(Waterfront in George Town, Gran Cayman, home of Advantage Insurance Holdings. Photo Credit: Fevi Yu.)

OneShield (Marlborough, Mass.), known for its provision of core insurance systems to the property/casualty industry has announced that it has implemented a private placement life insurance (PPLI) for Advantage Insurance Holdings Ltd., a Cayman Islands-based provider of specialty insurance and related services to business owners and high net worth individuals. The system, which was in production within nine months, automates a manually intensive processing environment for Advantages PPLI business, which provides customers with variable life insurance products that offer policyholders a customized estate planning tool.

Advantage used the OneShield Enterprise core system to enable new efficiencies in task and document processing, improving financial management, enhancing customer communication, and ensuring adherence to anti-money laundering and KYC (Know Your Customer), according to a statement from the vendor.

Flexibility and Horsepower

“OneShield’s technology platform gives us the flexibility and horsepower we need to meet our goals for future growth and scalability,” comments Eric Miller, senior VP, Advantage Life. “Ultimately, it means we can service our clients with the utmost efficiency and responsiveness.”

With OneShield Enterprise Advantage expects to be automate nearly all of its currently paper-based process and will modernize the controls and management of its policy documents. The insurer will also use the system to boost analytics and business intelligence reporting, giving internal stakeholders automated and customized reporting for rapid information sharing and monitoring. The carrier expects overhead costs to decrease dramatically as the system evolves.

OneShield Enterprise’s Entity Relationship Management (ERM) module addresses Advantages requirement for a core system that fulfills regulatory compliance and KYC needs. The ERM module has the ability track all interactions with existing and prospective clients, proactively alerting specific users to upcoming events and activities, according to the vendor.

“Knowing there was no software in the market that addressed our needs, it was critical to Advantage that the partner we chose had a centralized data model schema, that would ease the creation of programming ‘objects’ that describe our life, annuity and asset concepts,” explains Miller. “The icing on the cake, so to speak, was the ability to leverage OneShield’s existing frameworks, allowing us to quickly create workflows and tailor them to our business.”

Within the OneShield Enterprise application framework, policy administration is handled under a role-based user access model that allows Advantage personnel to self-manage and configure their business process flow, from prospecting to policy termination, according to OneShield. The user interface can be self-configured to meet Advantage’s specific requirements for viewing, managing, and analyzing its business pipeline to monitor and procure new business opportunities.

(Related: OneShield Introduces Claims Module to Complete Core Suite Offering)

“Simply stated, OneShield is extending its proven platform to other financial service sectors,” comments Glenn Anschutz, president and CEO, OneShield. “We are able to rapidly build digital business solutions by leveraging our common object models and without writing a single line of code. Couple that with our ability to support the application in the cloud and on an ‘As-a-Service’ basis, and the efficiencies and savings for our clients are even greater. OneShield has demonstrated the extensibility of our technology platform in the P&C market but this project clearly highlights OneShield’s ability to scale and provide solutions to new markets outside of traditional P&C.”