National insurance provider for U.S. businesses plans to enhance access to customer information, increase collaboration capabilities, augment strategic analysis, and reduce expenses by migrating to OneShield for end-to-end policy administration
MARLBOROUGH, MA, Oct. 22, 2014 /CNW/ - Federated Mutual Insurance Company (Federated), which provides multiple lines of insurance coverage to general and specialty U.S. businesses, has selected OneShield, Inc. to migrate from its current legacy software system to a best-in-class core software platform for commercial lines policy administration.
"Among the strategic drivers of our modernization initiative is a desire to move away from potentially aging technology that could limit future growth," says Jim Thon, Executive Vice President – Director of Insurance Operations of Minnesota-based Federated. "At the same time, we saw OneShield could provide a core systems 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."
Federated went through a lengthy due diligence and interview process of over two years to choose its new systems provider. In the end, it chose OneShield based on the strength of the software's ease of configurability and its lower overall Total Cost of Ownership.
On the latter point, Federated saw it could achieve a high level of self-sufficiency in the future using OneShield's user-friendly configuration tools, lower overall costs by leveraging a single platform proven to support the full product set of personal and commercial business lines, and benefit from the software system's simplified and low-cost upgrade process.
"We are very proud to be selected by Federated to help enhance its core systems and policy administration capabilities," says Liza Smith, OneShield's Senior Vice President, Sales and Marketing. "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. 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."
OneShield® Policy™ is a configurable end-to-end policy management software system that cost-effectively streamlines every stage of the policy lifecycle, allowing business and technical users to easily customize its interface, workflows, rates, rules, forms and transaction processing methods. Insurance carriers can automate and simplify key processes in policy submissions, qualifications, rating and quotes processing, issuances, endorsements, renewals and cancellations, new product launches, and premium audits — all with detailed reporting and statistical analysis.
About OneShield Inc.
OneShield, Inc. delivers core business software solutions to the global P&C and General Insurance industry. Our portfolio of standalone applications, and subscription- and cloud-based products, includes enterprise-class policy management, billing, rating, product configuration, and business intelligence and analytic solutions that leverage a tool-based open architecture and single data model platform to streamline your business. OneShield Insurance Software automates and simplifies the complexities of core systems with targeted solutions, seamless upgrades, collaborative implementations, and lower total cost of ownership.
With its corporate headquarters in Marlborough, MA and offices in Australia, Canada and India, OneShield, Inc. has a combined 44 products in production across all commercial, personal and specialty lines of business. To learn more, visit OneShield.com.
About Federated Mutual Insurance Company
Headquartered in Owatonna, Minnesota, Federated Mutual Insurance Company is a multi-lines insurer that seeks to meet all of its clients' insurance needs including property, liability, workers compensation, business auto, group health, and life and disability income. Federated also specializes in business insurance for a wide variety of industries, ranging from auto service centers to the petroleum sector to wholesale operations. For more than a century, Federated has provided peace of mind to business owners through valued insurance protection offered in 48 states and the District of Columbia.
Formed in 1904, Federated employs nearly 2,300 people across the U.S., including in its Phoenix, Arizona regional office and other service centers throughout the country. Today, over 400 trade associations and industry organizations recommend one or more of Federated's programs. The company is rated A+ (Superior) by A.M. Best Company.
SOURCE: OneShield, Inc.
For further information: INTERESTED IN AN INTERVIEW? CONTACT: Nancy Hines, Senior Director, Corporate Communications, OneShield Inc., T: 803.790.4200, M: 803.309.9459, E: [email protected]