Operational efficiencies, greater speed-to-market, and faster customer service are among anticipated benefits for leading U.S. provider of professional liability insurance
MARLBOROUGH, MA, and MADISON, WI, Feb. 25, 2014 /PRNewswire/ - Capitol Insurance Companies (Capitol) specializing in underwriting insurance for small to mid-sized businesses in sectors ranging from consulting to technology, has selected OneShield, Inc. as their enterprise core system technology provider. Capitol will launch a new professional liability division implementing OneShield® Policy, followed by plans to expand the software across their enterprise. OneShield Policy is a configurable end-to-end policy management solution that automates and simplifies the complexities of every stage of the policy lifecycle. Additionally, Capitol has licensed an enterprise version of OneShield® Billing for future deployment options.
"Ease of doing business is a competitive advantage in today's world," says Stephen Sills, Capitol's Chairman and Chief Executive Officer. "Anything we can do to give better tools to our agents helps us gain a lead in this marketplace, and OneShield's platform fits within the three pillars upon which we are building new growth for this business — product, distribution, and best-of-breed technology."
Capitol's customer-centric business model will provide their underwriting team with the ability to write policies across multiple lines of business for their agents— enabling better customer service and cross-selling opportunities. The goal is to be a one-stop shop for our distribution partners.
"OneShield is excited to work with Capitol to change the way the industry does business", says Glenn Anschutz, OneShield's Chief Executive Officer. "We value the long-standing, successful relationships we have with both Capitol and Stephen Sills. Together, we have delivered quality solutions to drive business growth. We believe with OneShield Insurance Software, Capitol will rapidly launch new lines of business and expand their products to a much broader customer base with ease."
"With OneShield Policy, no one will have a better system for achieving a user-friendly platform to underwrite property, casualty and professional lines policies, says Sills."
Among the increased efficiencies Capitol and its agents and customers will enjoy is the ability to access complete file information digitally rather than through manual paper-based searches, and a new capability to create customized "bundles" of different insurance products for individual customers, according to Todd Burrick, Capitol's Chief Actuary - Professional Liability.
"We also expect to dramatically decrease the lead time needed to get new products to market," says Burrick. "With OneShield, we should be able to deliver new insurance products within six weeks from the time we receive the green light, which is a remarkably fast time in our industry."
Capitol's Sills says the company chose OneShield's product based, in part, on successful implementations at other insurance companies. "From past experience, I can say OneShield always delivers on what they promise, and that's important in helping us fulfill our commitment to growth within the U.S. wholesale insurance community."
About OneShield Inc.
OneShield, Inc. delivers core business software solutions to the global P&C and General Insurance industry. Our portfolio of products includes enterprise-class policy management, billing, rating, product configuration, and business intelligence and analytic solutions that leverage a tool-based open architecture and single data model platform to streamline your business. OneShield Insurance Software automates and simplifies the complexities of core systems with targeted solutions, seamless upgrades, collaborative implementations, and lower total cost of ownership.
With its corporate headquarters in Marlborough, MA and offices in Australia, Canada and India. OneShield, Inc. has a combined 44 products in production across all commercial, personal and specialty lines of business. To learn more, visit oneshield.com.
About Capitol Insurance Companies
Capitol is a national underwriter of specialty insurance products in niche areas of the commercial property and casualty, and 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 customer's business and risk management strategies. 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 Holding LLC, whose parent company, Alleghany Corporation, is publicly-traded on the New York Stock Exchange (ticker symbol "Y").