OneShield (Marlboro, Mass.) has launched a new portfolio of software solutions tailored to the needs of niche market providers of insurance services and products. The new portfolio of offerings, OneShield Market Solutions, will provide enterprise-class core system insurance software solutions through standalone, subscription-based and cloud-based business models, according to a vendor statement. The solutions are designed to enable smaller providers of insurance services and specialty products to compete and grow their businesses using the same powerful technology tools available to major insurers, the OneShield statement says.
“Out-of-the-box and hosted in the cloud with relatively little upfront investment, specialized service providers, such as managing general agencies and third-party administrators, will have a fully-functioning core system platform to run all aspects of their business,” comments Glenn Anschutz, CEO, OneShield.
The vendor’s cloud-based core systems allow niche players to deploy a customer-centric operating model that is configurable to how they do business, and helps reduce overhead expenses, enhanced service quality, and ramp-up business acquisition capabilities and new product speed-to-market, Anschutz adds.
The new OneShield Market Solutions portfolio includes core system software for the following customers, as described by the vendor:
Mutual and Regional Carriers: From carrier submissions to policy renewals, and on to claims intake and file closure, users can quickly and easily customize all aspects of the system, including setting specific rules for service level agreements, number of claims handled, pricing, special notification requirements and unlimited other variables.
Managing General Agencies (MGAs): A secure, cloud-hosted and configurable end-to-end policy management system that provides the ability to manage submissions, rate, generate proposals, track carrier clearance and even bind multiple lines of business for multiple carriers, complete with automated workflows and rules.
Third-Party Administrators (TPAs): Out-of-the-box, a fully functioning claims administration system, including account management, TPA billing and time tracking, document management, and detailed reporting and analysis, all pre-configured for processing of workers’ compensation, general liability, property, commercial automobile and specialty lines.
Workers’ Compensation Administrators: Highly configurable, this core software platform processes submissions, rating, quoting, policy management, claim administration, billing and accounts receivable, time tracking, document management, self-serve Web portals, and offers detailed reporting and analysis.
Self-Insureds: From submissions to renewals, and on to compliance, contract management and representative compensation, quickly and easily customize workflows, business rules, codes, tables, forms and documents to match risk pools and affinity groups’ processes and business opportunities.
OneShield notes that, for larger national and cross-border organizations, the vendor continues to enhance features and offerings within its flagship enterprise solution, OneShield Enterprise. OneShield describes the offering as a configurable end-to-end core system software solution suite for policy management, claims, billing, rating, product configuration, and business intelligence and analytics. The vendor asserts that the solution lowers total cost of ownership and cost-effectively streamlines every stage of the policy lifecycle with easily customizable interfaces, workflows, rates, rules, forms and transaction processing methods, all with detailed reporting and statistical analysis.