Yesterday at Oracle OpenWorld, Oracle Insurance vice president Tom King and product strategy director Lindsay Fassett gave their insights into Oracle's strategy and vision for the Property & Casualty insurance market. With insurers able to rely less on their investment income than they have in years past, they need to ensure that their underwriting is profitable. Visibility and access to information are some of the key things that insurers are looking for in their quest for underwriting profitability.
P&C insurers want information in the context of the user, King and Fassett explained. Actuaries, claims managers, adjusters and so on need information that will help them improve their ability to accurately rate risk, manage a claim or identify potential fraud.
Oracle Insurance's strategy is to provide this information through adaptive, rules-driven applications that are easy for an insurer to configure according to its own specific needs. For example, an insurance company can easily add a new data field, change workflow, or create a new report using the palette tools in Oracle Insurance's rating applications, CRM applications or business intelligence software.
This ability to easily change and adapt helps insurance companies move more quickly into new geographies or markets; it lets them introduced tiered rating, to charge the right price for every type of risk; and it helps them analyze where they are most profitable and change course appropriately. It also helps P&C insurers comply with ever-changing regulations. All of the applications that Oracle Insurance offers for the P&C market - including CRM offerings, rating and underwriting, billing, claims, and business intelligence - offer rules-driven palette tools to help insurance companies make their business more adaptive and responsive to market changes, ensuring underwriting profitability.
To see an example of how an insurance company uses Oracle Insurance applications to manage its P&C business, King and Fassett encouraged attendees to visit www.alamereinsurance.com. Later, Fassett spoke to my colleague Mary Tobin from O'Keeffe & Co. about evolving requirements for rating and underwriting agility. Click the video below to watch the interview.
Lynne Sampson is senior marketing editor for Oracle Insurance.