Replaces 15-year-old legacy system's manual processes, allowing state-wide fund to more efficiently handle a larger volume of uninsured claims
MARLBOROUGH, Mass., Feb. 25, 2016 /PRNewswire/ -- OneShield Software and Pennsylvania Financial Responsibility Assigned Claims Plan (PFRACP) have released OneShield Market Solutions' cloud-based claim administration system into production within eight months. This automated claims solution allows PFRACP to deliver greater efficiencies along with enhanced operational benefits, increased bandwidth, and claims processing automation - all while enhancing cost containment.
"We are very pleased that, with close collaboration, PFRACP was able to get into production as quickly as they did on our As-a-Service platform," says William Kuebler, Chief Executive Officer of OneShield Market Solutions. "Our cloud-based solution and agile deployment techniques allow TPAs such as PFRACP to implement a comprehensive claims management platform in a very short time, by industry standards, while significantly lowering their costs."
With the objective of automating time-consuming and costly manual processes in the handling of claims, PFRACP's executive team chose OneShield Market Solutions' module for Third-Party Administrators (TPAs) after a six-month search to replace its outdated legacy claim administration system.
"Our goal was to implement a system with limited interruption to current daily productivity and enable us to handle a larger case load without the need to add staff," says PFRACP's Claim Manager, Rob Carver. "The OneShield team understood our unique claims requirements and significantly streamlined our processing."
OneShield's claim administration application for TPAs is a cost-effective, secure, and highly configurable claims offering supporting multiple accounts and lines of business with automated workflows and rules, designed specifically to meet the unique needs of TPAs.
The flexible and scalable nature of the cloud solution allowed OneShield and PFRACP to rapidly convert and import over 70,000 claim files from almost two decades of activity, as well as millions of file notes and journal entries.
OneShield's cloud application also makes it easier for PFRACP to easily share electronic files and documents with third parties using a secure web portal; previously, a time-consuming and expensive manual process that involved physically copying and shipping files to legal counsel and other parties.
About OneShield Software
OneShield Software solutions are powered by a market-tested rapid application development environment and comprehensive end-to-end transaction engine designed to meet the business, compliance, and customer service needs of high-demand financial service businesses.
Leveraging cutting-edge technologies and a cloud-based "As-a-Service" delivery model, OneShield solutions can be used out-of-the-box with pre-built content, or easily reconfigured to suit specific business processes or complete product lifecycles. A robust and user-friendly design tool allows you to quickly design, configure, and manage many aspects of your solution.
Our portfolio of standalone, subscription-based, and cloud-based products include enterprise-class policy management, billing, rating, claims administration, product configuration, and business intelligence and analytic solutions leveraging an open architecture and single data model.
Through OneShield Market Solutions, we provide software solutions that meet the unique needs of financial services niche sectors, including Managing General Agencies, Third-Party Administrators, Workers' Compensation Administrators, Risk Pools, and small to mid-sized market insurers.
Since 1999, OneShield has been privileged to provide solutions to many of the strongest and fast-rising names in the financial services industry, ranging from those with single lines of business to others with multiple products in personal, commercial, life and specialty markets — a combined 46 lines of business in production among clients based around the world.
With our corporate headquarters in Marlborough, MA, and global offices in Australia, Canada, India, and the United Kingdom, OneShield is committed to supporting clients' growth, increasing their speed-to-market, enhancing internal and external efficiencies, and enabling client self-sufficiency lowering total cost of ownership. To learn more, visit oneshield.com.
About Pennsylvania Financial Responsibility Assigned Claims Plan
The Pennsylvania Financial Responsibility Assigned Claims Plan (PFRACP) is a state-wide fund protecting residents of the Commonwealth involved in car accidents involving uninsured motorists. The PFRACP's enabling legislation requires state insurance companies to fund the Plan. The PFRACP pays benefits up to set limits to a victim who does not have his or her own vehicle insurance or other insurance benefits, and who has been injured in an accident caused by an uninsured or unidentified driver, such as in hit-and-run accidents.
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SOURCE OneShield Software