MARLBOROUGH, Mass., May 19, 2015 /PRNewswire/ -- With the goal of bringing new efficiencies and greater functionality to handling claims, the Pennsylvania Financial Responsibility Assigned Claims Plan (PFRACP) has selected OneShield Market Solutions to replace its legacy claims administration system.
The automation of the existing 15-year-old legacy system, which also relied on some manual processes to administer claims, is expected to reduce the need for additional staffing in the future while increasing PFRACP's ability to handle a larger volume of claims per person.
After a six-month review process, PFRACP's executive team choose OneShield Market Solutions for TPAs — a secure, cloud-hosted and configurable end-to-end claims administration solution supporting multiple insurers, accounts, and lines of business with automated workflows and rules designed specifically to meet the unique needs of TPAs.
For PFRACP, specifically, the new system will bring a wide variety of benefits, including:
- Introducing a user-configurable workflow that improve efficiencies and consistent handling of files with measurable touch points
- New functionality, such as paperless files
- Ability to securely access the system at a third-party vendor's and attorney's sites
- Replacement of many manual tasks with an automated rules engine.
- Automated population of routine forms
- Automated user interfaces that further reduce manual data entry into multiple systems
"Our challenge was to find a systems vendor that understood our unique claims processing requirements, including the need to modify the system with limited or no programming skills," says Rob Carver, Claims Manager, PFRACP. "The core cloud-hosted platform was deployed within weeks of contract signing and configuration efforts to meet our unique processing requirements are underway."
"We are proud to be supporting PFRACP in its initiative to transform its claims administration system for the future," says Liza Smith, Senior Vice-President Global Sales and Marketing. "OneShield Market Solutions products are designed for lower cost and easy deployment by leveraging the flexibility of cloud base delivery. PFRACP is exactly the type of customer we designed these products for and we welcome them to the OneShield family."
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About OneShield Inc.
OneShield, Inc. delivers core business software solutions to the global P&C and General Insurance industry. OneShield Market Solutions is a division offering a specialized portfolio of standalone, and subscription- and cloud-based software products with 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.
The OneShield Market Solutions portfolio provides enterprise-class, time-tested and proven core system insurance software products through standalone, subscription-based and cloud-based business models to providers of specialized insurance services and products, such as Managing General Agencies (MGAs) and Third-Party Administrators (TPAs).
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 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.
SOURCE OneShield, Inc.