U.S. Insurtech CapSpecialty Launches New Cloud-Based Platform For End-to-End Submission & Underwriting Process For Casualty Coverage

CapSpecialty, a provider of specialty insurance for small to mid-sized business in the U.S., announced on Tuesday the launch of DragonX, which is described as a cloud-based platform that streamlines the end-to-end submission and underwriting process for excess casualty coverage with competitive premiums and limit options.

According to the insurtech firm, DragonX makes standard processes simpler and faster than ever, enabling brokers to better serve small and mid-sized businesses with complex needs.  The platform also combines real-time pricing, faster delivery, self-service capabilities and 24/7 access into an easy-to-use interface that enables brokers to be more efficient and effective in serving their customers. Adam Sills, Head of Professional Liability and Small Commercial P&C at CapSpecialty, stated:

“Much of today’s InsurTech innovations are focused on direct-to-consumer offerings, but there is little out there that serves the needs of the broker. Brokers play a critical role in finding the right coverage for business owners, who prefer to be focused on running their business, not mastering legal and risk mitigation factors. For brokers to deliver for their customers, they need tools that maximize efficiency. This is why we built DragonX and it’s why there is no easier way for brokers to meet the needs of business owners.”

CapSpecialty also noted that DragonX uses tools such as input from third party data providers to streamline or eliminate and rewrite many traditional application questions.  In most cases, a broker can obtain a quote in under 120 seconds.  A base rate is immediately provided up front, and pricing automatically changes from there as underwriting information is entered into the system. CapSpeciality added:

“Additionally, by utilizing the 24/7 self-service endorsement capabilities in DragonX, brokers are able to make changes to their policies without having to go through a cumbersome process or send information into a carrier and await changes.  And finally, if there are any questions that need to be answered, CapSpecialty experts are standing by for live chat to deliver service immediately.”

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