacy surety business to a new platform and provide straight-through processing to our agents – no small task. The OneShield Policy framework provided the flexibility to develop the feature set we needed and facilitated the conversion of 20 years’ of bond data from two systems.
A Community of Insurance Specialists
CapSpecialty is a Wisconsin-based national underwriter of specialty insurance products in niche areas of the commercial property/casualty, professional liability and fidelity, and surety markets. In addition to offering high-quality products and services tailored to customer needs, CapSpecialty is committed to being the easiest company for agents to do business within its market segments.
In 2005, CapSpecialty realized that its current infrastructure was leaving them at a competitive disadvantage in the market. The company developed three primary goals:
- Convert 20 years of bond data, functionality and workflow processing from its two legacy fidelity and surety administration systems into one modern processing system.
- Automate processes to cost-effectively grow their business.
- Improve customer service by enabling agents to support their customer demands in real-time.
CapSpecialty selected OneShield Policy to help it meet these objectives. Chief Information Officer Bob Asensio explains, “CapSpecialty needed to move its legacy surety business to a new platform and provide straight-through processing to our agents – no small task. The OneShield Policy framework provided the flexibility to develop the feature set we needed, and facilitated the conversion of 20 years’ of bond data from two systems.”
Asensio added, “The company had business, technology, and regulatory drivers behind our implementation of OneShield Policy. As a result of M&A activities, we had two legacy bond administration systems that needed consolidation. We had also become a subsidiary of a publicly-traded company, so tight controls for compliance with Sarbanes-Oxley were imperative. Most importantly, we needed a system that would allow us to rapidly bring enhancements and new products to the market. And now several years later we still feel that OneShield gives us the ability to respond to changes in the business.”