Federated Mutual Insurance, which provides multiple lines of insurance coverage to general and specialty US businesses, has selected OneShield 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.
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.