(Image source: CapSpecialty website “About Us” page.)
CapSpecialty (Middleton, Wisc.), a provider of specialty insurance for small to mid-sized business in the U.S., chose Synechron, a New York-based global financial services consulting and technology services provider, as its partner in building an excess casualty platform, DragonX. The vendor cites CapSpecialty’s recognition of compatible culture in the form of a shared ethos of “outside-the-box” thinking.
Synerchron reports that the project focused on the creation of a portal solution powered by emerging, innovative technologies and an InsurTech approach to streamline business processes for brokers and underwriters while empowering them to be agile against competitive startups and Insurtech firms. CapSpecialty recognized the operational inefficiencies caused by the limitations of legacy insurance systems in and sought to improve processes by offering intuitive tools to streamline these processes for their brokers, according to the vendor. Synechron’s scope of work included creating a project roadmap and designing the portal.
DragonX, the commercial insurance platform created through CapSpecialy’s engagement with Synechron, unites previously siloed operations into one central location for the key areas that brokers focus on for excess casualty. The portal provides specialized tools to more effectively manage data and increase the bottom line. The portal addresses pain points such as midterm endorsements, and affords brokers improved speed, and as a byproduct, improved efficiency.
DragonX was built for brokers, and relied on input from brokers starting at the design phase, according to the vendor. Synechron and CapSpecialty began the process by interviewing 20 brokers around the country to uncover the challenges they face with current systems, seeking to identify appropriate functionality for a target system. Synechron reports that it employed design thinking analysis and user experience design expertise to complete end-to-end development of a user-friendly interface and design based on the results of the survey, delivering increased speed and efficiency through the automated platform. This approach helped shape the development and arm a traditional carrier with innovative technologies in-house, rather than relying on investments in outside competitive startups for an agile approach, according to the vendor.
“At CapSpecialty, we are committed to providing tools that will empower our brokers while providing a high-quality experience,” comments Adam Sills, Head Professional Liability and Small Commercial P&C at CapSpecialty. “Previous legacy systems were not able to perform to the standard we expect, so creating a new, innovative solution was the obvious next step. Synechron was able to pair its insurance-domain expertise and deep technology and digital innovation skills with CapSpecialty’s vision for what a system could deliver. This allowed us to make our revolutionary vision into reality and bring a competitive advantage to brokers.”
Shared Vision of Revolutionizing Business Processes
The insurance industry as a whole has been slow to change historically, but new startups and InsurTechs are driving the need to innovate or be left behind, according to Ashish Nangla, Senior Director, Synechron. “We are pleased to work with CapSpecialty as it invests in innovative technologies toward a shared vision of revolutionizing business processes that bring digital-first approach directly to brokers to meet the changing needs of business owners, while leveraging emerging technology solutions,” he says.