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OneShield Software Enters the Life Insurance Market with First Client in Production in Just Under Nine MonthsMARLBOROUGH, Mass., Feb. 5, 2016 /PRNewswire/ -- Already a proven core systems technology platform for the global property and casualty (P&C) insurance markets, OneShield Software is applying its automated and user-configurable rapid application development technology to a broader range of financial services.  Advantage Insurance Holdings Ltd. of Grand Cayman, Cayman Islands, is a leading provider of specialty insurance and related services to business owners and high net worth individuals seeking customized solutions for their risk management and financial planning needs. Advantage worked with OneShield to significantly automate what was largely a manual and paper-based process for issuing, rating, and managing complex and custom-tailored insurance products. "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 Glenn Anschutz. "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." 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 u the flexibility and horsepower we need to meet our goals for future growth and scalability," says Eric Miller, Senior Vice President for Advantage Life. "Ultimately, it means we can service our clients with the utmost efficiency and responsiveness." 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. About OneShield Software. OneShield Software delivers core business software solutions to the global insurance and broader financial services industry. Our portfolio of standalone, subscription, and cloud-based software products includes enterprise class policy management, billing, claims, rating, product configuration, business intelligence, and analytics solutions that leverage a tool based open architecture and single data model platform to streamline your business. OneShield 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 46 products in production across the P&C and Life insurance markets. To learn more, visit OneShieldLife.com. About Advantage OneShield is a registered trademarks of OneShield, Inc. Other capitalized terms used herein are also protected marks of OneShield, Inc. Copyright 2013 - 2016 by OneShield, Inc. All rights reserved. Logo - http://photos.prnewswire.com/prnh/20150519/217002LOGO To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/oneshield-software-enters-the-life-insurance-market-with-first-client-in-production-in-just-under-nine-months-300216007.html SOURCE OneShield Software 
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