Advantage Insurance Inc. is a leading international provider of customized insurance services to high-net-worth individuals and business owners. Based in the Cayman Islands with offices in the U.S. and Puerto Rico, Advantage has two main product lines – a life insurance division issuing Private Placement insurance policies and annuities, and a business insurance division providing captive insurance management services.
Transforming a Manual, Paper-Based System
Since its launch in 1993, Advantage had grown rapidly while operating largely with a paper-based system that was heavily reliant on manually-maintained policy information. These processes were subject to potential human error and time constraints, and relied on a group of key managers to input and handle policy changes and information manually. In many cases, critical business data was entered and updated by hand in spreadsheets.
The leadership team identified that manual methods could potentially inhibit Advantage’s growth and scalability, as well as its ability to adapt quickly to a changing marketplace, introduce new and competitive products, and comply with the myriad of regulations in its growing global markets.
Advantage turned to OneShield to implement its enterprise-class OneShield Life Solution – creating 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. Using OneShield’s core platform, Advantage would be in a distinct position to transform its business for rapid growth and expansion of its private placement life insurance offerings.
The project scope for the implementation covered two Advantage product lines – Variable Universal Life Policies and Variable Annuities. Specifically, OneShield Enterprise would be used to support the day-to-day operations and jurisdiction requirements for Advantage Life & Annuity Company SPC (ALAC), Advantage Life Puerto Rico AI and Advantage Life USA SC.