Synechron, Inc, 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. As an out-of-the-box thinking insurance company, CapSpecialty chose Synechron to develop the solution.
Today, the insurance industry is dominated by legacy institutions relying on outdated systems and technologies, resulting in isolated systems, decentralized communication, and unstructured data delivered and processed both manually and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.
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 by product, improved efficiency. DragonX was 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.
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. 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 a digital-first approach, directly to brokers, while leveraging emerging technology solutions.”