Inserting a label in the frame

You can use Overlay:

Overlay[
    {
    Framed[
        "Content",
        BaselinePosition -> Top -> Baseline,
        ImageSize->{100,100},RoundingRadius->5
    ],
    Row[
        {" ", Style["text",Background->White]},
        BaselinePosition->Center
    ]
    }
]

Experimental`FramedLabeled[
 Pane["Content", ImageSize -> {100, 100}, Alignment -> {Center, Center}], 
 Style["text", Red]]

Note: This works in version 9, but, as noted by @CarlWoll, it doesn't work in version 11. The code behind is similar to @Carl's answer and we can use it to define a function that works in version 11:

framedLabeled = Overlay[{Framed[#, Background -> White, FrameMargins -> {{6, 6}, {6, 12}},
      FrameStyle -> GrayLevel[0.7`], ImageMargins -> 10, RoundingRadius -> 5], 
     Framed[#2, Background -> White, BaseStyle -> {"DialogStyle", Bold, 
        FontColor -> Blend[{Blue, Gray}]}, FrameMargins -> {{10, 10}, {2, 2}}, 
      FrameStyle -> White, ImageMargins -> {{30, 0}, {0, 0}}]}, All, 1] &;

framedLabeled[Pane["Content", ImageSize -> {100, 100}, Alignment -> {Center, Center}], 
 Style["text", Red]]