Insurers today face many challenges such as competitive pressure, aging IT systems, and inefficient business processes that make it difficult to achieve profitable growth. Among all of the processes that insurance carriers must focus on, rating and pricing is arguably the most critical process to ensure business success. Rating impacts revenue, is fundamental to new product offerings, and is the key to carriers’ competitive differentiation. For insurers to maximize the benefits of their rating technology, they must deploy stand-alone, best-of-breed systems, such as Oracle Insurance Insbridge Enterprise Rating (OIIER) 4.8—giving carriers increased flexibility and the ability to handle more advanced rating methodologies.
Oracle Insurance Insbridge Enterprise Rating 4.8’s latest enhancements include:
- Increased Understanding of Premium Calculations: OIIER 4.8 includes a new rating worksheet that provides a detailed, step-by-step view of all premium calculations insurers might use in a policy. To meet various format requirements, users now have the flexibility to include or exclude program elements from the rating worksheet—providing clear visibility into the rating process and allowing users to manage risk more effectively
- Reduced Integration Cost: OIIER 4.8 now includes a mainframe adapter that is specifically designed to integrate with an IBM mainframe running zOS 1.12 or later to reduce the development effort needed to integrate the system with mainframe applications. Further, the new version adds batch capability for IBSS for Java and offers five different options for batching large volumes of policies—improving batch performance and scalability. Finally, Extended Services Interface (ESI) capabilities has been expanded to enable users to build a tree view of the application—making it easier to integrate OIIER with other custom built, front-end interfaces
- Improved Usability: New sequencing features help users to increase productivity with better sorting and searching, capabilities to add and delete elements, and the ability to reorder algorithms. Additionally, new naming standards allow for insurers to enforce a uniform naming structure on system elements and programs—improving consistency and making records easier to locate
- Increased Security: Oracle has added a new security feature to its Insbridge SoftRater Server (IBSS) engine, ensuring user authentication based on the users’ preference (i.e., a user may choose to set up a password, if desired)—limiting access to IBSS to authorized users and enabling maximum security
Through its advanced rating features as well as its open and integrated architecture, Oracle Insurance Insbridge Enterprise Rating 4.8 can quickly consolidate and modernize a carriers’ rating and pricing strategy. This provides business agility, reduces total cost of ownership, and increases speed to market.
For more information, visit the Oracle Insurance Insbridge Enterprise Rating product page.
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