CapSpecialty, parent to commercial insurers Capitol and Platte River, has signed an agreement to license ClarionDoor's flagship offering, Insured Rating, to rate lines of business including commercial P&C, professional liability, surety and fidelity.
The contract also includes integration with CapSpecialty's policy administration system. End users will be managing general agents and underwriters.
"ClarionDoor met all of our requirements for not only this rating initiative, but also for having a modern technology platform, extensive experience in the excess and surplus market, and a speed-to-market development process that will allow us to be in production in a matter of months," said Bob Asensio, chief information officer for CapSpecialty. "Also, we like the fact that on a go-forward basis our underwriters and actuaries will have the level of control needed to efficiently manage our rates and factors."
The cloud-based Insured Rating supports ISO and non-ISO rates, and includes testing tools, what-if functionality, release tools, usage reporting and well-documented API resources.
