The onset of flow-induced oscillations in valve-like configurations remains not completely understood, despite the wide relevance in fluid transport across human physiology and various industrial applications. The present work explores the excitation mechanisms of self-sustained oscillation with key operating parameters in a general-purpose configuration by means of high-fidelity simulations. The investigation is carried out with a partitioned framework that resolves the fluid field by a finite-difference fractional step scheme, discretizes the structural domain via an isogeometric method, and considers an immersed boundary forcing through the interpolation/spreading kernel built by moving-least squares. Our findings confirm the onset of flapping motion in valvular shells, jointly influenced by geometric parameters, structural properties, and flow conditions. Specifically, at a Reynolds number (Re) of 800 and shell aspect ratio of 1.0, a critical reduced velocity exists at around 6, bifurcating static and periodic oscillation modes. After this criterion, flexible shells flutter in the third-plate-mode natural frequency, with oscillation amplitudes approaching an asymptotic value, coupled with intensified vortex shedding, as the reduced velocity increases. Re mainly imparts a destabilizing effect on the fluid-shell system; a lower Re suppresses flow-induced vibrations through viscous dissipation, while a higher Re introduces three-dimensional complexities, asymmetrical oscillations, and quasi-periodicity in the flapping dynamics, especially within the critical regime of reduced velocity. The impact of shell aspect ratio is intricate; in contrast, the case with an aspect ratio of 1.3 displays more intensive flapping motion compared to the reference case of 1.0, whereas further increasing to 1.6 mainly shows stabilizing effects in the shell dynamics.