Answer: They both adapt quickly to changes in their environment.
This morning, the Insurance Track at Oracle OpenWorld opened with a story about recent bed bug infestations in New York City. Don Russo, senior vice president and general manager of Oracle Insurance, explained how innovative insurance companies have stepped in to offer "bed bug insurance" to protect hotels and apartments against infestation. The story illustrates how insurance companies can quickly take advantage of new market opportunities that might not have existed even one year ago.
The topic of this morning's Insurance General Session was "Adaptive Insurance Enterprise Transformation for Real Agility." Russo spoke about Oracle's vision and strategy for the insurance industry. He discussed key industry trends driving change in the industry, including insurers' desire to offer innovative products to their customers, the need to grow business in emerging markets, and continuing mergers and acquisitions.
With these trends driving constant change, insurers are recognizing that they must be adaptive enough to respond to the market as it evolves. In order to be ready for whatever comes next, insurers are seeking technology that helps them increase business adaptability and scope; remove international barriers; and reduce the risk of business transformation.
Oracle Insurance vice president of product strategy, Srini Venkat, spoke about Oracle's offerings for the Insurance sector, and how this technology can help insurers achieve the business goals outlined above. He discussed future direction for a number of applications, including:
The common thread running through these and other Oracle Insurance products is adaptability. Across each line of business or area of functionality, Oracle technology helps insurers change direction on a dime - they can quickly reconfigure business rules with easy-to-use tools. This ability to implement rapid changes, rather than waiting months for a prolonged IT engagement, gives insurers the flexibility they need to quickly introduce new products (like bed bug insurance), respond to changing market opportunities, and achieve their business goals.
The session closed with Capgemini's Jack Dugan, who spoke about the implementation capabilities his team brings to the table. As an Oracle partner, Capgemini has worked on multiple Oracle Insurance implementations, and Dugan shared success stories of insurance companies who have reduced risk, increased their business capabilities, improved speed to market, and improved their ability to respond to new market opportunities.
To see an example of how an adaptive insurance enterprise might run, please visit www.alamereinsurance.com.
Lynne Sampson is senior marketing editor for Oracle Insurance.