OneShield Software Enters the Life Insurance Market with First Client in Production in Just Under Nine Months
"Simply stated, OneShield is extending its proven platform to other financial service sectors. 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," says OneShield President and CEO
Automating Core Systems and Processes
PPLI policies are a unique form of variable life insurance that offer policyholders a customized estate planning tool. While Advantage had grown rapidly in the PPLI marketspace since its launch in 1993, they have relied heavily on maintaining policies in a manual manner.
Advantage turned to OneShield to adapt its proven OneShield Enterprise core system to their unique market needs - enabling the firm to create 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) regulations.
"OneShield's technology platform gives us the flexibility and horsepower we need to meet our goals for future growth and scalability," says
Using OneShield's technology platform, expectations are that operational efficiency at Advantage will allow automation of nearly 100% of its paper-based processes, and will modernize the controls and management of its policy documents. Another key improvement will be in analytics and business intelligence reporting. Internal stakeholders will have automated and customized reporting for rapid information sharing and monitoring. As a result, overhead costs are expected to decrease dramatically as the system evolves.
Compliance Management and Business Development
As in other areas of insurance and financial services, Advantage required a core system that could fulfill compliance and "Know Your Customer" requirements. An important component of OneShield's platform is its Entity Relationship Management (ERM) module with its unique capabilities to track all interactions with existing and prospective clients - proactively alerting specific users to upcoming events and activities.
"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. 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.
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