The former CIO of Washington, D.C., has a mandate to elevate OneShield’s public and private cloud and SaaS offerings for increased scale and global readiness.
The final component of the OneShield Enterprise insurance system suite was developed with a view to meeting heightened customer services expectations, to address increasing competition in the global insurance industry, and to meet regulatory compliance challenges.
The investment round, led by Bain Capital Credit and Pacific Lake Partners, will be will be used to accelerate OneShield’s growth strategy, which has resulted in nearly tripling its recurring revenue over the past three years.
The transaction-based solution automates a manually intensive processing environment for Advantage’s PPLI business, which provides customers with variable life insurance products that offer policyholders a customized estate planning tool.
CDS’s rich claim system functionality and SaaS technology will enhance OneShield’s reach among lower-tier carriers and specialty niche markets, where there is a greater appetite for hosted and cloud-based solutions.
The investment, led by Pacific Lake Partners, follows an investment of an unspecified amount announced in Dec. 2020.
The effort will take place within the med-mal insurer’s core system transformation initiative based on OneShield’s platform.
In finding a solution to digitize scale rapidly growing business operations, the insurer was swayed by OneShield’s transformation acumen and platform ecosystem capabilities.
The Exchange will replace its legacy policy administration system with OneShield Market Solutions to provide superior service with greater efficiency.
The professional liability carrier seeks to eliminate a wide range of manual processes and simplify internal and third-party IT applications and systems.