The consolidation and M&A activity across service industries, combined with employee turnover and remote and hybrid work, create a myriad of risk management challenges for your professional liability clients. At the same time, litigious activity is on the rise, making the governance of professional liability of utmost concern.
Having a comprehensive understanding of all touchpoints within an insurer’s workflows is crucial in ensuring visibility and effectively identifying potential risks. The task of risk management and insurance programs becomes increasingly challenging as the insurer’s complexity grows, which extends to the insurance professionals responsible for managing relationships throughout the entire policyholder lifecycle.
Today’s professional liability insurers can address the challenges head-on with customer-centered, entity management capabilities that improve client visibility for internal underwriting, administration, and claims professionals.
A fully managed SaaS policy administration and feature-rich claims solution pre-loaded with insurance content, workflows, and rules, all customizable for your unique and evolving needs.
A unified system that offers a single source of truth across policy administration, billing, claims, reporting, and business intelligence is critical to managing client relationships with:
Multiple or related entities
Geographic disbursement
Lengthy claims
Master and individual policies
Highly specialized coverage
This translates to quicker, better-informed decision-making and responsiveness.
Within OneShield Market Solutions' Customer Center, you can establish the client entity and link relationships to other entities (including vendors, banks, etc.) critical to the client’s insurance program. All individuals added under the client entity are specified with roles, such as insured employee, claimant, witness, doctor, lawyer, broker, etc. for a best-in-class, comprehensive view of all constituents within the relationship. Insurance professionals save time with critical information available in all the right places.
All data about your insured clients and their employees are accessible across the platform – just configure the visibility permissions of user roles and security/authorization levels. This ensures that your insurance professionals have a comprehensive view of client and individual policy coverages, limits, deductibles, journal entries, claims documentation, applicable excess coverage, and more, based on their workflows and responsibilities.
Learn about other insurers we have assisted in their technology journey:
MIEC selects OneShield’s SaaS solution
LawPro digitizes core systems with OneShield
The current labor issues facing insurers, and fluctuations in staffing that all companies experienced during the pandemic, highlight the importance of role-based modeling. It’s vital within the policy administration platform to ensure continuity of service and knowledge transfer when the unexpected occurs – especially with complex professional liability relationships.
Within OneShield Market Solutions, roles and tasks are easily re-assigned, and tracking of outstanding and completed tasks is visible, all to ensure client service expectations are met, despite internal staffing disruptions.
Your ability to quickly respond to the client’s needs with confidence based upon a comprehensive view of their risk profile is critical in this highly litigious environment. Place real-time data insights and global relationship views in the hands of your insurance team to enhance client interactions and meet the unique needs of your professional liability clients.
If your goals include enhanced client experience and self-service, expand visibility and insights to your clients through customized client and employee portals. Visible relationship management is a win for all parties managing complex professional liability insurance programs.
To learn more about OneShield Market Solutions, and our full policy administration capabilities for Professional Liability Insurers, reach out to book a demo.
Additional resources to support your digital technology journey:
Learn to Love Your Digital Transformation
5 Key Steps to a Successful Digital Transformation
OneShield provides business solutions for P&C insurers and MGAs of all sizes. OneShield's SaaS platforms include enterprise-level policy management, billing, claims, rating, relationship management, product configuration, business intelligence, and smart analytics.