CapSpecialty is bringing some InsurTech sensibilities to the brokers with whom it works. It recently debuted a cloud-based platform designed to drastically simplify how brokers serve small and midsize businesses for their excess casualty coverage. Dubbed DragonX, the system can help brokers obtain a quote in less than two minutes in many cases, the company asserts.
DragonX is pitched as a tool for brokers that combines real-time pricing, faster delivery, self-service capability and 24/7 access with an interface that is easy to use. The end result is designed to streamline the end-to-end underwriting process with competitive premiums and limit options.
CapSpecialty argues that DragonX stands out because it serves the broker, rather than other InsurTech innovations focused on direct-to-consumer offerings. One thing that helps fuel the new system: input from third-party data providers to streamline or eliminate and rewrite many traditional application questions.
Carrier Management Editor Mark Hollmer asked Adam Sills, Head of Professional Liability and Small Commercial P&C at CapSpecialty, to explain more about the new product and where it fits in the InsurTech landscape. The questions and his responses are below.
Q: How does this platform work, in layman’s terms?
Sills: While automated underwriting isn’t new, DragonX is much more. We’ve built a cloud-based platform that manages the entire underwriting process—everything from automated workflow to document management and billing information. The policy can be bound immediately and easily shared with key stakeholders.
It’s about letting brokers get answers for their clients quickly so they can manage their time and their relationships better. And that’s critically important in a wholesale broker market that is under intense demands and competition.
Q: Why do you see this standing out in the marketplace?
Sills: This was designed with brokers, for brokers. And just about everything we did was in consideration of their speed and efficiency. We believe that there’s nothing like it, and the brokers who have been beta testing it for us agree. They’ve told us that this is the fastest and most intuitive commercial insurance system they’ve seen.
Q: Do you have any slated customers for this yet, and if so, who?
Sills: We are already working with several of the top wholesale brokers in the country.
Q: How do you see this as comparing with the InsurTech startups that pursue related launches (though more direct to consumer)?
Sills: As you note, we are not a direct-to-consumer platform. However, we believe the speed and efficiency that we deliver with this product is as good as any InsurTech offering.
Q: Would you collaborate with an InsurTech on future products?
Sills: We look at technology as an enabler to make the experience better for brokers. We design for the client (the broker) first, and that means investing in innovative technology in both the front end and back end. We would consider collaborating with others who bring a skillset that we don’t have or those who can help us get to new markets faster.