(Downtown Owatonna, Minn., home of Federated Mutual Insurance Company. Photo credit: Jon Platek.)
Federated Mutual Insurance Company (Owatonna, Minn.), a writer of multiple lines of general and specialty business insurance for U.S. companies, has selected OneShield as the target policy administration platform to migrate to from its legacy core systems.
Federated chose OneShield’s end-to-end policy administration system after a two-year selection process based upon factors including ease of configurability and lower total cost of ownership. The system also met Federated’s requirement to move away from obsolescent technology that could limit future growth, according to Jim Thon, the carrier’s executive vice president and director of insurance operations.
“At the same time, we saw that OneShield could provide a core system platform that enhances our ability to confidentially share customer information among our teams, improves collaboration, reduces manual processes and duplication, offers more quality data for strategic analysis, and allows us to focus on capabilities that demonstrate value to our customer,” Thon comments.
Simplified Upgrade Process
Federated was also swayed by the opportunity the OneShield system would give the carrier to achieve a high level of self-sufficiency through its user-friendly configuration tools. Other selling points included the efficiency of leveraging a single platform and the system’s simplified and low-cost upgrade process, according to a vendor statement.
“Our enterprise software platform allows carriers to deploy a customer-centric operating model that is ideally suited to insurers like Federated that provide multiple lines of coverage to its business customers,” comments Liza Smith, senior VP, sales and marketing, OneShield. “With our software, carriers can eliminate any internal ‘silos’ or workflow obstacles with an all-in-one configurable platform that is easily accessible to all internal staff and underwriters, and even external market partners.”