Guest blog by Eric Stine, Senior Vice President & General Manager, Financial Services, SAP Americas
Cincinnati Financial Corporation (NYSE:CINF) actively markets property casualty insurance in 39 states through 1,408 select agency relationships. With $16.5 Billion in assets and $3.9 billion property-casualty and life insurance direct written premiums, it is A+ rated by AM Best.
Cincinnati Specialty Underwriters was formed in 2007 with the mandate of delivering full core insurance system for a target live date of January 1, 2008. They signed a contract with Camilion (SAP) in July 2007. The project involved integrating with SAP Claims as well as financials, document management, data warehouse and various information sources. ISO lines were used as the base for all E&S products.
The results were impressive:
- First policy issued January 1, 2008
- All organic growth – $111 million direct written premium by 2012
- Top 50 E&S carrier within first four years of operation
- Actively writing business in 39 states and approved to write, and system capabilities, in all 50 states
- Live on General Liability, Property, Excess Liability and Professional Liability/Errors & Omissions
- 100% of policies are transacted and delivered electronically
- Policies are generated in less than 24-hours (much faster than the E&S market standard)