(Middleton Depot, in Middleton, Wisc., home to CapSpecialty. Photo credit: James Steakley.)
CapSpecialty, a Middleton, Wisc.-based commercial lines carrier providing professional liability, surety and fidelity insurance products, has signed an agreement to license ClarionDoor’s (Santa Barbara, Calif.) Insured Rating product. The carrier will implement Insured Rating to handle rating for several lines of business, including general liability, commercial property, commercial auto and business owner’s policy. The solution also includes integration with CapSpecialty’s policy administration system, and will be accessed by CapSpecialty’s MGAs and underwriters, according to a vendor statement.
“ClarionDoor met all of our requirements for not only this rating initiative, but also for having a modern technology platform, extensive experience in the excess and surplus market, and a speed-to-market development process that will allow us to be in production in a matter of months,” comments Bob Asensio, CIO, CapSpecialty. “Also, we like the fact that on a go-forward basis our underwriters and actuaries will have the level of control needed to efficiently manage our rates and factors.”
The vendor describes Insured Rating as a feature-rich, flexible rating solution that supports ISO and non-ISO rates, and was developed from the ground up to operate, perform, and scale exclusively in the cloud. ClarionDoor says that its technology platform provides all the tools and services necessary for rating any line of business, algorithm, or transaction type, while Insured Rating, specifically, provides the back-end functions required to deliver and maintain successful production implementations, including testing tools, what-if functionality, release tools, usage reporting and well-documented API resources.
“This implementation showcases ClarionDoor’s ability to provide a black box rating solution with full policy administration integration,” comments Patrick M. McCall, chief sales officer, ClarionDoor. “We look forward to working with CapSpecialty’s experts to provide a streamlined, intuitive, and easy-to-use rating solution which offers an excellent user experience for the company’s distribution partners and process stakeholders.”