WESTBOROUGH, Mass., April 3, 2008 /PRNewswire/ -- OneShield today announced that Celent, LLC, a leading research and advisory firm focused on insurance technology strategy, has included OneShield's client, Darwin Professional Underwriters, in the Celent Model Carrier 2008: Case Studies in Effective Use of Technology in Insurance. Darwin was named in the report as a "Model Carrier Component" in property and casualty.
WESTBOROUGH, Mass., April 3, 2008 /PRNewswire/ — OneShield today announced that Celent, LLC, a leading research and advisory firm focused on insurance technology strategy, has included OneShield's client, Darwin Professional Underwriters, in the Celent Model Carrier 2008: Case Studies in Effective Use of Technology in Insurance. Darwin was named in the report as a "Model Carrier Component" in property and casualty.
Bob Asensio, CIO of Darwin, will be presenting Darwin's business case study at the first annual OneShield Users Group Conference to be held in April.
In the report, Celent states that Darwin's (i-bind) system streamlines "the processing of specialty liability policies from application submission to policy issuance with a web front end, an integrated underwriting system, and an automated policy issue system." The (i-bind) system was put into place in 2005 using the OneShield(R) Dragon policy administration suite and deployed in an Oracle/WebSphere/Linux environment.
Since deploying (i-bind), the results have been extremely impressive. Darwin's bind to quote ratio has improved by 10%. Meanwhile, the declination ratio has plummeted to less than 5%. Perhaps the greatest achievement is the fact that the total time from submission entry to policy issuance has gone from 30 days to 10 minutes. That type of efficiency is what makes Darwin Professional Underwriters a "Model Carrier Component."
"We want to congratulate Bob and his team for winning this award. Darwin has been a leader in their market as well as in demonstrating the extensibility of the Dragon system by leveraging the power of our tools to change they way they do business with their agent partners for a radically different customer experience. Ultimately they have a focus on making it easier for their agents; and we are happy to be their partners," said Glenn Anschutz Chief Executive Officer of OneShield, Inc.
About the Celent Report
The Celent Model Carrier 2008: Case Studies in Effective Use of Technology in Insurance report which was presented at Celent's inaugural Model Carrier Summit in New York on January 16, 2007, contained case studies of 40 technology initiatives and practices across most functional areas of insurance. "Model Carrier Components" are presented as components of a composite insurer's insurance IT systems and practices that help insurers improve performance, meet market demand, and operate efficiently. Nominations were solicited from over 100 insurers in the US and internationally with the Model Carrier Components selected by Celent's team of insurance analysts.
OneShield provides Web browser-based solutions to automate the sales and service of insurance and bond products for insurance carriers, major brokers, and managing general agents. Its flagship product, OneShield Dragon(R), is a tools-based, data-driven insurance underwriting, policy administration, rating and workflow engine. Dragon provides configurable and modifiable options to meet today's goals and to adapt to future demands. For additional information, visit www.oneshield.com.
About Darwin Professional Underwriters
Darwin is a specialty insurance group based in Farmington, Connecticut. The company is focused on the professional liability insurance market and underwrites directors and officers ("D&O") liability for public and private companies, errors and omissions ("E&O") liability insurance, medical malpractice liability insurance, and other specialty coverage. Darwin member companies include Darwin Professional Underwriters, Inc., Darwin National Assurance Company (DNA), and Darwin Select Insurance Company (Darwin Select). DNA and Darwin Select have earned a financial strength rating of "A- (Excellent)" from A.M. Best Company. Darwin is traded on the New York Stock Exchange under the ticker symbol, "DR." For more about Darwin visit www.darwinpro.com.
Contact: Diane Noble OneShield Inc. – (508) 475-0314 firstname.lastname@example.org
More information about Celent's Model Carrier research is available online at www.celent.com/modelcarrier.asp.