MARLBOROUGH, MA--(Marketwired - Aug 27, 2013) - OneShield, Inc., a global provider of flexible, enterprise-class, content-rich core systems for property/casualty (P&C) insurers, is pleased to announce that Privilege Underwriters Reciprocal Exchange (PURE), the policyholder-owned P&C insurer that exclusively caters to high net worth individuals and families, has received a 2013 Novarica Impact Award. PURE has received an award in the Quick Hit category due to the innovative approach the company took to quickly expand agent transaction capabilities with a comprehensive auto pre-fill feature.
The speed with which PURE was able to rollout the auto pre-fill initiative was groundbreaking when compared to typical policy administration implementation timeframes. The development side of the project lasted less than 65 days from the onset of technical design to implementation. This is a credit to the strong capabilities of the PURE and OneShield teams and the underlying modern technology architecture of OneShield Dragon (Dragon).
"It is a great honor to be recognized for the implementation of our auto pre-fill initiative, particularly to be named a standout in such an elite pool of insurer success stories," said Stuart Tainsky, CIO and senior vice president with PURE. "With the help of our partner and technology provider, OneShield, we've provided our network of independent insurance agents a platform that allows them to generate auto insurance quotes more quickly and accurately."
Novarica's 2013 Impact Awards highlight the best insurer case studies of 2013. A panel of more than 50 insurer chief information officers (CIOs) judged these case studies. PURE was honored for their rapid implementation of auto pre-fill and agent endorsement capabilities, which has resulted in the reduction of manual processing steps needed to quote an auto policy by over 70 percent. PURE's project included the integration of Dragon directly into LexisNexis. PURE's agents are able to instantly pull driver and vehicle information into Dragon when creating an auto insurance quote. Agents can now spend less time manually entering data, provide clients with more accurate quotes, and proactively offer auto quotes using existing pre-filled client information.
"Our CIO Research Council members have recognized PURE's project as outstanding use of technology to improve the consumer experience," said Matthew Josefowicz, managing director and partner at Novarica, and lead moderator of the Novarica Insurance Technology Research Council. "We congratulate PURE and OneShield on driving business impact through technology."
"We extend our sincere congratulations to Stu and the entire PURE team," said Glenn Anschutz, chief executive officer and president of OneShield, Inc. "We admire PURE's dedication to providing top-of-the-line ease of doing business and an exceptional member experience, and are proud to serve as their technology partner."
OneShield has successfully delivered flexible, enterprise-class policy management, billing, rating, product configuration and business intelligence/analytic solutions to the global P&C/General Insurance industry since our inception in 1999. Based on an open, tool-based architecture, OneShield Dragon® provides companies with the ability to streamline product creation, management, underwriting and distribution. With Dragon, P&C insurers gain a competitive advantage that helps them improve operations and profitability while meeting increasing customer and market demands. OneShield develops innovative technology to better serve the needs of the industry and more importantly, their customers. OneShield is headquartered in Marlborough, MA and has an office in Gurgaon, India. Visit oneshield.com to learn more.
Privilege Underwriters Reciprocal Exchange (PURE) is a policyholder-owned insurer dedicated to creating an exceptional experience for responsible high net worth individuals and families. PURE provides best-in-class, customizable coverage throughout most of the U.S for high-value homes, automobiles, jewelry, art, personal liability, watercraft and flood. Inspired by some of the finest policyholder-owned companies in the world, PURE emphasizes alignment of interests and transparency. PURE's low cost of capital, careful member selection, and proactive risk management all contribute to highly competitive rates. As a member of The PURE Group, PURE is rated A- "Excellent" for Financial Strength by A.M. Best. In return for a fee, PURE Risk Management, LLC acts as Attorney-in-Fact for PURE. For more information, or to find a local agent, visit pureinsurance.com.
Novarica provides information, insights, and perspective on markets, operations, and technology to financial services and insurance executives. The company delivers its service through published research, retained advisory services, and project-based consulting. Novarica's research includes market and trend analyses, best practices research, case studies, and independent analyses of insurance software vendors. Novarica draws its knowledge from the personal experience of its principals, the ongoing information-gathering initiatives of dedicated research staff, and regular communication with insurer executives through informal networks and through the Novarica Insurance Technology Research Council, a community of more than 300 insurer CIOs and senior executives. For more information, please visit www.novarica.com.
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