(Image credit: Dollar Photo Club.)
OneShield has introduced OneShield Claims, which the Marlborough, Mass.-based insurance core system vendor calls a user-configurable property/casualty claims administration system that completes its OneShield Enterprise core system platform. Delivered either on-premise or through the cloud, the system 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, according to a OneShield statement.
“OneShield Claims is an important addition to our enterprise offering that ensures complete end-to-end integration of a business’s data, workflows, processes and rules at every stage of the insurance policy lifecycle,” comments Glenn Anschutz, president and CEO, OneShield. “Already a market leader with our policy, rating, billing, and partnership management enterprise platform components, OneShield Claims signals our continued commitment to ongoing product investment, and our continuous aim to deliver high-value solutions for the global insurance industry.”
OneShield claims applies modern system capabilities to automate the claims administration process, which historically involves manual interventions that tend to increase costs of what is already insurers’ greatest variable expense. The system applies what the vendor calls intelligent, self-learning and highly customizable design, OneShield Claims that enables easy configuration and automation of claims process. The system can be configured to automate various stages in the claim lifecycle from first notice of loss (FNOL) through to file closure across all lines of commercial, personal and specialty insurance, according to the vendor.
Capabilities of OneShield Claims include the following, according to the vendor’s description:
- Financial transaction management for reserves, payments and recoveries;
- Ancillary functionality for special investigative units (SIU), litigation and subrogation;
- Automated low-touch processing through configurable business rules;
- Journal management, including one-time and recurring diary entries with automated escalation, system and user-created notes, correspondence and regulatory document generation from templates, and embedded email integration; and
- Business Intelligence reporting and analytics, and scoring capabilities.
As a fully-integrated component within the OneShield Enterprise platform, at every stage of filing a claim, carriers can work from a single and shared comprehensive data model using common toolsets—which reduces costly, time-consuming and error prone duplication of records and efforts, OneShield notes.
As a component of OneShield Enterprise, OneShield Claims allows claims handlers to verify coverage limits, deductibles, schedules and exclusions to an insurance contract within the suite’s policy system. The claims component of the suite can also be integrated easily with best-of-breed or sector-specific third-party software applications, such as financial, regulatory and general ledger systems.
Lowering Total Cost of Ownership through Automation
As an integrated module of the vendor’s core suite, OneShield Claims can also help carriers to significantly reduce expenses, the OneShield statement asserts. For example, automated workflows can be established to request police reports of accidents, notify insureds via email of important information, alert third-party suppliers to deadlines, or even identify potential fraud in a claim.
The vendor says that the claims module’s pre-built insurance-specific defined workflows, along with customizable workflows, process and business rules, can help carriers accelerate processing times in order to increase efficiencies in areas such as:
- Electronic Data Interchange (EDI)
- Government Medicare program reporting
- Return-to-work tracking
- Special investigations
- Litigation and medical case management
- Pre- and post-claim loss prevention programs