Synechron Partnered with CapSpecialty to Build Solution for Excess Casualty Wednesday, July 25, 2018 - New York, London, Dubai, Pune
Synechron, Inc, a global financial services consulting and technology services provider, and CapSpecialty, a leading provider of specialty insurance for small to mid-sized business in the US, have collaborated to build an excess casualty platform, DragonX. 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. As an out-of-the-box thinking insurance company, CapSpecialty chose Synechron, a digital consulting firm focused on out-of-the-box thinking technology provider, to develop the solution.
Today, the insurance industry is dominated by legacy institutions relying on outdated systems and technologies, resulting in reliance on many isolated systems, decentralized communication, and unstructured data delivered and processed both manually and electronically. CapSpecialty recognized the operational inefficiencies in this system and sought to improve processes by offering intuitive tools to streamline these processes for their brokers. Synechron’s scope of work included creating a project roadmap and designing the portal.
DragonX, a commercial insurance platform, unifies all of the previously siloed operations into one central location for the key areas that brokers focus on for excess casualty. Additionally, 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. DragonXwas built specifically for brokers with brokers involved in the design from stage one. Synechron and CapSpecialty’s unique approach began with interviewing 20 brokers around the country to uncover the challenges they are facing with current systems and to identify the functionality in an ideal system. Synechron leveraged its 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 truly arm a traditional carrier with innovative technologies in-house, rather than relying on investments in outside competitive startups for an agile approach.
Adam Sills, Head Professional Liability and Small Commercial P&C at CapSpecialty said, “At CapSpecialty, we are committed to providing tools that will empower our brokers while providing a high-quality experience. 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.”
Ashish Nangla, Senior Director, Synechron commented, “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. 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.”
SSynechron is a global consulting and technology organization providing innovative solutions to the financial services industry through its three main business focus areas: digital, business consulting, and technology. Based in New York, the company has 18 offices around the globe, with over 8,000 employees producing over $500MM in annual revenu. For more information on the company please visit the website or our LinkedIn community.
CapSpecialty, Inc. provides specialty insurance solutions for small and mid-sized business across the U.S. CapSpecialty's experienced management and underwriting teams come from top insurance companies and bring with them a wealth of knowledge and an innovative approach to risk, providing the pricing its customers need for the exposures they are trying to protect. CapSpecialty's affiliates, Capitol Indemnity Corporation, Platte River Insurance Company, and Capitol Specialty Insurance Corporation, offer a full inventory of specialty lines, including casualty, fidelity, surety, healthcare, professional lines and commercial property on both an admitted and non-admitted basis. CapSpecialty's affiliates are rated A (Excellent) by the A.M. Best Company
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