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.

Competitive Advantage

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 market. And now several years later we still feel that OneShield gives us the ability to respond to changes in the business.”

Service in Real-time Makes a Difference

“Every insurance company wants ‘ease of business’ for their agents. Our book of fidelity and surety business represents close to one-fifth of our total written premium, so it is crucial for us to make it easy to place bonds with CapSpecialty,” says Asensio. One of the primary goals for implementing a new policy management system was to extend the system to the agents.

“In our implementation of OneShield Policy, it starts with a ‘quick quote’ process to arrive at a premium quote with the minimum information entered. With the entry of only a few details, an agent gets automated bond underwriting and issuance for over 900 bond types so far, with more added each month – trending towards an additional 3,000 per month. Even the renewals are automated.”

It was important for CapSpecialty to implement a system that could administer bonds cost effectively. Using OneShield Policy’s flexible architecture and extensive content, CapSpecialty developed Capitol Express (CapEx); a surety underwriting portal used by both retail and general agents to automate the underwriting and distribution processes. The initial launch of CapEx included 20 different bonds. Today, the system supports 830 bonds with new ones being added monthly and quite easily.

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