Honor Bestowed for Technology Transformation Accomplished With OneShield Dragon®
Marlborough, MA (Nov. 15, 2012) – OneShield, Inc., a global provider of flexible, enterprise-class, content-rich policy and billing core systems for property/casualty insurers, is pleased to announce that Capitol Insurance Companies has received a 2012 Novarica Impact Award in the Transformation category for the innovative approach the company took in replacing multiple legacy surety systems with a single modern platform, OneShield Dragon.
Novarica’s 2012 Impact Awards showcase the best insurer case studies of 2012, which have been judged by a panel of more than 50 insurer chief information officers (CIOs). Capitol is one of five insurer case studies to receive the inaugural Novarica Impact Award.
“This is a great honor for us and we are excited to be named a standout in such an elite pool of insurer success stories,” said Troy Lethem, CIO and vice president of information services for Capitol Insurance Companies. “With the help of our partner and technology provider, OneShield, we have successfully increased efficiency and improved our time to market. We were able to consolidate the surety business onto a single system, back-office processing from four branch offices to one, and rapidly re-enter the contract surety market in less than seven months.”
Capitol’s project included the conversion of 20 years of bond data from multiple legacy systems, and the deployment of Capitol Express (CapEx), the company’s online, self-service, agent-facing bond submission and renewal portal, which automates the bond underwriting and distribution processes. In addition to policy administration, Dragon also serves as the platform for CapEx. The goal of the project was to improve Capitol’s ability to adapt rapidly to changing business requirements and to deploy new capabilities in both underwriting and distribution.
“Our CIO Research Council members have recognized Capitol’s project as outstanding amidst a large number of policy administration replacement projects under consideration,” said Matthew Josefowicz, managing director and partner at Novarica, and lead moderator of the Novarica Insurance Technology Research Council. “We congratulate Capitol and OneShield on driving business impact through technology.”
“We extend our sincere congratulations to Troy and the entire Capitol team,” said Glenn Anschutz, chief executive officer and president of OneShield, Inc. “Capitol needed a flexible policy management solution that allowed them to configure rules to specific bond types, bond limits, underwriting characteristics and user roles. OneShield Dragon was able to effectively deliver this capability and has allowed them to automate the underwriting and distribution processes to significantly improve the overall agent experience.”
Capitol received its award yesterday at the Novarica Research Council Impact Awards Event in New York City. To learn more, visit oneshield.com to view an in-depth case study about the implementation.
OneShield has successfully delivered flexible, enterprise-class policy management, billing, rating, product configuration and business intelligence/analytic solutions to the global P&C/General Insurance industry since our inception in 1999. Based on an open, tool-based architecture, OneShield Dragon® provides companies with the ability to streamline product creation, management, underwriting and distribution. With Dragon, P&C/General insurers gain a competitive advantage that helps them improve operations and profitability while meeting increasing customer and market demands. OneShield Dragon® is in production across a combined 43 products for commercial, personal and specialty lines of business. OneShield develops innovative technology to better serve the needs of the industry and more importantly, their customers. OneShield is headquartered in Marlborough, MA and has an office in Gurgaon, India. Visit oneshield.com to learn more.
About Capitol Insurance Companies
Capitol has been insuring business owners since 1959. Capitol is a national underwriter of specialty insurance products in niche areas of the commercial property and casualty, professional lines, fidelity and surety markets. Through its operating entities, Capitol Indemnity Corporation, Capitol Specialty Insurance Corporation and Platte River Insurance Company, Capitol offers high quality customer service in programs tailored to the needs of its customers’ business and risk management strategies. Information on Capitol is available at www.capitolindemnity.com. Capitol has an A (“Excellent”) rating from A.M. Best. Capitol Indemnity Corporation, Capitol Specialty Insurance Corporation and Platte River Insurance Company are subsidiaries of Alleghany Insurance Holdings LLC, whose parent company, Alleghany Corporation, is publicly traded on the New York Stock Exchange (ticker symbol “Y”).
Novarica provides information, insights, and perspective on markets, operations, and technology to financial services and insurance executives. The company delivers its service through published research, retained advisory services, and project-based consulting. Novarica’s research includes market and trend analyses, best practices research, case studies, and independent analyses of insurance software vendors. Novarica draws its knowledge from the personal experience of its principals, the ongoing information-gathering initiatives of dedicated research staff, and regular communication with insurer executives through informal networks and through the Novarica Insurance Technology Research Council, a community of more than 300 insurer CIOs and senior executives. For more information, please visit www.novarica.com.