Department of Insurance

Web Portal Provides A Competitive Edge For The State of Delaware

The Client

The Captive Insurance Association is a program of the Delaware Department of Insurance (DOI). Captive insurance companies, which are owned by the entities that they insure, are usually formed by businesses that wish to better manage the cost and administration of their insurance coverage. In 2005, the Delaware General Assembly passed a law positioning Delaware to become a home to the growing number of captive insurance companies being created by companies worldwide.

The Business Need

In this new position as a leader in the captive insurance arena, DOI was seeking to implement a leading edge technology solution to attract and manage this growing business. In order to achieve this objective, the Association was in need of an automated process to replace its current paper and CD driven environment. The automated solution is necessary to handle the anticipated increased business load to allow the State to increase its business without a corresponding increase in administrative staff.

The Solution

Diamond Technologies developed a captive insurance web portal and an automated, online captive insurance application system. The online system allows applicants for a Delaware captive insurance company to complete the necessary forms via the Internet directly into a centralized DOI database. The system includes a secure web application which allows DOI staff to review, approve and manage completed insurance applications. The solution enables efficient management of data related to banks, CPAs, captive managers, and loss & expense reserves. captive.delawareinsurance.gov.

Business Impact

The web portal provides the State of Delaware with a solution that will enable it to significantly expand its captive insurance business revenues without corresponding increases in administrative support staff. The portal provides streamlined, online management of the application process, including online payment, and provides a framework for managing departmental workflow and internal processes.