Erie Insurance started with the vision of two men to create an insurance company like no other – one that emphasized customer service above all else. That vision realized; from humble roots in 1925 to a FORTUNE® 500 company with over 5,000 employees and 5.8 million policies in force today, operating in 12 states and the District of Columbia. Erie Insurance Group, based in Erie, Pennsylvania is the 9th largest homeowners’ insurer and 12th largest automobile insurer in the United States based on direct premiums written, and the 16th largest property/casualty insurer in the United States based on total lines net premium written.
Erie Insurance set out to provide a commercial lines technology platform that delivered best in class user experience, making it efficient and easy for agents to quote, issue, and service accounts. For internal users they wanted to enable flexibility to consolidate products, allow for pricing sophistication, expand their geographical footprint and reduce operating costs through efficient methods such as straight-through processing – all without disrupting current operations.
From Collaboration to Center of Excellence
Challenged by the complexity of multiple applications and technologies to support multiple products, third-party data sources that were not fully integrated and a host of inflexible legacy systems, Erie in partnership with OneShield has persevered. After almost a decade of collaboration with OneShield Software, Erie has expanded its use of OneShield Policy across all its commercial insurance lines. Erie has created a OneShield Center of Excellence. They have achieved their vision of running the policy administration system “headless” by integrating their user interface with OneShield Policy. Erie Insurance has also secured future licensing permissions to consolidate their personal and life lines of business on the same policy platform.
Achieving and Exceeding Strategic Vision
OneShield Policy has exceeded Erie’s targets for Quote, Application, and Retrieval transactions for Complex Policies. Erie has increased revenue, reduced time to quote and issue, increased the number of policies that are processed straight through and has increased its speed-to-market, implementing new states faster than ever.
OneShield Policy will enable ERIE to advance its digital strategy of simplification and consolidation on an extendable and adaptable platform. Today, they have multiple portals supporting various product offerings. The new capabilities within OneShield Policy will allow ERIE to consolidate its product offerings while maximizing existing technology investments.