Capitol Insurance recently announced plans to implement OneShield's policy administration solution, OneShield Policy, in its newly created professional liability division. The software will eventually be rolled out across the enterprise.
The creation of the new division began back in September of 2013, when Capitol brought on some new professional liability talent. "The thought is that we will help the business grow with the new professional lines division," says Todd Burrick, chief actuary of Professional Lines at Capitol.
Within the new division, the first pieces of business written on the OneShield platform will include sectors such as smaller miscellaneous medical businesses, consultants, network security companies, insurance agents and environmental liability products. OneShield will serve as a one-stop shopping center for all insurance needs, says Burrick, and having everything on one platform will simplify the purchasing process.
Capitol chose OneShield because of its flexibility and customization capabilities. While this will be the first system used for the professional liability division, its implementation will be a step forward for Capitol's P&C business. The older system could not be used in browsers such as Safari or Google Chrome, which severely limited access for users and impeded business success. "It didn't have all of the capabilities that we need to move forward and achieve the growth that we want," Burrick explains.
The new system will simplify transactions for insurers and customers. "We can work on multiple browsers with OneShield where we couldn't before," says Burrick. "We can set different user preferences that we couldn't before."
After OneShield has been launched within the professional liability division, it will expand throughout its P&C business. Burrick explains that initially, the system will be limited to in-house use so errors can be addressed. Until they can make all connections on the same platform, he says, they don't want customers to interact with it.
The implementation of OneShield aligns with Capitol's broader initiative to improve customer experience. "We were looking to build a system that is intuitive and easy to use," says Burrick. "We want to help customers grow their businesses and give them a tool that will be their go-to."
Capitol began the OneShield implementation process in December and is finishing the process of setting it up to work with medical products. It hopes that by the end of March, underwriters will start using OneShield for rating and policy issuance for medical products.
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Kelly is an associate editor for InformationWeek. She most recently reported on financial tech for Insurance & Technology, before which she was a staff writer for InformationWeek and InformationWeek Education. When she's not catching up on the latest in tech, Kelly enjoys ... View Full Bio