Improving service level response times, increasing overall efficiencies and end-to-end system support for their middle market business were main goals of the premier provider of property insurance in catastrophe-exposed regions
MARLBOROUGH, Mass., July 14, 2016 /PRNewswire/ -- ICAT of Broomfield, CO, has automated and streamlined manual processes using OneShield Enterprise, a fully integrated, secure and configurable end-to-end policy administration solution.
ICAT clears 40,000+ catastrophe insurance submissions each year and runs a good majority of these submissions through per account CAT risk modeling and underwriting reviews. ICAT produces thousands of middle market quotes each year alongside managing a large renewal book. Until now, the majority of this work was managed using multi-step and often complex manual processes.
OneShield's platform empowered ICAT to automate key aspects of its submission management, clearance, rating, modeling, and quoting processes, as well as referral workflow, document filing, operational processing of secondary transactions and policy issuance. "The automation of central aspects of our underwriting process will significantly enhance our ability to respond quickly and efficiently to the needs of producers, agents and their customers with a single platform solution that eliminates redundancies," says Gregory Butler, ICAT's President. "OneShield worked closely with our team to ensure its technology platform not only replaced our legacy processes but also expanded our system capabilities for future growth."
OneShield's robust workflow engine now enables ICAT's underwriters to have the ability to access an online, integrated end-to-end underwriting and processing platform which automates workflows, reduces inefficiencies, and allows ICAT to deliver faster turnaround time to producers.
Key to ICAT's selection decision was choosing a technology platform that would effectively integrate with ICAT's own proprietary technologies, enabling a seamless and integrated solution with enterprise-class third-party software services unique to the risk management field. Models can now be run easily from within OneShield's solution.
"OneShield is proud to have worked in collaboration with ICAT to bring this project to fruition," says Glenn Anschutz, OneShield's Chief Executive Officer. "This is just the latest example of adapting OneShield's powerful technology platform to the needs of yet another unique market segment in the financial services sector."
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 customers to quickly design, configure and manage many aspects of the 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.
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.
Through OneShield Market Solutions, we provide solutions that meet the unique needs of financial services niche sectors, including Managing General Agencies, Regional Carriers, Risk Pool Organizations, Workers' Compensation Administrators, Managing General Agencies, Third Party Administrators and small to mid-sized market insurers.
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 at the lowest total cost of ownership.
To learn more, visit oneshield.com.
ICAT was founded in 1998 with the goal of helping homeowners and business owners in hurricane and earthquake prone regions of the United States recover from natural disasters.
Business is produced in partnership with select retail agents and wholesale brokers. ICAT is an underwriter at Lloyd's of London through ICAT Syndicate 4242, rated "A" (Excellent) by A.M. Best Company and "A+" (Strong) by Standard & Poor's. The ICAT Syndicate 4242 has been a top performer in the Lloyd's market over its seven years of underwriting at Lloyd's.
The company also underwrites on behalf of other U.S. based insurance companies and other syndicates at Lloyd's of London. Boulder Claims, a subsidiary of ICAT, has successfully managed more than 12,000 catastrophe claims since its founding in 2005, including those from Hurricanes Charley, Frances, Katrina, Dolly, Ike, Isaac, and Sandy.