Acquisition will open up new niche markets in the insurance sector for OneShield and extend OneShield's product offerings beyond enterprise-level solutions.
MARLBOROUGH, MA, May 20, 2014 /CNW/ - OneShield, Inc., a leading core systems software provider for the global insurance industry, announced today at its 2014 Client Conference that it has reached an agreement to acquire specific strategic and intellectual property assets of Danbury, CT-based Clear Data Strategies, LLC (CDS).
CDS provides both subscription cloud-based and site-installed software solutions for claims processing and policy administration for the property and casualty (P&C) insurance market. Customers of its Instream(TM) and Pyramid solutions include mid-sized and niche P&C carriers, self-insured organizations, specialty workers compensation insurance providers requiring full NCCI compliance, and TPAs and MGAs.
OneShield will absorb the CDS product line, and continue to support its growing and unique base of niche customers. OneShield will also leverage CDS' 25 years of expertise in claims processing, and use it to further enhance the capabilities and functionality of its own claims administration product offering currently in development.
"We are excited to be adding the CDS family of solutions to our suite of enterprise products," says Glenn Anschutz, OneShield's President and Chief Executive Officer. "This acquisition will expand our opportunities into lower-tier carriers, as well as specialty niche markets, where hosted and cloud-based solutions are increasingly popular."
"From an intellectual property standpoint, this also significantly augments our existing expertise in the area of claims processing," he adds. "The CDS team brings an aggregate of 60-plus years of experience in building rich and robust functionality into claims administration solutions."
Among key executives joining OneShield will be Chief Executive Officer Bill Kuebler, who has over two decades of experience running insurance technology companies.
"We are looking forward to being part of the OneShield team and strongly believe we will expand our own market penetration with the CDS set of cloud-based products by leveraging the strong OneShield brand," says Kuebler. "OneShield's expansive growth and strong reputation for focusing on products and customers, along with the continued market shift to cloud-based solutions, make for a perfect combined team."
About OneShield Inc.
OneShield, Inc. delivers core business software solutions to the global P&C and General Insurance industry. Our portfolio of products includes enterprise-class policy management, billing, rating, product configuration, and reporting and analytic solutions that leverage a tool-based open architecture and single data model platform to streamline your business. OneShield Insurance Software automates and simplifies the complexities of core systems with targeted solutions, seamless upgrades and collaborative implementations.
With its corporate headquarters in Marlborough, MA and offices in Australia, Canada and India, OneShield, Inc. has a combined 44 products in production across all commercial, personal and specialty lines of business. To learn more, visit oneshield.com.
About Clear Data Strategies, LLC
Based in Danbury, CT, and founded in 2007, Clear Data Strategies, LLC provides a subscription- and cloud-based software platform to improve processes, data quality and decision-making within insurance industry organizations. It focuses on developing solutions for specialty lines underwriting and claims solutions, rules-based systems, advanced analytics and scoring, and tool-set based custom applications.
SOURCE OneShield, Inc.