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Insurance

Prepare for IFRS 17: Conquer Compliance Now and in the Future

Designed to give investors and other stakeholders a realistic view of a carrier’s risk exposure, profitability, and financial status, IFRS 17 mandates a radical departure from current accounting standards. Complying with IFRS 17 will require insurers to overhaul their data collection and sort through massive volumes of complex data. How can insurers make drastic changes and provide accurate reporting in such a short amount of time? Learn how Oracle’s solution empowers insurance carriers to meet and exceed the new regulatory demands. Read the Brief Exceed compliance and strengthen business agility  Accelerate the process with plug and play technology Use technology that can connect to existing systems and automatically generate consolidated data Incrementally implement a modern configurable platform to solve current as well as prepare for future regulations Download the brief to learn more Visit oracle.com/insurance to learn more about Oracle’s modern, rules-based policy administration solution that enables insurers to consolidate multiple lines of business – for both individual and group – on a single platform.   Don’t forget to keep up with Oracle Insurance year-round via social media. LinkedIn: www.linkedin.com/groups?&gid=2271161 Facebook: www.facebook.com/oraclefs Twitter: www.twitter.com/oraclefs

Designed to give investors and other stakeholders a realistic view of a carrier’s risk exposure, profitability, and financial status, IFRS 17 mandates a radical departure from current accounting...

Oracle Insurance

Putting L&A Insurance Tools Directly in Consumers’ Hands

Guest blogger Ben Bengston is Senior Vice-President, Global Insurance Industry Leader at Cognizant. He has over 30 years' experience advising business and technology executives in the insurance and financial services industries. Talk to senior life and annuity (L&A) insurance executives, and you’ll hear a common theme: How best to adapt to the rising customer expectations and disruptive changes underway? Consumers, especially millennials, who are accustomed to one-click ordering on Amazon or Uber, don’t understand why buying life insurance needs to be so confusing and time-consuming. They expect simplified products, customized advice and the ability to buy easily online. The instant economy has already arrived throughout the financial services industry. For example, Quicken Loans, which relies on a direct-to-consumer model promising a simplified application process with rapid approvals, is now the nation’s top home lender. Unless L&A insurance businesses adopt new ways of interacting with their customers, they run the risk of becoming relics. As new digital advice and sales models emerge, their principal competitors may soon be not just traditional insurers but also a digital giant that’s looking to expand into new industries, or an insurtech startup they’d never heard of before. Using AI to Shift to a New Model To respond, L&A insurers must simplify the process of selling direct to the consumer, by leveraging the power of artificial intelligence (AI) technologies, such as natural language processing, machine learning, voice recognition and predictive analytics. These technologies can help insurers micro-target customer segments and then automatically develop and deliver customized product recommendations. By employing chatbots and robo-advisors, they can enhance the customer experience, streamline the sales process and slash operating costs. As technology capabilities evolve, insurers will come ever closer to the lofty goal of treating each consumer as a segment of one. Some L&A insurance companies are already demonstrating what is possible: Haven Life, a subsidiary of MassMutual, allows customers to buy life insurance online in just minutes, in some cases without a medical exam, by using machine learning to analyze third-party data such as prescription and driving records. By applying predictive analytics to public data, Savings Bank Life Insurance Company of Massachusetts (SBLI) has eliminated the need for medical tests and reduced the average processing time from 25 days to only 24 hours. Consumers can get a life insurance quote from Legal & General America just by submitting a selfie photo, which is analyzed to estimate their age, gender and body mass index (BMI). Although the technology is not used for underwriting, it is helping the company attract younger consumers. Although AI promises to provide more objective advice, as these applications continue to learn from new data, they can develop unexpected biases of their own. Insurers will need to put strong policies and procedures in place to ensure that the decisions made by their AI applications are aligned with the company’s and society’s values. Speeding the Pace of Change Many L&A insurance businesses, particularly those that have largely grown through acquisition, will find that implementing a direct-to-consumer strategy will require them to modernize IT infrastructures that currently consist of a patchwork of under-powered legacy systems. While some companies will choose to rely on internal resources to accomplish this, many have been dissuaded by the large upfront capital investment and time required. For this reason, many insurers are turning to software as a service (SaaS) or business process as a service (BPaaS) solutions, which reduce the investment required since total costs are based on operational expenses (i.e., the number of policies or annuity contracts) rather than fixed capital expenditures. Insurers deploy these solutions to slash the time required to roll out new products by an order of magnitude, while reducing operational costs by 20% or more. Change is coming fast to the life and annuity business. The insurers that are able to prosper in the turbulent days ahead will be those that embrace the customer-focused, digitally-driven business model now coming into view.  Note: This blog originally was posted on Digitally Cognizant on October 1, 2018,  https://digitally.cognizant.com/putting-la-insurance-tools-directly-in-consumers-hands-codex3992/ Learn more about Cognizant’s Insurance practice at http://www.cognizant.com/insurance. To learn more about Oracle’s modern, innovative technology that enables insurers to drive their digital transformation strategy forward, visit oracle.com/insurance.

Guest blogger Ben Bengston is Senior Vice-President, Global Insurance Industry Leader at Cognizant. He has over 30 years' experience advising business and technology executives in the insurance and...

Digital Transformation: Strategies to Succeed in Insurance Greenfields

Digital disruptors have set the standards for what we expect when we shop, when we buy, and how we interact with businesses. To compete, insurers often make the mistake of focusing technology upgrades only on the customer-facing front end. True digital transformation—which includes the back end—is critical. Modernizing the IT environment is fundamental for any enterprise attempting to stand out in the crowded marketplace. Read the brief to learn how Oracle’s solutions can help you plan your back-end modernization and turn your data into assets. Read the Brief Create sustained improvements through true digital transformation. Transform both the front end and the back end Leverage data and turn it into an asset Modernize your back end systems incrementally to reduce risk and maximize agility Download the brief to learn more Visit oracle.com/insurance to learn more about Oracle’s modern, rules-based policy administration solution that enables insurers to consolidate multiple lines of business – for both individual and group – on a single platform.   Don’t forget to keep up with Oracle Insurance year-round via social media. LinkedIn: www.linkedin.com/groups?&gid=2271161 Facebook: www.facebook.com/oraclefs Twitter: www.twitter.com/oraclefs

Digital disruptors have set the standards for what we expect when we shop, when we buy, and how we interact with businesses. To compete, insurers often make the mistake of focusing technology upgrades...

Injecting Digital Life into Growth-Challenged Life & Annuity Insurers

Oracle Insurance welcomes a guest blogger this month. Ben Bengston is Senior Vice-President, Global Insurance Industry Leader at Cognizant. He has over 30 years' experience advising business and technology executives in the insurance and financial services industries. Despite the recent decline in equity prices, the stock market has enjoyed an extraordinary bull market over the last decade. Those working in life & annuity (L&A) insurance companies can only look on in envy – like everyone is at a fabulous party to which they weren’t invited. Life & annuity insurers have barely participated in the stock market boom. While the S&P 500 roughly doubled over the last decade, the capitalization growth for U.S. L&A companies was just 40%. The ratio of equity market capitalization to book value for L&A insurers is just 1.04, which is lower than any other industry segment, even slow-growth industries like apparel retailing, coal mining and steel. Investors are demanding stronger revenue growth from the industry, which will require life & annuity insurers to overcome stiff headwinds, such as heightened consumer demand for online sales, advice and service, and the need to improve what consumers perceive to be a poor buying experience. In addition, “insuretech” startups are applying digital capabilities to introduce entirely new business models that offer dramatically lower prices and better service. Reaching Higher Ground I’m convinced insurers will find it difficult to substantially boost revenues unless they first develop more efficient operating models that drive down expenses, freeing up the capital needed to invest in new initiatives. They’ll also need modern systems that support the latest digital capabilities if they are to be successful in either competing or partnering with new insuretech companies. Insurers have been working to reduce expenses through such tactics as sourcing business processes to industry experts, creating shared service centers, and slowly but surely employing robotic process automation. But in my experience, few companies have tackled the heart of the problem – the need to rationalize and modernize the proliferation of outdated, overlapping legacy systems, usually the result of growth through mergers and acquisitions. Meeting the Challenge I see these operational challenges in our current work with a leading U.S.-based life insurance and investment company. Created through a series of mergers and acquisitions over the years, the company has struggled with a tangle of 13 outdated legacy policy administration systems, relying heavily on manual processes to manage policy issues, billing, collections, policy processing and claims. The overlapping systems have been expensive to operate and unable to support modern digital capabilities. Further, the company’s reliance on manual processes has created substantial business risk, such as noncompliance. To rationalize the company’s operating environment, we are implementing our LifeAdmin Core™ solution, a modern, scalable policy platform designed to accommodate the digital capabilities needed to improve the customer experience and sales conversion. The platform is a business process as a service (BPaaS) solution, which eliminates the insurer’s need to worry about the fixed costs of a major upfront capital investment. The company only pays for what it uses, on a per-policy basis. Currently, for term and whole life products (and later for annuity products and other types of life insurance products), the platform comes pre-equipped with the standard product and process configurations used in the industry. Instead of reinventing the wheel, carriers can launch new products and services with minimal effort. The platform can still be customized to meet a company’s unique requirements when there is a product or process that differs from standard industry practice. Cost Reductions, Faster Time to Market We are now migrating applications to the new platform, and the early results appear promising. The company expects to reduce its cost per policy by more than 40%. Cost reductions of this magnitude not only bolster financial performance and ROI, but they also free up capital that can be invested in leading-edge digital capabilities and new products. When those new products are designed, they can be brought to market much faster. The most important benefit may be the impact on senior decision-making. By using a BPaaS solution, senior management is freed from managing administrative issues and has the freedom to focus on what really matters – driving revenue growth by introducing new products and services that better serve the customer. Note: This blog originally was posted on Digitally Cognizant on July 11, 2018, https://digitally.cognizant.com/injecting-digital-life-growth-challenged-life-annuity-insurers-codex3772/ Learn more about Cognizant’s Insurance practice at http://www.cognizant.com/insurance. To learn more about Oracle’s modern, innovative technology that enables insurers to drive their digital transformation strategy forward, visit oracle.com/insurance.

Oracle Insurance welcomes a guest blogger this month. Ben Bengston is Senior Vice-President, Global Insurance Industry Leader at Cognizant. He has over 30 years' experience advising business and...

Insurance

Read The ACORD Global Life Insurance Value Creation Study

ACORD, the global standards-setting body for the insurance industry, recently released The ACORD Global Life Insurance Value Creation Study, sponsored by Oracle. The study leveraged in-depth financial analysis, data-driven research, and interviews with industry leaders to answer key questions about global industry performance, the metrics that correlate most strongly to shareholder returns, and the strategies and capabilities that support high performance. The study analyzed six years of data across 50 companies, 17 countries, and over 20 lines of business, representing 1/3 of global life Net Premium Written. By analyzing multiple financial performance metrics and carrier attributes, ACORD was able to identify critical best-practice capabilities across the value chain. Learn about the characteristics that corresponded most closely with successful value creation: Diversification – business mix as well as diversity of brands M&A – value creation through M&A activity and divestitures, and cross-border deals Innovation – leveraging technology through innovation Download the full study to read the findings. For further details of the study, as well as other ACORD research, visit www.acord.org. To learn more about Oracle’s modern, innovative technology that enables insurers to drive their digital transformation strategy forward, visit oracle.com/insurance.

ACORD, the global standards-setting body for the insurance industry, recently released The ACORD Global Life Insurance Value Creation Study, sponsored by Oracle. The study leveraged in-depth financial...

Insurance

Podcast Series: Technology as a Transformative Force for Health Insurers. Listen to Part 3.

In first two parts of this podcast series, we covered customer and industry trends as well as the long-term benefits of digital transformation for healthcare payers. In the final interview of our series, we focus on implementation and best practices. Download and listen to part 3, where Elke Blair, business analyst for Oracle Health Insurance, talks to us about implementation best practices and past experiences with healthcare payers that have transformed their operations with Oracle’s innovated, modern technology. Learn how healthcare payers can use technology as a transformative force What payers should consider before they start their transformation journey Some common best practices payers should follow during their implementation Experiences of customers that are already implementing their modernization strategy Listen to the podcast today. Visit oracle.com/insurance to learn more about Oracle’s modern, innovative technology for core health insurance administration, either on-premise or in the cloud. Don’t forget to keep up with Oracle Insurance year-round via social media. LinkedIn: www.linkedin.com/groups?&gid=2271161 Facebook: www.facebook.com/oraclefs Twitter: www.twitter.com/oraclefs

In first two parts of this podcast series, we covered customer and industry trends as well as the long-term benefits of digital transformation for healthcare payers. In the final interview of...

Insurance

Podcast Series: Technology as a Transformative Force for Health Insurers. Listen to Part 2.

In part 1 of our 3-part podcast series on using technology as a force to move their digital transformation strategy forward, we discussed how payers are responding to these challenges and opportunities. In this next part, we discuss the long-term benefits. Download and listen to part 2, where Julie Bertolino, pre-sales consultant for Oracle Health Insurance, talks to us about how modernizing IT can help payers boost profitability by automating claims, speeding up time to market, enabling product innovation. Learn how healthcare payers can use technology as a transformative force How to extend your IT environment by using a component-based modernization strategy Benefits of increased automation to improve productivity How Oracle’s flexible, rules-based architecture enables insurers to simplify IT Listen to the podcast today. Be sure to check the Oracle Insurance blog for part 3. In the meantime, visit oracle.com/insurance to learn more about Oracle’s modern, innovative technology for core health insurance administration, either on-premise or in the cloud. Don’t forget to keep up with Oracle Insurance year-round via social media. LinkedIn: www.linkedin.com/groups?&gid=2271161 Facebook: www.facebook.com/oraclefs Twitter: www.twitter.com/oraclefs

In part 1 of our 3-part podcast series on using technology as a force to move their digital transformation strategy forward, we discussed how payers are responding to these challenges...

Insurance

New Podcast Series: Technology as a Transformative Force for Health Insurers. Listen to Part 1.

Insurance CIOs are undoubtedly well aware of the urgency to transform, and IT budgets are gradually evolving to reflect that awareness. In this 3-part podcast series, we discuss how modernizing healthcare payers can use technology as a force to move their digital transformation strategy forward. Download and listen to part 1, where we discuss customer trends and experiences. Kathy McCarthy, Oracle’s Director of Insurance Product Strategy, talks to us about how payers are responding to these challenges and opportunities. Learn how healthcare payers can use technology as a transformative force Customer trends and experiences Supporting new and emerging business models Common concerns for payers as they modernize and simplify their IT Listen to the podcast today. Be sure to check the Oracle Insurance blog for parts 2 and 3, as they will be published in the next few weeks. In the meantime, visit oracle.com/insurance to learn more about Oracle’s modern, innovative technology for core health insurance administration, either on-premise or in the cloud. Don’t forget to keep up with Oracle Insurance year-round via social media. LinkedIn: www.linkedin.com/groups?&gid=2271161 Facebook: www.facebook.com/oraclefs Twitter: www.twitter.com/oraclefs

Insurance CIOs are undoubtedly well aware of the urgency to transform, and IT budgets are gradually evolving to reflect that awareness. In this 3-part podcast series, we discuss how modernizing...

Insurance

Oracle/Equisoft Partnership Sets High Bar for Life Insurance Claims Transformation

High operating expenses, shrinking premiums, and low interest rates have become harsh realities for US life insurers. Many organizations have done everything possible to avoid major systems upgrades through the years. After decades of scrimping on IT, life insurers realize they can no longer put off modernizing their systems—especially claims processing. The cost of a complete policy administration replacement is out of reach for most organizations. For many insurers, the most viable option is to focus on transforming claims. Aite Group recently evaluated the market for stand-alone claims systems. Aite Group, a global research and advisory firm specializing in the financial services industry, assessed North American tech vendors and their solutions. Their comprehensive analysis is based on vendor stability, client strength, product features, and client services. The Oracle/Equisoft partnership, which uses Oracle Insurance Policy Administration as the core system, took the lead position. According to Aite Group: Oracle and Equisoft bring together extensive strengths that offer carriers a very tailored and flexible claims system . . . The analytical components and capabilities, rules engine, and workflow Oracle provides in the core system create efficiencies that enable life insurance carriers the opportunity to be lean. In addition to the configurability that Equisoft provides, giving the carrier a solution that fits its specific needs, the digital capabilities help prepare carriers for the future they have not yet considered. In addition to evaluating the stand-alone claims systems, the report defines the top IT priorities for North American life insurers. The report will likely spur insurance executives to delve more deeply into lean principles. How can life insurers go lean internally while improving the customer experience and preparing for the future?   Why lean is critical in life insurance claims Since 2014, premiums for US life insurers have fallen at an average annual rate of 4 percent, according to Bain. The industry’s return on equity has been flat. And unrelenting low interest rates aren’t making things easier. The uphill challenges are pushing life insurers to be more aggressive about eliminating waste and optimizing efficiencies wherever possible. In life insurance, there’s no need to dedicate human labor to process routine claims. Manual, paper-based processes are the antithesis to lean business. Oracle/Equisoft’s solution automates the claims process and radically speeds up the entire process. Insurers reduce operating costs and beneficiaries receive their payouts much faster. How life insurers can improve the customer experience and go lean The right claims processing system can transform business through stand-out customer experience and optimized operations. Here are some highlights of the Oracle/Equisoft solution that drew unparallelled recognition in the Aite Group report: Seamless integration with existing systems. Life insurers often struggle with costly integrations and long integration timeframes. The Oracle/Equisoft solution allows life insurers not only to integrate, but also strengthen the impact of system’s analytics and automation. Advanced automation through workflow tools and rules configuration. The Oracle/Equisoft solution allows business analysts to configure rules easily through a graphical user interface—without coding. Creating business rules no longer requires the technical expertise of a programmer. Multiple data components empower life insurers to identify areas that need further improvements, develop new strategies, and prepare for changing market conditions. These components include business intelligence tools, advanced predictive and descriptive analytics, and advanced machine learning capabilities. Data tracking and auditability. The Oracle/Equisoft solution captures and retains data at the individual layer, tracking all activities that take place from FNOL to payout. Completely digital, device-agnostic claims process. The Oracle/Equisoft solution comes with a digital front-end platform that allows beneficiaries to upload scanned death certificates and other documents. The platform also enables e-signatures. Preparing for the future and optimizing operations will always be top priorities for life insurance companies. While tight economic conditions have led many insurers to avoid systems upgrades, more leaders are discovering viable solutions to transforming the claims process. Read Aite Group’s life insurance industry report: Life Insurance Claims Vendors in North America: Evaluating Stand-Alone Systems

High operating expenses, shrinking premiums, and low interest rates have become harsh realities for US life insurers. Many organizations have done everything possible to avoid major systems upgrades...

With Leading Disruptors Coming to Insurance, How Can Bancassurance Compete?

    In the bancassurance business, banks enjoy two hefty advantages over insurers: large volumes of existing customers and customer insights. Banks can sell insurance products more easily knowing their customers’ needs and purchasing behavior. Those advantages may not be unique to banks for much longer. Google and Amazon are making forays into the insurance business. Given their massive data on massive numbers of existing customers alone, both tech giants will likely be formidable insurance competitors. Insurtechs add to the pressure, but as law firm Clyde and Co points in a recent report, there’s a big difference between insurtechs and preeminent disruptors. “Insurtech players can be invested in for monitoring and learning purposes, or acquired if they start to look like a threat. Amazon is in another league,” according to Clyde and Co. “It has the experience potentially to establish a lean, data-driven agile global insurance business with no legacy systems, processes, or people.” For now, projections look good for bancassurance in certain parts of the world. Bancassurance is booming in Asia and Latin America, and experts predict that over the next five years, bancassurance will grow quickly in emerging European economies like Poland and Turkey. As more banks attempt to grow their bancassurance profits, they’ll need to jump on opportunities as soon as they arise. Complex IT environments and legacy systems can no longer effectively serve bancassurance. Banks need to be able to rapidly take on new insurance partners and add new insurance products ahead of their nimble competitors. Experts estimate that 56 percent of insurtech players are focused on disrupting distribution models, according to the Insurance Governance Leadership Network. The right technology solution can help. Oracle Bancassurance Solution accelerates the entire bancassurance process: no matter how many insurance partners the bank has no matter how many insurance products the bank sells no matter where in the world the bank expands The key to making that happen is a flexible core. To find out more about how a flexible core can help you radically accelerate your bancassurance processes, read our latest ebook: The Secret to First-Mover Advantage in Bancassurance: Fuel Speed with a Flexible Core  

    In the bancassurance business, banks enjoy two hefty advantages over insurers: large volumes of existing customers and customer insights. Banks can sell insurance products more easily knowing their...

Podcast Series: Modernizing the Bancassurance Platform. Listen to Part 3

In first two parts of this podcast series, we covered customer and industry trends as well as the long-term benefits of modernizing your bancassurance platform. In the final interview of our series, we focus on implementation and best practices. Download and listen to part 3, where Kim Reynolds, Practice Manager for Oracle Consulting, discusses the major considerations banks are facing as well as the experiences of some customers as they start their bancassurance platform modernization journey. Learn about modernizing the bancassurance platform The major considerations banks are facing as they start their transformation journey Implementation experiences from current customers Best practices and how Oracle is helping financial institutions accomplish their modernization goals Listen to Part 3 Thank you for joining us on this final podcast in our series. If you are interested in learning more about Oracle’s Bancassurance solution and how you can move forward with your modernization efforts, visit oracle.com/insurance. Don’t forget to keep up with Oracle Insurance year-round via social media. LinkedIn: www.linkedin.com/groups?&gid=2271161 Facebook: www.facebook.com/oraclefs Twitter: www.twitter.com/oraclefs

In first two parts of this podcast series, we covered customer and industry trends as well as the long-term benefits of modernizing your bancassurance platform. In the final interview of our series,...

Policy Administration for Life and Annuity

Core System Replacement as the First Step in Digital Transformation

From Netflix to WhatsApp, digital disruptors are everywhere. It is happening in the insurance industry as well. From Lemonade which promises policyholders zero paperwork and almost instantaneous service to Slice that offer on-demand ride- and home-sharing coverage, these insurtech startups are developing new business models leveraging technology to deliver products, services and the overall experience that today’s customers expect. What these insurtech companies have done to the insurance industry are valuable disruptions and can help the industry move forward. The incumbent insurers now need to figure out how to reinvent themselves in this new age of digital and data, and they already understand that they need to make investments in this area. Gartner mentioned that insurers who make investments in digital modernization strategies are 63% more profitable on average than their industry peers who does not. Insurers know that they should undertake digital transformation immediately or risk being left behind by competitors. But how far must they go to achieve the agility, efficiency and effectiveness needed to thrive in this new environment? Recognizing the limitations of existing IT infrastructure, many insurers are looking for modern platforms that can be wrapped around legacy systems that they already have. Many insurers have already started core systems replacement, which insurers are counting on to help them become more agile and responsive. Replacing the core system with a modern policy administration platform can be the foundation for future digital transformation and can bridge the gap between today’s systems and making you the digital insurer of tomorrow. Let’s continue the conversation at Oracle Industry Connect, April 10-11 in New York City At Oracle, it is our mission to help insurers build competitive advantage in the market. We have solutions such as core systems, big data, analytics, artificial intelligence, the cloud and the Internet of Things to digitally transform your business and prepare you for the future. Join industry executives and analysts at Oracle Industry Connect in New York, where you will hear from carriers and their experiences in implementing modern technology to accelerate their digital transformation. Learn more about their pioneering strategies that are producing unprecedented innovation. The Financial Services and Insurance program brings together top business and IT executives from leading financial institutions including insurers, healthcare payers, and banks. Join your industry peers for in-depth conversations on trends, challenges and opportunities facing insurers today. Take a look at the full agenda and register today. Oracle Industry Connect 2018 April 10-11, 2018 New York, NY Learn more about the Financial Services and Insurance Program View the agenda and speaker lineup Register today Note: there is no registration fee to attend this conference Don’t forget to keep up with Oracle Insurance year-round via social media. Linked In: www.linkedin.com/groups?&gid=2271161 Facebook: www.facebook.com/oraclefs Twitter: www.twitter.com/oraclefs Blog: blog.oracle.com/insurance

From Netflix to WhatsApp, digital disruptors are everywhere. It is happening in the insurance industry as well. From Lemonade which promises policyholders zero paperwork and almost...

Podcast Series: Modernizing the Bancassurance Platform. Listen to Part 2

In part 1 of our 3-part podcast series on Modernizing the Bancassurance Platform, we discussed industry trends and customer experiences as banks consider how to update their IT systems to increase profitability. In this next part, we discuss the long-term benefits. Download and listen to part 2, where Reuben Manalo, Senior Sales Consultant for Oracle, shares his thoughts on how financial institutions can realize the value of an all-encompassing modern solution to manage the bancassurance process. Learn about modernizing the bancassurance platform Long-term benefits of bancassurance platform modernization How banks can simplify integration with multiple insurance providers How financial institutions can use technology to address their modernization efforts Listen to Podcast Part 2 today. Be sure to check the Oracle Insurance blog for part 3, as it will be published in the next few weeks. In the meantime, visit oracle.com/insurance to learn more about Oracle’s modern platform that supports the entire bancassurance lifecycle, from selling insurance products and connecting banks with insurance carriers in real time to managing the back end processes. Don’t forget to keep up with Oracle Insurance year-round via social media. LinkedIn: www.linkedin.com/groups?&gid=2271161 Facebook: www.facebook.com/oraclefs Twitter: www.twitter.com/oraclefs

In part 1 of our 3-part podcast series on Modernizing the Bancassurance Platform, we discussed industry trends and customer experiences as banks consider how to update their IT systems to increase...

Bancassurance

New Podcast Series: Modernizing the Bancassurance Platform. Listen to Part 1.

In order for banks to keep up with extraordinarily high consumer expectations, the industry must continually reinvent itself. In this 3-part podcast series, we discuss how modernizing IT systems can help banks speed up their bancassurance processes and increase profitability. Download and listen to part 1, where we discuss customer trends and experiences. Dave Punter, Oracle’s Insurance Product Strategy Director, talks to us about how banks are responding to these challenges and opportunities. Learn about modernizing the bancassurance platform Customer trends and experiences Market challenges that banks are facing Common concerns for banks as they modernize and simplify their IT Listen to the podcast today. Be sure to check the Oracle Insurance blog for parts 2 and 3, as they will be published in the next few weeks. In the meantime, visit oracle.com/insurance to learn more about Oracle’s modern plaftorm that supports the entire bancassurance lifecycle, from selling insurance products and connecting banks with insurance carriers in real time to managing the back end processes. Don’t forget to keep up with Oracle Insurance year-round via social media. LinkedIn: www.linkedin.com/groups?&gid=2271161 Facebook: www.facebook.com/oraclefs Twitter: www.twitter.com/oraclefs

In order for banks to keep up with extraordinarily high consumer expectations, the industry must continually reinvent itself. In this 3-part podcast series, we discuss how modernizing IT systems can...

Oracle Health Insurance

Eye-opening Statistics for Healthcare Payers Reluctant to Modernize IT

One day, manual claims processing will seem as obsolete as walking into a bank to deposit cash. The same could be said of the millions of business transactions happening every day in health insurance companies: authorizations, pricing, commissions, policy administration. The healthcare industry is making modest gains in digitization and automation, but the industry overall lags behind other sectors. Information and communications technology (ICT), media, and financial services are making major progress, while health insurers continue to struggle with manual processes. Given the rapid pace of change in healthcare, digital transformation among payers isn’t keeping up with market demands. Healthcare executives are well aware they need to modernize IT. To help convey the urgency, here are some enlightening statistics we came across while developing our latest ebook, “Healthcare Technology to Increase Payer Profits.” From the latest CAQH report: A manual eligibility and benefit verification would cost a health plan $4.36. Electronically, that same transaction would cost $0.07. A manual claims status inquiry would cost a health plan $4.39. Electronically, that same transaction would cost $0.04. Overall, each manual transaction costs health plans and providers approximately $3 more than each electronic transaction. Transitioning from manual to electronic processes could save US health plans nearly $9.4 billion in administrative cost annually. All healthcare payers need to reduce costs and offer greater value. How are both possible? The right system can help payers boost profitability and business agility by automating claims, speeding up time to market, improving accuracy, and much more. In our latest ebook, we introduce Oracle Health Insurance, the only application for healthcare payers designed from the ground up for cloud processing. Download “Healthcare Technology to Increase Payer Profits.”

One day, manual claims processing will seem as obsolete as walking into a bank to deposit cash. The same could be said of the millions of business transactions happening every day in health insurance...

Equifax Breach Intensifies Dialogue about Data Privacy

Healthcare executives shudder to think what would happen if an Equifax-magnitude data breach ever hit their company. The healthcare sector has had plenty of massive breaches, although none quite as big as Equifax. Nearly half the U.S. population had their personal data stolen. In the last couple of months, we’ve heard plenty of opinions from news commentators, technologists, management consultants: ideas about what Equifax should’ve done to prevent the breach, how they should’ve handled the breach after discovery, how the US government should respond with data privacy laws, etc. The three major IT mistakes we learned from the Equifax breach were neglecting to patch a two-month-old bug, relying on a failed scanning system to catch the vulnerability, and lacking encryption of sensitive data. The public dialogue about data privacy always intensifies after a widespread attack, especially for the healthcare industry, expected to be the No. 1 most targeted industry by malicious hackers in 2017, according to Experian. Data breaches in healthcare cost the industry $6.2 billion every year, according to the Ponemon Institute. Although the Equifax nightmare would’ve been preventable with up-to-date patching, other issues aren’t as clear-cut, particularly in healthcare. Here are a few: The budget Healthcare is under constant pressure to increase profit margins and reduce costs. Despite recent high-profile breaches, many payers aren’t allocating more financial resources to protect against cyberattacks. According to a recent KPMG study, 43 percent of respondents in the healthcare sector haven't increased cybersecurity budgets. Human error Sending an email with sensitive data to the wrong member, failing to report a bug to the appropriate people, losing hard copies of medical billing statements—human errors like these are a huge problem in healthcare. In a recently published report by Beazley Breach Response Services, the highest cause of data breach in the healthcare sector is unintended disclosure. Human error led to 41 percent of healthcare data breaches in 2017 so far. On-premises v. the cloud In the Equifax attack, cybercriminals breached an on-premises legacy corporate data center. While some experts have said the breach wouldn’t have happened in the cloud, there are still nuances in cloud services that can impact data privacy. For example, an isolated cloud environment greatly reduces the chances of data leakage, compared to a shared environment. Oracle’s approach to data privacy in the cloud The stakes for data privacy are higher than ever, yet many healthcare payers are hesitant to adopt modern cloud solutions. By choosing the right cloud services partner, health insurers can strengthen data privacy and security while minimizing their operating costs. In our latest brief, we explore the common misconception about the cloud and the intensifying regulatory outlook. We also introduce Oracle’s cloud solution for healthcare payers and explain the benefits of having the system in an isolated environment. Download the brief. Explore Oracle’s approach to data privacy in the cloud and see how health insurers can enjoy these additional benefits: no noisy neighbor syndrome upgrades on your own schedule dedicated backups

Healthcare executives shudder to think what would happen if an Equifax-magnitude data breach ever hit their company. The healthcare sector has had plenty of massive breaches, although none quite as...

Upcoming Live Webcast with LOMA: Gain a Competitive Advantage for Your Group Business

Many life and annuity insurers are faced with this scenario: your Group business is growing, but you are increasingly hampered by your legacy systems and unable to respond quickly to market changes. Application silos and complicated IT environments make even minor changes difficult or time consuming. Furthermore, it becomes harder and harder to find resources to support your legacy systems. To overcome these challenges, many carriers are looking to accelerate the product development life cycle and build a competitive advantage by using a modern policy administration system. Join us for this webcast where American Fidelity’s Kim Fisher, CIO, and Lisa Knatvold, SVP, Operations, share their experience in preparing for, selecting a new platform, and initiating their transformation.  November 9, 2017 11:00am Eastern / 8:00am Pacific Register Now In this webinar, you will learn: Key capabilities to consider when deciding to modernize the core PAS platform for your Group business How to prepare and execute a search and selection process for a new platform Ways to leverage internal and external resources in undertaking a core legacy modernization You’ll hear both business and IT perspectives on the key areas of focus. Joining Kim and Lisa will be Dave Shively, VP of Oracle Insurance Products, and Mark DePhillips, VP, Equisoft, who will share their insights on technology and services to optimize your transformation. Speakers: Lisa Knatvold, MBA, CLU, HIAA Senior Vice President of Operations American Fidelity Assurance Company Kim Fisher, HIAA, ACS Senior Vice President and CIO American Fidelity Assurance Company Mark DePhillips Vice President, Account Management USA Equisoft Dave Shively Vice President of Insurance Products Oracle

Many life and annuity insurers are faced with this scenario: your Group business is growing, but you are increasingly hampered by your legacy systems and unable to respond quickly to market changes....

How the Chilean Public Health System Uses Oracle Technology to Modernize Healthcare

When more than 13 million people rely on a public healthcare system, delinquent participants can lead to grave consequences. The Chilean national health system is cracking down on debtors with help from Oracle’s healthcare technology. Fonasa is the financial entity in Chile responsible for collecting, administering, and distributing state money for healthcare. The majority of Fonasa’s beneficiaries are responsible for contributing 7 percent of their monthly income to fund public health insurance. Recently, Fonasa discovered an alarming situation: about 50,000 private and public employers had failed to pay their contributions. From February 2016 to August 2017, those debts rose to 32 billion Chilean pesos (more than 51 million USD). Healthcare Technology to the Rescue Fonasa is turning up the heat on noncompliant employers. Chilean President Michelle Bachelet recently announced that Fonasa’s new IT system will help the agency detect missing payments and improve the entire process of collecting monthly funds. Photo credit: Chatham House, distributed under a CC-BY 2.0 license To solve its collection problems, Fonasa modernized its IT system. The health insurer chose the same healthcare technology that more than 100 leading payers choose for digital insurance transformation: Oracle's solution for healthcare payers. Oracle’s solution now automates Fonasa’s monthly collections process and monitors payments closely. When an employer fails to pay, Fonasa becomes aware of the problem. Fonasa will also make it easier for employers to submit their payments online. In a translated news article from La Tercera, President Bachelet said the objective was “to regularize the gaps and social security debts of millions of affiliates in our country.” In cases where the employer fails to submit a monthly payment, Fonasa will email the company and publish the name the of delinquent employer in the Labor Bulletin of the Labor Directorate. From there, the employer will either pay or seek clarification. And if the employer still does not pay, the situation will escalate to the courts.   A 24/7 Watchdog to Protect and Manage Chile’s Healthcare System Because Oracle's healthcare solution is benchmarked to support 100 million policies, the IT system can easily support the growing population in Chile. Oracle’s solution helps insurers manage sales, underwriting, contracts, claims processing, policy processing, and every insurance-related step from a central platform. For Fonasa in particular, Oracle's healthcare solution provides the much-needed technology to rein in on financial deficits in real time. The system, equipped with straight-through processing, serves as a 24/7 watchdog for the Chilean health system. Oracle's solution plays a vital role in Fonasa's digital transformation efforts. Now that the Chilean health system is well equipped to rebuild and protect its financial resources, the payer can focus on administering healthcare to its 13 million-plus members.  To learn more about Oracle's solutions that provide the modern, rules-driven flexibility insurers need, visit oracle.com/insurance.  

When more than 13 million people rely on a public healthcare system, delinquent participants can lead to grave consequences. The Chilean national health system is cracking down on debtors with help...

Oracle Health Insurance

Cloud Anxiety: The Cycle that Keeps Healthcare Payers Stuck

For many health insurance CIOs and CISOs, the cloud stirs up a special kind of anxiety. It’s the same feeling for people who hate going to the dentist: You have a nagging feeling that you ought to do something, but something is holding you back. By now, every IT professional has likely heard of the benefits of cloud computing: cost savings, faster deployments, higher customer satisfaction, improved collaboration and productivity—the list goes on. They also realize their current on-premises systems and the added infrastructure costs aren’t sustainable for much longer, especially as they continue to store more data. Security is the No. 1 concern preventing them from moving to the cloud. Many healthcare payers hold onto the common misconception that moving IT to the cloud increases security risks. But in reality, top tier cloud providers like Oracle have security standards and expertise that exceed the safeguards many health insurers have in-house. Many other industries have also come to that conclusion. In a 2016 Cloud Security Alliance survey of 209 professionals from a variety of industries, 65 percent of respondents were confident that the cloud had equal or greater security than internal IT systems. Majority of respondents were professionals in IT and IT security. There’s strong evidence that the cloud is safer and more beneficial to companies than on-premises IT systems. So how can we explain the gut feeling that many IT decision makers have that contradicts the evidence?   Perceiving the Cloud as a Gamble Many CIOs and CISOs view the transition to the cloud as a risk, despite knowing that on-premises systems pose their own risks. Here’s how Daniel Kahneman and Amos Tversky, experts on the psychology of judgment and decision-making, explain the thinking behind decisions in American Psychologist: Risky choices, such as whether or not to take an umbrella and whether or not to go to war, are made without advance knowledge of their consequences. Because the consequences of such actions depend on uncertain events such as the weather or the opponent's resolve, the choice of an act may be construed as the acceptance of a gamble that can yield various outcomes with different probabilities. IT executives, particularly CISOs, are focused on reducing IT risks. Naturally, they must consider worst case scenarios and do everything possible to prevent those from happening. Here’s the problem: multiple worst-case scenarios inadvertently get lumped together into one giant mass generally categorized as “security concerns.” When you’re not clear about pinpointing specific concerns, it becomes impossible to find solutions that address each one. A company might spearhead a digital transformation initiative, form a committee, or begin to research cloud-based solutions. But without identifying specific security concerns, those efforts will remain in analysis paralysis. Decision-makers may end up viewing the cloud as a risky choice, or a gamble, rather than a useful technology that can benefit the organization.   Loss Aversion Leads to Inertia Humans tend to favor stability over change. Sean Ryan, a partner at the global management consulting firm A.T. Kearney, explains in Harvard Business Review, “Our fear of losing is greater than our thrill of winning.” Psychologists call this inclination “loss aversion.” We understand that moving to the cloud is a critical decision for every company, especially healthcare payers. We also understand that business agility is a high priority in health insurance, and payers can no longer ignore the benefits of the cloud. That’s why we encourage healthcare payers to confront their fears head-on. In our latest brief “Tackling Common Cloud Concerns with Oracle Health Insurance Cloud Services,” we explore five common concerns and present Oracle’s solution for healthcare payers. Download the brief. The healthcare industry will always have a target on its back, regardless of whether payers keep their IT systems on-premises or in the cloud. Make sure to ask the right questions for your organization when choosing your cloud provider. And despite the natural tendency to maintain the status quo, remember that unsubstantiated fears should not keep your organization from making progress.

For many health insurance CIOs and CISOs, the cloud stirs up a special kind of anxiety. It’s the same feeling for people who hate going to the dentist: You have a nagging feeling that you ought to do...

Policy Administration for Life and Annuity

The Case for Consolidation: Why Life and Annuity Insurers Must Simplify IT

In insurance, a complex IT environment has a compounding effect that impacts every part of the organization starting with the IT department. Those inefficiencies put pressure on internal operations and the budget. Read the new white paper where we explore how IT complexity evolves and look at the common problems many life and annuity insurers are facing. Learn how Oracle’s modern, rules-based policy administration solution solves the next-generation demands for insurers, both big and small. Read about the benefits of platform consolidation. Relieve the burden on IT Reduce costs, increase productivity and improve collaboration Innovate on insurance products and expedite time to market You might also be interested in listening to our recent podcast series. You can start with part 1 and follow on with part 2 and part 3. For more details on Oracle's solutions that provide the modern, rules-driven flexibility insurers need to support Digital Insurance transformation, visit oracle.com/insurance.   Don’t forget to keep up with Oracle Insurance year-round via social media. LinkedIn: www.linkedin.com/groups?&gid=2271161 Facebook: www.facebook.com/oraclefs Twitter: www.twitter.com/oraclefs

In insurance, a complex IT environment has a compounding effect that impacts every part of the organization starting with the IT department. Those inefficiencies put pressure on internal operations...

Policy Administration for Life and Annuity

Podcast Series: Life and Annuity Platform Consolidation. Listen to Part 3.

In first two parts of this podcast series, we covered customer and industry trends as well as the long-term benefits of platform consolidation for Life and Annuity insurers. In the final interview of our series, we focus on implementation and best practices. Download and listen to part 3, where Sherry Johnson, Senior Director of Oracle Consulting, discusses how insurers can implement Oracle Insurance Policy Administration to consolidate their policy administration systems and simplify their IT environment. Learn how insurers should approach platform consolidation implementation What insurers should consider before they start their platform consolidation journey Some common best practices insurers should follow during their implementation Experiences of customers who have already begun implementing a consolidated system Listen to this podcast to learn how your organization can implement Oracle Insurance Policy Administration to consolidate policy administration systems and simplify your IT environment. Visit oracle.com/insurance to learn more about Oracle’s modern, rules-based policy administration solution that enables insurers to consolidate multiple lines of business – for both individual and group – on a single platform.   Don’t forget to keep up with Oracle Insurance year-round via social media. LinkedIn: www.linkedin.com/groups?&gid=2271161 Facebook: www.facebook.com/oraclefs Twitter: www.twitter.com/oraclefs

In first two parts of this podcast series, we covered customer and industry trends as well as the long-term benefits of platform consolidation for Life and Annuity insurers. In the final interview of...

Insurance

Podcast Series: Life and Annuity Platform Consolidation. Listen to Part 2.

In part 1 of our 3-part podcast series on Life and Annuity platform consolidation, we discussed how insurers are starting to explore how to consolidate different lines of business such as group and individual on a single system. In this next part, we discuss the long-term benefits. Download and listen to part 2, where Jana Casanova, Senior Sales Consultant for Oracle Insurance Policy Administration, shares her thoughts on how consolidating systems can enable companies to increase their ease of doing business while also improving service to customers. Learn about the benefits of platform consolidation Reducing the number of applications means fewer resources to maintain and upgrade Makes it faster and easier to create new innovative products How Oracle’s modern, rules-based solution enables insurers to simplify IT Listen to the podcast today. Be sure to check the Oracle Insurance blog for part 3, which will be published in the upcoming weeks. In the meantime, visit oracle.com/insurance to learn more about Oracle’s modern, rules-based policy administration solution that enables insurers to consolidate multiple lines of business – for both individual and group – on a single platform.   Don’t forget to keep up with Oracle Insurance year-round via social media. LinkedIn: www.linkedin.com/groups?&gid=2271161 Facebook: www.facebook.com/oracleinsurance Twitter: www.twitter.com/oracleinsurance

In part 1 of our 3-part podcast series on Life and Annuity platform consolidation, we discussed how insurers are starting to explore how to consolidate different lines of business such as group and...

Insurance

Introducing Oracle Insurance Cloud Solutions for Healthcare Payers

The market dynamics of the healthcare industry have changed significantly with the growing impact of consumerism, digitalization, preventative healthcare and regulations. Given these rapid paces of changes in healthcare, health insurers must be equipped with flexible, adaptive IT systems. They need technology to effectively transform with the times. More than ever, payers need to move with lightning speed and accuracy. They must be able to create new products, modify plans, execute new reimbursement models, and much more. Flexibility is the name of the game and the new gold standard in health IT systems, yet many payers remain ill-equipped with rigid legacy systems. A majority of health insurers reported that they would have to replace some or all of their legacy systems, and most didn’t have effective processes in place to replace them. Evidently, many health insurers are struggling with rigid, antiquated systems incapable of supporting quick change. To effectively address these issues, health insurers should consider cloud computing. Cloud services offer scalability and the ability to adjust to demand rapidly. Cloud services can also provide faster deployments and higher customer satisfaction as well as improved collaboration and productivity. Additionally, the economic benefits of cloud computing can be significant since cloud computing provides cost flexibility and the potential for reduced costs. So, the question now is: Is there reliable vendor that provides core systems functionality in the cloud? Oracle is pleased to announce the new release of Oracle Insurance Cloud Services solutions. Unlike some vendors that “cloud enable” their existing software products by putting the old software in the cloud, Oracle Insurance Cloud Services solutions were built from the ground up to work optimally in the cloud. Oracle is the only large-scale cloud provider that builds the entire stack in-house: hardware, firmware, software-defined networks, and business software. Healthcare payers have the option to deploy Oracle’s HIPAA-compliant components independently alongside their legacy systems or as a comprehensive suite. Because the Oracle solution is SOA-based, users can easily integrate with existing applications, scale up and consolidate systems. The new Oracle Cloud Services products that are available for healthcare payers are: Oracle Insurance Policy Administration Cloud Service The Oracle Insurance Policy Administration Cloud Service is designed specifically for the healthcare insurance market and is built to support a large volume of plans and members. The product also includes a flexible configuration rules engine that is designed to enable health insurers to respond to regulatory changes. With Oracle Insurance Policy Administration Cloud Service, healthcare payers can effectively manage more members, meet changing regulatory requirements and improve patient and provider experiences. Oracle Insurance Policy Administration Cloud Service Highlights: Policy Administration – Allows customers to administer their group and individual membership and to calculate plan premiums in a flexible, agile, and scalable way. Key Features: book of record for member enrollment and policy administration, premium calculation and premium financial transactions generation. Commissions – Calculates commission based on written premium and is highly configurable to account for changing rates, brokers and agents over time. Key Features: Rules-based setup to define commission rule details and commission calculations as well as automatic generation of financial transactions for calculation and recalculation. Cafeteria-Style Benefits – Tracks members’ products, liabilities and optional benefits independently: there is no restriction to predefined choice combinations. The premium rate automatically recalculates based on the member’s choices. This feature also includes an enrollment information integration point that can parameterize the claims engine to automatically take into account the member’s choices, in real-time when processing a claim, and determine the applicable coverage and liability. Oracle Insurance Claims Administration Cloud Service The Oracle Insurance Claims Administration Cloud Service is designed to manage the entire claims process including authorizations, notifications, referrals, eligibility, straight-forward and/or complex benefit plan configuration and management of numerous provider pricing methodologies. With Oracle Insurance Claims Administration Cloud Service, healthcare payers can manage the claims cost and, in turn, increase revenue. Oracle Insurance Claims Administration Cloud Service Highlights: Claims Adjudication – Provides automated claims benefit adjudication Product Definition – Enables payers to efficiently manage benefit plan data and setup benefit plan configuration. Claims Pricing – Enables payers to efficiently manage healthcare provider data, setup provider contract configuration, and automate claims pricing. Authorizations – Administer Authorization requests and determines whether Authorizations should be Approved or Denied, based on configurable business rules and manual medical review steps. Analytics – Provides payers with pre-built dashboards and reports to allow for efficient management of the day-to-day claims operations.  Transform to Digital Health There is no longer a debate on whether the cloud is the best option for enterprise organizations. Multiple studies show resounding agreement among analyst firms, research organizations, and IT experts: the future is in the cloud. For healthcare payers facing uncertainty, Oracle Insurance Cloud Services provide the flexibility they need to transform their operations. Oracle Cloud solutions enable health insurers to adapt to changing circumstances in the market, regulatory agencies, and competitive landscape and help build competitive advantage in the market. Learn more about Oracle Insurance Cloud Services by visiting cloud.oracle.com. You may also be interested in reading our new white paper, Six Ways Adaptive IT Systems Are Driving Healthcare Transformation. Download and read the paper today. Don’t forget to keep up with us year-round: LinkedIn: www.linkedin.com/groups?&gid=2271161 Facebook: www.facebook.com/oraclefs Twitter: www.twitter.com/oraclefs

The market dynamics of the healthcare industry have changed significantly with the growing impact of consumerism, digitalization, preventative healthcare and regulations. Given these rapid paces of...

Insurance

New Podcast Series: Life and Annuity Platform Consolidation. Listen to Part 1.

For many insurers, their core systems are typically running on many different technology platforms and are usually cobbled together through a patchwork of complex system interfaces. In this 3-part podcast series, we explore how insurers can benefit from consolidating life and annuity lines of business – for individual or group – on a single platform. Download and listen to part 1, where we discuss customer trends and experiences. Dave Shively, head of insurance product development at Oracle, talks to us about how life and annuity insurers are responding to the challenges of this complex IT environment. Learn about consolidating multiple lines of business on a single platform How real-world customers are addressing their major pain points Innovative solutions to increase success How Oracle technology helps insurers address their consolidation efforts Listen to the podcast today. Be sure to check the Oracle Insurance blog for parts 2 and 3, as they will be published in the next few weeks. In the meantime, visit oracle.com/insurance to learn more about Oracle’s modern, rules-based policy administration solution that enables insurers to consolidate multiple lines of business – for both individual and group – on a single platform.   Don’t forget to keep up with Oracle Insurance year-round via social media. LinkedIn: www.linkedin.com/groups?&gid=2271161 Facebook: www.facebook.com/oracleinsurance Twitter: www.twitter.com/oracleinsurance

For many insurers, their core systems are typically running on many different technology platforms and are usually cobbled together through a patchwork of complex system interfaces. In this 3-part...

Bancassurance

Bancassurance: The Way Forward and How to Manage It (Part 4)

Since the late 1970s, alliances between banks and insurance companies have helped people protect their most valuable assets. Bancassurance is a dynamic, secure and reliable means for bank account holders to easily access insurance from their financial institutions. Most insurers are familiar with this memorable quote from Winston Churchill: If I had my way, I would write the word “insure” upon the door of every cottage and upon the blotting book of every public man, because I am convinced, for sacrifices so small, families and estates can be protected against catastrophes which would otherwise smash them up forever. Bancassurance allows banks to provide their customers with more than the typical bank—a broad range of insurance products that provide protection and funding mechanisms.  Easy access to insurance can make a world of difference for customers and their families. Packaging Bancassurance from an IT Perspective Presentation is critical. The bank needs to be able to package these products in a way that speaks to the customer and meets their needs. The services associated with bancassurance products must constantly be performed and executed impeccably from all perspectives. That’s where IT comes in. Here’s how we conceptualize the foundation for a bancassurance platform. Figure 1: Bancassurance Device The device binds communication among the three key entities: the customer the insurer(s) partnering with the bank the bank There needs to be a seamless link, a communication gateway that connects the customer at the point of engagement (i.e., the front end) to the designated destination. The solution needs to be robust, auditable and fit for purpose. When customers interact with bancassurance products, that experience must have the look and feel of insurance rather than banking. The products must comply with industry standards for messaging, leaving no room for miscommunication. Modern Technology for Speed, Reliability and Consistency A dynamic distribution channel needs to provide high-quality, low-risk service that moves with the market and regulatory changes. It also needs the flexibility to move outside of its original model. As a digital distribution method, the channel needs to be attractive to nonbanking clients. Why is it important to have modern technology to deliver speed, reliability and consistency throughout the bancassurance process? There are many reasons piecemeal solutions don’t work:  inadequate and labour-intensive not readily auditable many points of failure no future proofing no professionally managed roadmap going forward expose all participants to unacceptable levels of risk Regulatory scrutiny is expanding into these areas: technology insurance processes recordkeeping licensing of agents/staff that communicate with clients industry standards know your customer The most successful bancassurers take this business seriously and see the partnership as much more than a short-term means of generating commission income. These banks are going far beyond juggling spreadsheets. They’re tackling the quandary of putting in place a managed facility. Evolving Needs of Bancassurers Bancassurance providers have the potential to compete for business outside the existing space in the market. In the early days of bancassurance, the value proposition was simple products offered through a simple method. However, that model has evolved into increasingly complex products and methods. Here, we see higher qualified bank advisors playing a more prominent role in the bancassurance process. Figure 2: Complex Products Demand Higher Qualifications  Let’s revisit the blueprint for Oracle Bancassurance Platform. The blueprint illustrates the facilities and service that come with Oracle’s solution. Keep in mind, the platform features insurance industry-specific characteristics, insurance product replication capability, the scope to support a more sophisticated and evolving distribution channel, and a product roadmap. The tightly knit bancassurance partnership of planning, distribution, production and consumption is proving to be a success story in parts of Europe, the Middle East, Africa, and Asia Pacific. Industry insiders have dubbed the booming business “the Big Banc Theory.” The next logical step for bancassurers is to expand within and beyond its current authorized activities. Undoubtedly, market demand, regulation and technology will be instrumental to that expansion. Take a look at a video that describes the Oracle Insurance Bancassurance Platform. Watch the Video For more information, visit the Oracle Insurance Bancassurance Solution web page.

Since the late 1970s, alliances between banks and insurance companies have helped people protect their most valuable assets. Bancassurance is a dynamic, secure and reliable means for bank account...

Bancassurance

Bancassurance: The Way Forward and How to Manage It (Part 3)

In financial services, can regulations be an opportunity rather than an obstacle? The bancassurance boom in parts of Europe, the Middle East, Africa, and Asia Pacific certainly shows it’s possible. Although regulatory agencies all over the world are keeping close watch over bancassurance providers, bancassurance continues to thrive in these areas. Take the Monetary Authority of Singapore (MAS) for example. In 2013, MAS consulted with PwC to conduct an extensive review of distribution practices and comparisons with regulations in other jurisdictions. Consequently, they have implemented the Financial Advisory Industry Review (FAIR) Framework which focuses on five key areas or “thrusts” as the agency calls them: To raise the competence of financial advisory representatives To raise the quality of financial advisory firms Make financial advice a dedicated service Lower distribution costs of insurance products Promote a culture of fair dealing New Framework, Same Principles This relatively new framework for bancassurance echoes the same ideas that regulatory agencies have been pushing on the financial services industry for many years. Bancassurance service providers need to make sure their representatives meet professional qualifications and undergo ongoing training. They need to review payment structures and examine the impacts of paying commissions versus charging fees, as well as spreading commission earnings over longer periods. Bancassurance service providers need to be transparent about their products and charges. From the other end, customers need to be able to compare various offerings.   These many issues are but a snippet of what needs to be done to embed integrity in bancassurance. Nevertheless, bancassurance distribution firms need to be able to demonstrate that they are striving to meet these requirements. Singapore isn’t the only country with regulators keeping bancassurers in check. There’s the Insurance Regulatory and Development Authority of India, the Hong Kong Monetary Authority, the Australian Provident Regulation Authority, the Insurance Supervisory Authority in Italy, and many more. The Problem with In-House Banking IT Systems We’re witnessing more banks and insurers partnering up to offer bancassurance. If banks approach the new venture using their in-house tech systems, they run the risk of non-compliance. IT systems tailored for banking are not necessarily built to comply with bancassurance regulatory principles such as Know Your Customer (KYC), the FAIR framework, and other requirements on needs analysis, quotations and applications. Oracle’s Solution for Bancassurance Let’s take a look at the communication gateway known as Oracle Insurance Bancassurance Platform. The gateway is the spot where the action is. The importance of ensuring integrity, accuracy, and efficiency here cannot be overemphasized. The gateway needs to be designed to suit its purpose. Here are more details to illustrate how the Oracle Insurance Bancassurance Platform follows industry best practices: As you can see, Oracle’s solution helps manage data, communication, and process concerning customers that need service as a product. The platform gathers information in a structured way. Then the system uses that information to perform the functions and fulfill the processing requirements highlighted in the boxes above. The requirements set out here will change and be expanded over time as the market and bancassurance regulations develop. Serving Clients and Advisors Alike The Client Self Service, Advisor Management, and Advisor Service are especially important pieces. Let’s take a closer look: Client Self Service: Robo advice and all that goes with it Advisor Management: You can monitor what the advisors are doing, see their levels of authority, and how well they’re performing Advisor Service: The place where advisors interact and perform services to meet responsibilities to clients, the bank, the insurance carriers, and, indeed, the regulators. These are the front-end tools, which provide the data capture Modern Portfolio Theory (MPT), KYC, and needs analysis capability. The needs analysis allows you to request quotations and illustrations from different carriers, turn applications into contracts where appropriate, and use that data to meet customer requirements. Oracle’s Bancassurance Blueprint Our Bancassurance Gateway provides the common channel to efficiently communicate with all of the insurance carriers involved in providing the service. Here’s the bancassurance blueprint to give you the full picture: In Part 4 of this bancassurance blog series, we’ll tell you more about the additional feature you see sitting at the bancassurance front-end tools: cloud-based access. Needs analysis, illustrations, quotes/proposals, and e-application/submission will soon be available in the cloud. For more information, visit the Oracle Insurance Bancassurance Solution web page.

In financial services, can regulations be an opportunity rather than an obstacle? The bancassurance boom in parts of Europe, the Middle East, Africa, and Asia Pacific certainly shows it’s possible....

Bancassurance

Bancassurance: The Way Forward and How to Manage It (Part 2)

In Part 1 of our bancassurance series, we introduced the concept of Know Your Customer (KYC) as a central principle in the financial industry. Most people tend to equate KYC with checking customer identity and performing anti-money laundering (AML) checks. Both of these responsibilities are essential, partly because they comply with the Joint Money Laundering Steering Group, an organization of financial services trade associations in the UK. However, these checks are only part of the full KYC picture. Fair Treatment: Doing v. Proving KYC helps to ensure that financial services firms treat their customers fairly. Anytime a consumer ends up purchasing a financial product as a result of having been serviced, the firm must be able to prove they treated the customer fairly. Consider the consequences if the firm were to neglect gathering or transmitting sufficient information between the involved parties. The firm would certainly have a difficult time proving fair treatment.   Bancassurance: Service or Product? More often, industry insiders interchange the words “service” and “product” when referring to bancassurance. In the past, the interaction between a bancassurer and its client may or may not have resulted in the sale of an insurance contract (in this case, the product). Interestingly, discussions between bancassurers and their clients are now more likely to touch upon additional ongoing services. The door is more open that it was in the past. Ongoing services include various insurance contracts, financial review facilities, access to investment services, and others provided by a variety of external institutions. Arguably then, the bancassurance product has evolved into the overall service, even if the client does not purchase anything until later. Bancassurers absolutely have to know the customer well enough to provide ongoing service effectively. The Gateway: Oracle Insurance Data Exchange (OIDX) Notice how the gateway piece in the center resembles a cloud. The gateway is in the cloud and is available from Oracle Cloud Services. Officially called Oracle Insurance Data Exchange (OIDX), the gateway provides a single, secure online service for data distribution, consolidation, and sharing among all stakeholders. Several thousand insurance agents in the United States use OIDX to communicate with insurance carriers on a day-to-day basis. Clearly, one can see how Oracle Insurance Data Exchange helps manage data communication and processes involving customers. OIDX is essentially providing service as a product. Oracle published a whitepaper that explains OIDX in-depth. You are warmly welcome—nay, enthusiastically encouraged—to read this white paper. To access the report, click on the link below: Download the white paper: Oracle Insurance Data Exchange The Ideal Environment for Bancassurers and Their Clients On the left side of the illustration, you see a bank—more specifically a bancassurer. These are the guys who provide the guidance/advice/robo advice to their clients regarding life protection, annuity, long term savings, healthcare, property and casualty insurance, and any other financial products they’re authorized to sell. Here’s where the information gathering and analysis about the customer takes place. That includes interaction between the bancassurer’s representative and the client. These representatives acting on behalf of the bancassurer could be  administrative staff, relationship managers, or others. From the client side, you might have the clients themselves or their legal representatives. The people in this scenario may not necessarily be technically savvy. They need tools and resources that offer intuitive, self-service experiences with extensive functional capabilities and mobile access. Both sides of the interaction need to be equipped appropriately. They need an environment that enables them to do what they need to do easily. DIY Software Failures Are Expensive Mistakes Here’s the problem: creating an ideal software environment is an entirely different issue between banks and insurance companies. Insurance is a different kettle of fish than banking. (With all due respect to bank IT staffers, they are not insurance product IT developers.) Historically, organizations have attempted to create homegrown software solutions. The software development landscape is littered with stories of DIY setbacks. Even the biggest brands with plenty of in-house expertise and big budgets are susceptible to in-house development nightmares. These technical difficulties can damage a company’s reputation, negatively impact customer loyalty, and—most devastating—cost countless dollars. According to a study by Gene Kim and Mike Orzen, co-authors of When IT Fails, IT failures for S&P 500 companies alone cost more than $100 billion annually. And that’s a conservative estimate. Part of the challenge we mentioned in Part 1 of this bancassurance series is how to equip bancassurers with a user portal that allows them to perform potentially extensive insurance business functions. Each bancassurer has its own brand and business strategy, not to mention different ranges of services. The ideal user portal must meet all of the following criteria: is appropriate for the insurance business reflects the business ethos of the bancassurer is customized based on the role of the user provides appropriate access to the services upon the offer enables communication to one or more insurance carriers or ISPs In Part 3,  we’ll explore the front end of Oracle Insurance Data Exchange in a bit more detail. For more information on Oracle Insurance solutions, visit oracle.com/insurance. Or for solutions for the banking industry, visit oracle.com/banking.

In Part 1 of our bancassurance series, we introduced the concept of Know Your Customer (KYC) as a central principle in the financial industry. Most people tend to equate KYC with checking...

Policy Administration for Life and Annuity

Webcast with LOMA Resource: Mitigate Risk in Core Modernization: The Value of Life System Integrators

The success of any transformation project depends not only on the strength of the chosen platform, but the proven value and industry experience of the implementation team. The top scoring system integrator attributes of price, knowledge, responsiveness and stability are the cornerstones of a successful implementation.Join us for this informative webinar on Tuesday, March 7, hosted by LOMA Resource and sponsored by EquiSoft and Oracle. In this webinar, hear industry leaders discuss the shifting views and proven value in using fully configurable platforms and the role of system integrators. You will also hear actual life insurer experiences.March 7, 20172 PM ET / 11 AM PTRegister Today! You may also be interested in reading the strategy brief: Tipping the Scales: Risks vs. Rewards of Policy Administration System Migration. If your company has been considering a core system replacement project, the time to make the case is now—before you find yourself outpaced by your competition. Learn how advances in technology and migration methodologies can significantly reduce risks.For more information on Oracle's modern, flexible solutions for insurers, visit oracle.com/insurance.Don’t forget to keep up with Oracle Insurance year-round via social media.LinkedIn: www.linkedin.com/groups?&gid=2271161Facebook: www.facebook.com/oracleinsuranceTwitter: www.twitter.com/oracleinsurance

The success of any transformation project depends not only on the strength of the chosen platform, but the proven value and industry experience of the implementation team. The top scoring system...

Policy Administration for Life and Annuity

Webcast On Demand: Improve Core Systems Transformation Using a Progressive Approach

For insurers, there is simply nothing as daunting as a full policy administration system replacement project. These initiatives take multiple years to complete, and they are expensive and risky. To reduce risk, some carriers are using progressive migration instead of full system replacement. These carriers implement some components of the system first – such as new business, commissions or billing – then expand to full policy administration functionality once the technology is proven. Learn how insurers can improve business agility and accelerate speed to market: Utilize a component-based strategy vs. "big bang" approach to policy administration system transformation Improve efficiency and speed to market with a flexible, rules-based platform Implement additional capabilities later, without having to rewrite all the rules, products and calculations Watch the Webcast On Demand to find out how to increase business efficiency while minimizing risk. For more information on Oracle's modern, flexible solutions for insurers, visit oracle.com/insurance. Don’t forget to keep up with Oracle Insurance year-round via social media. LinkedIn: www.linkedin.com/groups?&gid=2271161 Facebook: www.facebook.com/oracleinsurance Twitter: www.twitter.com/oracleinsurance

For insurers, there is simply nothing as daunting as a full policy administration system replacement project. These initiatives take multiple years to complete, and they are expensive and risky. To...

Policy Administration for Life and Annuity

Reduce Risks and Improve ROI of Insurance Core Transformation Projects. Learn more at Oracle Industry Connect.

The business drivers for core system replacement—including improved speed to market, more efficient processing, improved customer experience and better data transparency—have become ever more urgent due to unpredictable market shifts. At the same time, advances in technology and migration methodologies have significantly reduced the risks associated with core system replacement. If your company has been considering a core system replacement project, the time to make the case is now—before you find yourself outpaced by your competition. Download and read Tipping the Scales: Risks vs. Rewards of Policy Administration System Migration for a discussion on how insurers can Learn how advances in technology and migration methodologies can significantly reduce risks Improve business agility and speed to market Drive loyalty by providing a better customer experience As described in the brief, successful insurers must have the right technology and business architecture to support digital transformation while facing other disruptive challenges. Oracle Industry Connect was created to give industry leaders an opportunity to network and learn from each other’s experiences. Continue the Conversation at Oracle Industry Connect in Orlando, Florida, March 20-22, 2017 Don’t miss the opportunity to continue the conversation at Oracle Industry Connect. Your peers, along with other industry experts, will provide insights on innovation, strategy, and technology to support Digital Transformation. The two-day agenda includes sessions that cover a range of topics, including: Standardizing Life, Annuities, and Group on a Single Platform: Customer Perspectives Life and Annuity Core Transformation: Cloud Strategy and Roadmap Insurance Core Systems Modernization: Bancassurance Channels Insurers can address new opportunities with a progressive transformation strategy that will enable them to embrace the future without technology debt. At Oracle Industry Connect, you’ll want to be sure to attend the informative General Session with featured speakers from leading financial institutions as they discuss the impact of transformation efforts across the business and enterprise. Ganesh A.R. General Manager, Information Technology, ICICI Bank Lisa Davis Managing Director, Global Head of Enterprise Services, Citi Treasury and Trade Solutions Patrick Rowan Managing Director, TIAA To learn more and view the Financial Services and Insurance Program in its entirety, please visit the online agenda. Request your invitation for Oracle Industry Connect todayNote: there is no registration fee to attend this conference Don’t forget to keep up with Oracle Insurance year-round via social media. LinkedIn: www.linkedin.com/groups?&gid=2271161 Facebook: www.facebook.com/oracleinsurance Twitter: www.twitter.com/oracleinsurance YouTube: www.youtube.com/oracleinsurance

The business drivers for core system replacement—including improved speed to market, more efficient processing, improved customer experience and better data transparency—have become ever more urgent...

Bancassurance

Bancassurance – The Way Forward and How to Manage It? (Part 1)

Bancassurance has been around a while, and the UK it was heralded as “the next revolution in finance.” Banks such as NatWest and Barclays created their own insurance companies with a view to selling the products of those companies to their banking client base. But by 1996, Bancassurance growth in the UK had slowed to…well pretty much nothing, and now the phenomenon is but a dim memory. However, that is not the case in the much of the rest of the world it seems. Other parts of Europe as well as  Middle East, Africa and Asia Pacific have found it a highly effective means of provisioning their customers who are in need of insurance and savings provision at just the right level, rapidly becoming coined the “Big Banc Theory”. A brief search will readily reveal continuing optimism of EMEA/APAC growth of this sector. Here are a few comments from the International Banker from August 2015 which lends some perspective ASIA: “Some of the fastest growth markets for bancassurance activity include India, Korea, Singapore, Indonesia and the Philippines, and many countries are exhibiting an evolving Asian bancassurance structure that involves several foreign insurers competing in the limited space currently occupied by the relatively few domestic bank distribution platforms.” EUROPE: “Despite the onslaught of financial regulation that European banks have endured since the financial crisis, the region still leads the way for bancassurance in terms of global market share. Life insurance and long-term saving products have historically dominated European bancassurance, although non-life products have become more attractive and easier to mediate in recent years.” The Europe quote is quite handy actually, as it mentions legislation using the “despite” word. I think in the sense that legislation tends to make operations trickier. But, there is opportunity even with legislation, as we make a virtue of the provision of using guided advice in an organized and well-structured manner. Guided advice, I understand, is becoming superseded by the splendid phrase “Robo Advice” and comes in three flavors: Full Robo Mainly Robo Half Robo This sort of brings a digital distribution angle into the bancassurance discussion, so with Full Robo we have a banking client using facilities at their disposal to perform their own evaluation, get some quotes and then make a purchase. Mainly Robo is where the banking client makes use of the facility to engage in some light interaction with includes some online chat or telephone discussion. The Half Robo being where an advisor from the Bancassurance firm is more instrumentally involved in the process, putting a human face and personalization of service on things. These are not definitive descriptions of course, but they articulate the principle. So possibly a workable Robo process from the Bancassurance perspective could be based on the Modern Portfolio Theory (MPT) under which there is an algorithm taking into account assets, income, expected return, risk assumptions and so forth used to perform the calculations and guide ones client to a satisfactory and acceptable decision and outcome. So I guess this is a nice new thing then, perhaps as MPT was first introduced in 1952 in an Essay by one Harry Max Markowitz born August 28th 1927 in Chicago, Illinois for which he won a Nobel Prize in economics! Deloitte reckons that “Digital, automated advice will likely become a standard expectation for the mass-affluent and mass-market segments. But we have seen only the beginning of what automated advice can become. Big data and advanced analytics have the potential to broaden the scope of Robo Advice dramatically, incorporating financial planning into broader retirement, health, and wellbeing, and enabling quasi institutional research. Robo-Advice could then impact all investor segments, not just the mass-market and mass affluent retail investors. Robo-Advice is here to stay and poised to evolve into much more disruptive and wide-ranging forms of advice” (Deloitte, Robo Advisors: Capitalizing on a growing opportunity, 2015). Know Your Customer I’ll get back to distribution a bit later, but let’s talk about legislation for a while longer, as the Insurance Regulatory and Development Authority of India (IRDA) is proving a most intriguing distraction. According to the ENS Economic Review in Mumbai in August 2015, the IRDA “has allowed banks to tie up with a maximum of nine insurers from three segments —life, non–life and standalone health insurers — as part of the new bancassurance guidelines”. This article introduces a concept key to the developing proposition, something which whilst emphasized by IRDA, is relevant to Bancassurers or any institution offering financial products anywhere they operate, and that is a common Know Your Customer (KYC) approach. KYC is an established foundation of properly conducted financial planning, whether a light touch, guided or full blown fee-for-service advisor. If you don’t have the facts, you cannot perform a meaningful analysis of the customer’s needs, and therefore cannot substantiate the rationale behind the purchase. Without a good KYC foundation, it can be “tricky” for a bank to justify to a regulator why any form of financial product purchase is allowed if this foundational fact gathering (even if it’s initiated by the purchaser themselves) has not been performed. So, Know your Customer is only one of the many to come as the market develops. Which again brings me back to distribution nicely (as promised), and how KYC information is gathered, stored, tracked and utilized in the greater financial planning process. It’s all about communication, and IRDA’s proclamation is proving really quite useful here, where a Bancassurer can interact and conduct business with multiple insurance carriers covering Property and Casualty, Life and Annuity and Health Insurance. So another challenge beyond KYC is how to coordinate communications across the participating parties. This aspect will come under further scrutiny as the reach of Bancassurance expands, and the use of disparate emails, spreadsheets and custom “front ends” may be found lacking. Building a Customer Gateway So we can anticipate the expansion of some in-house custom developments. Or perhaps we’ll see bits and pieces purchases of some webby communications technology which will be strung together. Or maybe there will be some new products entering the market from IT vendors to the banking industry. Bancassurance clearly is not banking though; it is Insurance plus Short/Long Term Savings, which requires additional views on the customer and a very different basis for analysis and communication of information and process status. So we really need to start with a built-for-purpose communication gateway. This needs to be done to cover the fundamentals before venturing forth to create additional facilities that will make the whole Bancassurance enterprise run more smoothly and satisfy the needs of the end customer, the Bancassurer, the Insurer, and regulators. In part 1 of this Bancassurance series, we have established the need for said Gateway as well as the need for a Robo Advice facility which can facilitate MBT or equivalent. In Part 2 of the series, we shall expand this discussion to cover the challenges associated with the whole enterprise and how Bancassurers can address them. In the meantime, take a look at a video that describes the Oracle Insurance Bancassurance Platform. Watch the Video For more information on Oracle Insurance solutions, visit oracle.com/insurance. Or for solutions for the banking industry, visit oracle.com/banking.

Bancassurance has been around a while, and the UK it was heralded as “the next revolution in finance.” Banks such as NatWest and Barclays created their own insurance companies with a view to selling...

Oracle Health Insurance

Webcast with FierceHealthPayer: Health Insurance, an Industry in Transition: Transforming to Digital Health

Join us for a live webcast on Thursday, January 26, hosted by FierceHealthPayer and sponsored by Oracle. We will discuss the convergence of the digital revolution with healthcare. Health insurers need to transform their legacy systems to meet the demands of this rapidly changing industry. Healthcare reform, analytics, big data, the cloud and cyber security are just some of the factors affecting insurers. Systems need to be flexible, agile and modern. It is also necessary to reduce the cost of IT – long term capital investments no longer fit the bill. Oracle is helping organizations such as TPAs and traditional BPO providers transform their systems using cloud computing. We will discuss how to accomplish this transformation and the ROI gained through the use of modern technology. Explore how your organization can benefit from digital transformation and be positioned at the forefront of the digital revolution.January 26, 20172 PM ET / 11 AM PTRegister Today! You may also be interested in reading our white paper on how healthcare payers can reduce medical loss ratio by implementing straight-through-processing. Download and read the paper.For more information on Oracle’s solutions for healthcare payers, go to oracle.com/insurance. Don't forget to keep up with us year-round:Facebook: www.facebook.com/oracleinsuranceTwitter: www.twitter.com/oracleinsuranceLinkedIn: www.linkedin.com/groups?&gid=2271161

Join us for a live webcast on Thursday, January 26, hosted by FierceHealthPayer and sponsored by Oracle. We will discuss the convergence of the digital revolution with healthcare. Health insurers need...

Bancassurance

Managing and Growing Your Bancassurance Business

In today’s competitive market, financial institutions prefer to sell solutions rather than products to their customers. For example, many banks – particularly in Europe and Asia – also sell insurance products instead of simply selling the usual banking products. This one stop shopping at bank branches makes life easier for customers and also benefits the bank. Selling each customer a number of products helps build loyalty in addition to generating additional revenue for the bank. No wonder Bancassurance – the insurance distribution model where insurance products are sold through a bank’s branch network – is growing rapidly in the markets outside US. Currently, the market is characterized and dominated by manual processes and aging, inflexible legacy platforms. The Bancassurance process at most banks and insurers is operating solely on paper, and there is a laborious origination and underwriting process between banks and insurers. There is a lot of back and forth communication that the bank needs to manage along with an extensive paper archive. This paper-based process leads to errors and inefficiencies that result in higher cost of operation for the banks.Because Bancassurance is so important to their business, many banks and insurers are considering how to leverage advanced technologies to successfully market insurance products through banks. Oracle offers a complete, modern Bancassurance Platform that financial institutions can leverage to deliver speed, reliability and consistency throughout the Bancassurance process. Take a look at this short video to learn how your organization can improve its Bancassurance business.Watch the VideoFor more information on Oracle’s solutions for insurers, visit oracle.com/insurance.For more information on Oracle’s banking solutions, visit oracle.com/banking.

In today’s competitive market, financial institutions prefer to sell solutions rather than products to their customers. For example, many banks – particularly in Europe and Asia – also sell insurance...

Document Automation

Mastering Document Change Management: How Insurers Can Make Human Error Obsolete

Does your organization feel stuck in a perpetual of repeatedly changing the same content or rules across multiple documents?  Do you imagine being able to manage version specific variations of those document building blocks?  Do you want to know the who, when, what, and why of the changes? Creating and maintaining insurance documents remains a labor-intensive and error-prone process.   Labor that is expensive and errors that can result in even more expensive fines, penalties, and unexpected payouts.  Manual processes and outdated systems, create huge compliance risks, but continue to be the norm for many carriers. If you're looking for a better way then you're ready for an enterprise document automation (EDA) system that tracks content changes and stores all document versions. Earlier this year Oracle Insurance published "Mastering Document Change Management"; a white paper with insights from insurance compliance experts that examine the dysfunctional document processes common in many organizations. It talks about how you can embed transparency, enforce visibility, and promote accessibility using automation and controlled document environments. A list of essential change management features to look for in an EDA system is included. Download and read the white paper today. Oracle Documaker can be your solution that provides the management, insight, and structure you need to take control of your document automation.  Find out more about how Oracle Documaker can fulfill your vision by visiting oracle.com/goto/documaker.

Does your organization feel stuck in a perpetual of repeatedly changing the same content or rules across multiple documents?  Do you imagine being able to manage version specific variations of those...

Oracle Health Insurance

Exploring the Implementation of Prospective Bundling in Health Insurance

Kathy McCarthy, Director of Sales Consulting for Oracle Health Insurance, discusses the topic of Prospective Bundling in today's post. Prospective Bundling has gained much attention lately among health plans, mainly due to the Centers for Medicare & Medicaid Services (CMS) Comprehensive Care for Joint Replacement initiative. In an effort to reduce costs for joint replacement and improve care, CMS is paying for a majority of these now as bundled cases. This means all providers who treat a patient have to share one bundled payment for that procedure. This includes any foreseeable complications and readmissions. This type of episodic payment can also be applied to other high cost procedures such as CABG. Today, most bundled payment models are retrospective, meaning adjustments are made post care delivery. This makes it possible to build bundled payment on a fee-for-service base, “truing up” when the episode is over.  Most payers would prefer to pay these types of episodes on a prospective basis at the time the procedure is requested; however, most current legacy systems are ill-equipped to process this type of claim. In a retrospective model providers continue to bill their fee for service rates whereas in a prospective model they have negotiated a rate and are paid a percentage of a set fee. Once established, the prospective rates can help both providers and payers. Payers can more accurately predict costs of care, and providers know their payment upfront and can coordinate care based on that factor and reduce their risk. When transitioning to bundled payments, health plans need to be able to use technology to reduce risk for both the payer and providers, decrease total cost of care while increasing quality and improve operational efficiency.  Oracle Health Insurance Value-Based Payments component is a stand-alone platform for processing non-fee-for-service payments that can help with these requirements and ease the transition to prospective bundled payments. The component can be used with any existing claims payment system with little disruption to your daily operations. Visit us in person at one of these upcoming conferences and learn how your organization can make the transition to prospective bundling easier and more efficient. Blue National Summit – May 16-19 in Orlando, FL National Bundled Payment Summit – June 7-9 in Washington, DC AHIP’s Institute – June 15-17 in Las Vegas, NV Western Operations Conference – June 26-29 in Albuquerque, NM You may also want to read our recent white paper, “Health Care Reform: The Role of Bundled Payments.” Download now. For more information on Oracle’s solutions for healthcare payers, go to oracle.com/insurance.

Kathy McCarthy, Director of Sales Consulting for Oracle Health Insurance, discusses the topic of Prospective Bundling in today's post. Prospective Bundling has gained much attention lately among health...

Document Automation

Real Stories of Self-Service Gone Wrong

What do you value more—time or money? According to the 2015 National Customer Rage study, the most widely reported damage that customers suffered was lost time. Lost money was the second most popular answer, according to findings from Customer Care Measurement & Consulting, W.P. Carey School of Business, and Dialog Direct. As consumers, we’ve all experienced the frustration of wasting time resolving problems with service providers. On the other hand, if you’re reading the Oracle Insurance blog, you’re most likely familiar with customer experience from the provider side as well. I recently conducted a significant amount of research to author the latest white paper, “Redefining Customer Experience Through Self-Service.” It got me thinking about my own issues dealing with my health insurance provider, Kaiser Permanente. The company’s poorly executed customer communications can offer learning lessons for all organizations—especially those with self-service offerings.A Simple Request Awhile back, I decided there was no point in receiving my monthly premium statement on paper because the amount is the same every month. I did a quick search on how to change my delivery preferences online, but didn’t find it. So I called member services to request paperless statements. After going through the phone directory, dialing in my membership ID, and verbally confirming my full name and date of birth to a live human, I made my request.The service agent said I had to go online and make the change myself. She couldn’t make the change for me and even worse, she couldn’t explain where on the website to change my delivery preferences. According to this agent, she couldn’t see the same screen that I was viewing, and her only option was to transfer me to another department. But of course, I’d have to explain the situation again to another representative who may or may not know how to solve my simple request.There are a few dysfunctions here that offer good lessons:The insurance company inhibited the service agent’s ability to serve the customer by not enabling the agent to grant a simple request. Customers expect to be able to conduct transactions through multiple channels. Providing a way for customers to change their delivery preferences online is great, but requiring them to go online after they’ve gone through the trouble of calling devalues the customer’s time.The customer service agent in my case was apparently not trained on a simple issue. Companies that implement self-service options must have their service agents trained on those offerings. Otherwise, how can they fulfill their role as service agents? The customer service agent couldn’t see the same screen I was seeing. At the very least, service agents should see exactly what their customers are looking at. This capability would drastically improve communication and shorten call times. Eventually, I figured out where to change my delivery preferences online. I guessed by clicking on “My coverage and costs,” and found under “Additional tools and information,” the link to “My document delivery preferences” (not the most obvious place to look). I checked off the paperless option.After changing to paperless statements, I continued receiving my premium statements on paper. It turned out my medical bills were being sent via e-mail, and my premium statements were still on paper—the opposite of what I needed. Kaiser Permanente’s Odd Policy on Paperless Premium StatementsAfter a few months, I called Kaiser again and went through the whole rigmarole before reaching a live person. I asked if it was possible to have my premium statements paperless, but have my medical bills on paper. The service agent’s response: You can only have paperless premium statements if you’re set up with automatic payments. I never trust automatic payment arrangements, so autopay wasn’t an option for me. Again, I was struck by the inherent dysfunction of Kaiser’s customer communications policy. Here are a couple more learning lessons:Paperless delivery saves costs on printing, supplies, and labor. And of course, going paperless is good for the environment. Yet Kaiser’s policy is to require customers to receive paper statements unless they opt for automated payments. Customers don’t appreciate policies that force additional obligations. If your organization receives a request for paperless billing, make it easy on your customers and grant the request. If there is a good reason behind the policy (e.g., if a regulatory agency requires communications to be delivered a certain way), be transparent and explain the purpose behind the policy. Train your service agents to explain to the customer in an easily understandable way. Customers want to be treated fairly. If a company can give a “clear and believable explanation,” that makes a big difference, according to John Goodman, vice chairman of Customer Care Measurement and Consulting.Empower Customers, Don’t Burden ThemSelf-service options in customer communications can lead to excellent customer experience if they’re designed with the customer in mind. We’ve seen it happen with digital disruptors that are primarily self-service-oriented businesses like Amazon and eBay. Yet achieving a truly customer-centric focus can be difficult, especially for mature organizations that are stuck in old habits using outdated technology solutions. Here’s the glaring difference between self-service done right and self-service done wrong:The right way: Intended to make the customer’s life easier, offer the customer speed and convenience, and enhance the customer experience. Considered a strategy that differentiates the company, increases its value proposition, and promotes brand loyalty.The wrong way: Intended to cut costs and lighten the workload for customer service—even it places additional burden on the customer.How can organizations design self-service in a way that empowers their customers rather than forcing additional burdens on them? Read the latest white paper “Redefining Customer Experience Through Self-Service,” and you’ll find 13 principles to creating customer interactions in the digital age.Learn more about Oracle Documaker by visiting oracle.com/goto/documaker.Additional ResourcesInterested in understanding the major market drivers to customer-centric communications?Check out the white paper, “Why Digital Transformation Should Be Every Insurer’s Top Priority.”Looking for quick tips on how to pick a solution for document digitization?Check out the article in Insurance Network News by Randy Skinner, Vice President, Oracle Documaker Development and Consulting.

What do you value more—time or money? According to the 2015 National Customer Rage study, the most widely reported damage that customers suffered was lost time. Lost money was the second most popular...

Policy Administration for Life and Annuity

Innovate or Perish

The days of the status quo in the life insurance industry are over.  With increased competition through the arrival of new all digital carriers, a rapidly changing customer base with little long-term loyalty and high customer service expectations, and the realization that cost pressure will never be a thing of the past, Insurance executives are realizing that continuing to do business in the same way as they have in the past will lead to certain failure. Dave Shively, Oracle's Senior Director of Life and Annuity Policy Administration, discusses the topic in today’s blog post. Innovation, a term rarely associated with Life Insurance, is becoming a necessity.  Carriers must find ways to rapidly bring new innovative products to market and provide a fully digital experience to their customers while continuing to reduce the cost of their operations.  While these objectives may seem daunting to carriers strapped with inflexible and costly legacy systems, outdated and cumbersome internal processes, and a regulatory environment that inhibits innovation, there are carriers that are reinventing themselves through the introduction of new and disruptive technologies.  Over the next five years it is expected that more than $5 trillion dollars of wealth will transfer from the older generations to Millennials and Gen Xers.  A rising Millennial workforce, who are digital-first and savvy on the social ecosystem, is driving change in insurance distribution. In order to successfully market and sell insurance to the Millennials Insurers need to innovate on products, make them relevant and easily consumable, and simplify the insurance value chain.  In order to address this challenge, market leading carriers are beginning to introduce “Product Incubators”.  These are new independent organizational units created with the sole purpose of developing and test-marketing new types of simplified products that are tailored to the needs of younger consumers.  They are given access to new technologies, allowed to define new, more efficient processes, and incented to created new revenue streams through the use of non-traditional sales channels.  Their entire eco-system is designed to allow new products to be developed and launched quickly while at the same time avoiding a long-term commitment to the products through the creative product structures and specialized BPO services.  This allows them to quickly determine the viability of a product and, if the product does not do well, exit the business.  If, however, the product is successful, the systems and organization can scale to allow for rapid growth. In terms of meeting the expectations of this new generation with regard to customer service, new technologies are allowing carriers to provide a fully digital experience to the consumer without the need to “rip and replace” the collection of legacy applications running in the back office.  The use of modern customer portals is relatively prolific, allowing customers to, for example, request a quote, view basic information about their policies, or provide a First Notice of Loss for a claim.  However providing a real-time, seamless, fully digital customer experience throughout the full policy life-cycle is much rarer.  However, carriers that have made the investments to make this happen are seeing the benefits in terms of both growth and customer retention. Join industry executives and analysts at Oracle Industry Connect in Orlando, Florida, where you will hear about carriers who are thriving in these challenging times.  Learn more about their pioneering strategies that are producing unprecedented innovation. The Financial Services and Insurance program brings together top business and IT executives from leading financial institutions including insurers, healthcare payers, and banks. Join your industry peers for in-depth conversations on trends, challenges and opportunities facing insurers today. Register Today for Oracle Industry Connect Note: there is no registration fee to attend this conference Don’t forget to keep up with Oracle Insurance year-round via social media. Linked In: www.linkedin.com/groups?&gid=2271161 Facebook: www.facebook.com/oracleinsurance Twitter: www.twitter.com/oracleinsurance YouTube: www.youtube.com/oracleinsurance

The days of the status quo in the life insurance industry are over.  With increased competition through the arrival of new all digital carriers, a rapidly changing customer base with little long-term...

Rating

Rules for Rules: Bringing Order and Efficiency to the Modern Insurance Enterprise

Business rules are everywhere throughout the enterprise. As insurers integrate their systems more tightly to support straight-through processing and other operational efficiencies, they also find themselves creating and managing an increasingly complex and interconnected web of business rules including enterprise processes, tasks, activities, or functions that are governed by rules. This web of rules spans insurers’ CRM, quoting, underwriting, policy administration, billing, document automation, and claims systems.Many insurers need careful planning to manage their business rules efficiently as systems are becoming more and more complex and interconnected. Just because business rules are everywhere doesn’t mean you should treat them the same. Insurers need a framework to manage business rules in a way that all stakeholders can understand, and to enforce them within the IT infrastructure in a way that supports their traceability and facilitates their maintenance.In many cases, the decisions to put what business rules in which specific systems are clear. For example, if the rules are associated with product rating such as premium calculation, then it makes sense to put this as part of enterprise rating engine especially if insurer has many policy admin systems. By putting the rules in one enterprise rating engine, instead of in many policy admin system, insurer can realize cost saving. However, there are rules where the answer is not as obvious and can vary depending on an insurer’s unique needs and environment. Effective navigation of such gray areas is essential to ensure consistency, avoid unnecessary complexity and optimize the power of business rules.Download and read the white paper to learn about the framework that you can use to manage your business rules.For more information on Oracle Insurance Insbridge Enterprise Rating, visit oracle.com/insurance. Don’t forget to keep up with us year-round:LinkedIn: www.linkedin.com/groups?&gid=2271161Facebook: www.facebook.com/oracleinsuranceTwitter: www.twitter.com/oracleinsuranceYouTube: www.youtube.com/oracleinsurance

Business rules are everywhere throughout the enterprise. As insurers integrate their systems more tightly to support straight-through processing and other operational efficiencies, they also find...

Policy Administration for Life and Annuity

Watch LOMA Webcast on Demand: A Progressive Approach to Insurance Policy Administration Transformation

Many carriers are embarking on a transformation journey to modernize their core policy administration systems in an effort to provide more flexibility, improve speed-to-market and increase revenue growth and profitability. However, there is simply nothing as daunting as a full policy administration system replacement project. These initiatives take multiple years to complete, and they are expensive and risky. There are many significant and high-profile policy administration system replacement programs that have ended in failure. To reduce risk, some carriers are using progressive migration instead of full system replacement. These carriers implement some components of the system first – such as new business, commission or billing – then expand to full policy administration functionality once the technology is proven. This approach allows carriers to achieve incremental returns on the investment and minimize risk. It reduces the need for carriers to take a “big bang” approach to modernizing and gives the flexibility to implement the additional capabilities of the full policy administration system later, without having to rewrite all the rules, products and calculations. In this webcast, Oracle and LOMA invite you to learn more about this approach and explore how insurers can use Policy Administration components to achieve enterprise agility while reducing risk. Watch the Webcast On Demand For more information on Oracle Insurance Policy Administration, visit oracle.com/insurance. Don’t forget to keep up with us year-round: Linked In: www.linkedin.com/groups?&gid=2271161 Facebook: www.facebook.com/oracleinsurance Twitter: www.twitter.com/oracleinsurance YouTube: www.youtube.com/oracleinsurance

Many carriers are embarking on a transformation journey to modernize their core policy administration systems in an effort to provide more flexibility, improve speed-to-market and increase revenue...

Oracle Insurance

Continue the Transformation and Modernization Conversation during Oracle Industry Connect 2016

The impact of digital disruption is being felt across the insurance industry. For many insurers the answer lies in a progressive transformation for both the customer engagement process and the underlying systems with customer-centric processes and industrial-strength core components. At last year’s Oracle Industry Connect, Kimberly Harris-Ferrante, Vice President and Distinguished Analyst at Gartner Research, led a panel discussion on the trends, challenges and opportunities facing insurers today. She was joined by Francine Hampleman from La Capitale and Deborah Norton from Harvard Pilgrim Health Care, who shared their recent transformation experiences. At Oracle Industry Connect 2016, we will continue the conversation on process modernization as it affects life, annuity, P&C, and health insurers. You will not want to miss an opportunity to network with your industry peers and participate in discussions about the impact that digital disruption is having in the Insurance industry. The program will include sessions and panel discussions where industry experts and Oracle customers will review technology requirements to support product innovation and discuss how newer technologies such as Data as a Service (DaaS) can drive significant value for insurers in the future. Register Today for Oracle Industry Connect April 11-13, 2016 Orlando, FL View the Financial Services and Insurance Program Agenda Note: there is no registration fee to attend this conference We look forward to seeing you in Orlando, FL.Don’t forget to keep up with Oracle Insurance year-round: LinkedIn Facebook Twitter YouTube

The impact of digital disruption is being felt across the insurance industry. For many insurers the answer lies in a progressive transformation for both the customer engagement process and the...

Document Automation

Webcast: How to Execute a Mobile-First Strategy

Many business leaders talk about the importance of a mobile-first approach, citing the growing reliance on smartphones and tablets. We all realize why offering customers user-friendly, on-the-go mobile experiences is important, yet many organizations struggle with how to make it happen. They do not have a firm grasp on how to implement a mobile-first strategy.In this webcast, industry experts will probe further on the topic and offer guidance to enterprise organizations attempting to pursue mobile-first approaches in marketing, product offerings, and the workplace. We will discusswhat “mobile-first” means how a mobile-first approach relates to a customer-centric approachmobile behavior of customers in various industriesthe importance of top-down leadership assigning responsibility to one business unit or group to drive the mobile initiative how to define success metrics of mobile initiativesAttend this webcast to take the first step toward executing a mobile-first strategy in your organization.Register for the Webcast todayThursday, February 10, 20161pm ET / 10am PT Learn more about Oracle Documaker by visiting oracle.com/goto/documaker.Additional ResourcesInterested in understanding the major market drivers to customer-centric communications? Check out the white paper, “Why Digital Transformation Should Be Every Insurer’s Top Priority.”Looking for quick tips on how to pick a solution for document digitization?Check out the article in Insurance Network News by Randy Skinner, Vice President, Oracle Documaker Development and Consulting.

Many business leaders talk about the importance of a mobile-first approach, citing the growing reliance on smartphones and tablets. We all realize why offering customers user-friendly, on-the-go...

Oracle Health Insurance

Webcast: Navigating the Continuum of Health Care Reform: The Role of Bundled Payments

The emergence of value-based contracting models represents an evolution in clinical and payment methodologies aimed at creating better quality and cost outcomes, greater provider accountability, and improving cost efficiency. As the Centers for Medicare & Medicaid Services (CMS) rolls out Bundled Payment pilots – for the reimbursement of healthcare providers on the basis of expected costs for clinically-defined episodes of care – health insurers are wrestling with the reality of making these arrangements work in their current environments. In this webinar, we will examine the advantages and disadvantages of the Bundled Payments reimbursement model as well as the consideration for entering into these contracts with your providers. The discussion will also touch on how current systems have limitations on whether these programs are administered prospectively or retrospectively.Attendees will also learn how modern component-based technology solutions, specifically designed for emerging value based payment models, can help healthcare payers make this process easier and more efficient. We’ll explore how you can move from spreadsheets to automation in this informative seminar.Register for the Webcast todayThursday, January 282pm ET / 11am PT For more information on Oracle Health Insurance Components, please visit oracle.com/insurance. Don’t forget to keep up with us year-round:Facebook: www.facebook.com/oracleinsuranceTwitter: www.twitter.com/oracleinsuranceYouTube: www.youtube.com/oracleinsurance

The emergence of value-based contracting models represents an evolution in clinical and payment methodologies aimed at creating better quality and cost outcomes, greater provider accountability, and...

Insurance Distribution

Modernize Your Quote-to-Application Process

Many insurers are looking for solutions that can drive revenue while managing long term goals for growth.  One of the ways to drive revenue is to equip your sales team and partners with tools to help them sell more insurance products. Insurers can make their teams more efficient by making products more transparent (so that it is easier to do comparisons) as well as providing the best pricing for their customers’ needs.Unfortunately, many of the systems that support the sales process have not kept up with technology advancements. Manual process and old technology make it harder for insurers to help their sales people and partners configure the right product and coverages. There are multiple systems throughout the sales process, and sometimes people must rely on spreadsheets, paper forms, and email. So there is no a single sales tool that can help sales people increase their productivity.Let’s take an example of the selling process in the Large Group line of business. What makes selling Large Group products such a challenge is that there are many factors that sales people need to consider when they configure a plan such as product dependencies, compliance issues and other factors that add to the complexity. As you can imagine, when sales people are trying to manage hundreds of products, and hundreds of different coverage combinations, we can see that there are some real pain points around configuration. This is especially clear if you're managing your product, pricing, bundling rules manually or using excel spreadsheets.If you want to drive more revenue and align your sales process with the way customers are now buying and become a more forward-thinking insurer, you ought to see this short video. The solution that we propose is generic enough that any line of business (life, health and P&C) for both personal and commercial can use.For more information on Oracle Insurance, please visit oracle.com/insurance. Don’t forget to keep up with us year-round:Facebook: www.facebook.com/oracleinsuranceTwitter: www.twitter.com/oracleinsuranceYouTube: www.youtube.com/oracleinsurance

Many insurers are looking for solutions that can drive revenue while managing long term goals for growth.  One of the ways to drive revenue is to equip your sales team and partners with tools to help...

Oracle Health Insurance

Reduce Medical Loss Ratio by Straight-Through-Processing

With the steady increase of healthcare costs, health insurance payers are challenged to find new ways to reduce cost. As a payer, you have three ways to achieve this: reduce reimbursement, reduce coverage or reduce the cost of running your business. The first two options shift the cost towards providers and members and are not viable in a competitive marketplace, making the third option – reducing the medical loss ratio – an attractive choice.Kathy McCarthy, Director of Sales Consulting for Oracle Health Insurance, discusses the topic in today's post.Any payer strives towards a claims administration where straight-through-processing is the norm. Yet, not many payers get to boast auto-adjudication rates higher than 95%. In fact, many payers do not even come close. And given the volume of claims in health insurance, even if you achieve an auto-adjudication rate as high as 95%, that still means you have to deal with (tens of) thousands of claims that can’t be processed without some kind of intervention.Obstacles to getting here include:Inherent Complexity Collaboration, Mergers and Legacy SystemsEvolving Benefit Plans One alternative is to make sure that your back office is flexible and agile enough to follow the business wherever it may go. After all, isn’t the purpose of enterprise software to make business easier? There are three aspects to straight-through-processing in a componentized architecture: IntegrationCoordinationAuto AdjudicationThe combination of these traits is the primary design principle of Oracle Health Insurance Components. They offer pre-integrated applications for the health insurance market that are configurable through fit-for-purpose, parameter-driven rules – giving you the agility you need to keep up with the constant influx of new market requirements – that can be extended with your own settings and logic to meet your specific business requirements – giving you the flexibility you require to achieve operational excellence.Download the new white paper in EnglishDownload the new white paper in SpanishFor more information on Oracle Health Insurance Components, please visit oracle.com/insurance. Don’t forget to keep up with us year-round:Facebook: www.facebook.com/oracleinsuranceTwitter: www.twitter.com/oracleinsuranceYouTube: www.youtube.com/oracleinsurance

With the steady increase of healthcare costs, health insurance payers are challenged to find new ways to reduce cost. As a payer, you have three ways to achieve this: reduce reimbursement,...

Document Automation

Online Reviews: What They Reveal about Insurance Customer Expectations and Why Insurers Need to Listen

Think about the last gadget you bought or a restaurant you recently tried for the first time. Chances are, you probably read online reviews and considered a few different options before making your decision. We all tend to do greater due diligence in order to make smart purchasing decisions—not only because we can, but because we feel like we should. In the post-recession economy, we’re especially conscious that every time we spend money, we’re taking a risk on a product or service. We’re more protective of our resources and skeptical of the claims we see in ads. People shopping for insurance are no different. That’s why online reviews have a powerful impact on how we select insurance providers. Four out of ten insurance customers read online reviews and base their insurance buying decisions on them, according to Accenture. If you work in insurance—and you most likely do if you’re reading the Oracle Insurance Blog—you probably don’t have time to comb through insurance review sites. So I decided to explore them for you. I poked around multiple websites with insurance industry reviews like Consumer Affairs, J.D. Power and Associates, and Reviews.com, some of which feature reviews written by experts and customers. Not surprisingly, customers often use these sites to vent about their insurers unwilling to repair damages, raising premiums, or taking too long to respond. The expert reviews are especially helpful because they’re organized by various criteria. Each website has its unique set of factors for assessing and ranking insurers, including policy details, ability to pay claims, customer service, etc. Yet the overarching need for excellent customer experience through accessibility, clarity, and online self-service options remain constant in all reviews. More specifically, digital customer communications are taking a front seat in insurance company evaluations. “The omnichannel experience is very important,” said Valerie Monet, director of the insurance practice at J.D. Power, a global market research company. She stressed the need for insurers to provide high quality service interactions through whatever channel the customer chooses to use. Omnichannel communication, Monet said, “drives customer retention. It drives new business acquisition.” J.D. Power studies customer satisfaction in the annual U.S. Auto Insurance Study. This year, the five factors it used to inform their rankings were interaction, price, policy offerings, billing and payment, and claims. “Assisted online” is one metric under the interaction category, which includes customer usage of mobile apps, online chat, and e-mail. (J.D. Power has been using the assisted online metric since 2011, and added mobile app usage to the metric in 2014.) Here’s a quick look at three areas of digital communications, where expert reviewers are paying close attention: Online Tools to Conduct Transactions and Find Information Well developed online tools allow customers to get information or conduct a transaction without the hassle of calling customer service. Insurance reviewers give high marks to the insurers that offer user-friendly online tools to generate quotes, pay bills, and purchase and manage policies. Liberty Mutual, for example, received a five-star rating from Reviews.com partly for their online tools. The review noted the “simple descriptions and illustrations” that made the tools easy to understand. At any point in the quote process, the website visitor can use the live chat, which Reviews.com praised as “a great feature not available from all providers.” Travelers also ranked high for auto insurance on Reviews.com. The review pointed out that Travelers’ online tools allow customers to add drivers, add vehicles, and check billing status through an online dashboard. FAQ pages, calculators, and learning centers available on insurance websites are all considered to be helpful online tools. Consumers are often just looking for general information on how various insurance policies work, and these online resources offer much-needed explanations. Customer Service Accessibility through Digital Channels Any time a policyholder needs support from their insurer, you can bet they’re going through a crisis or facing a major disruption. That’s why constant and immediate access to customer service plays such an important role in insurance customer satisfaction. Constant access has always been important, but the difference today is that customers want multiple methods to contact their insurers immediately: by phone, e-mail, social media, or live chat. For people shopping for travel insurance, Consumer Affairs stresses the importance of online assistance. Depending on where you are in the world, phone service may not always be available—which is why international travelers need to be able to reach their insurers online. Mobile Apps to Manage Policies on the Go The most recent development among insurers, mobile apps tend to carry less weight in reviews compared to the other criteria. Nevertheless, reviewers mention mobile apps as a nice perk for people on the go. Consider the luxury of being able to file a claim, pay your premium, or change policy details while riding the train, standing in line, or eating out. It’s not considered a must-have for most people, but it sure makes life easier. If an insurer does offer a mobile app, expert reviewers tend to hold the insurance company in higher esteem. Reviews.com, for example, calls insurers with mobile apps “forward-thinking companies.” State Farm ranked high on Reviews.com partly for its strong mobile app designed for its auto insurance policy. Pocket Agent offers the usual functionalities of making payments and finding a local agent, but it also goes far beyond that. Users can log in with fingerprint Touch ID. If you’ve just been in a car accident, you can use Pocket Agent to gather info from the other drivers, file photos of vehicle damage, and document the circumstances by drawing a scene directly from the app. In the digital age, no business can avoid online reviews. Savvy shoppers will continue to educate themselves and seek expert opinions before choosing their insurance providers. And as more customers expect to interact with their insurers through digital channels, insurers will have to keep up with the times and offer fast, easy, digital experiences. Interested in understanding the major market drivers to customer-centric communications? Check out our latest white paper, “Why Digital Transformation Should Be Every Insurer’s Top Priority.” Looking for quick tips on how to pick a solution for document digitization? Check out our latest article in Insurance Network News by Randy Skinner, Vice President, Oracle Documaker Development and Consulting. Learn more about Oracle Documaker by visiting oracle.com/goto/documaker.

Think about the last gadget you bought or a restaurant you recently tried for the first time. Chances are, you probably read online reviews and considered a few different options before making your...

Oracle Health Insurance

Using IT to Keep Pace with Rapid Growth of Health Plans in Latin America

Healthcare in Latin America is undergoing significant change. Many factors are influencing these changes. Age, chronic disease and increasing wealth in some countries are creating a new demand for higher quality services. Governments are increasing spending, and local and multinational private sector players are investing heavily.Kathy McCarthy, Director of Sales Consulting for Oracle Health Insurance, discusses the topic in today's post.Legacy IT systems that resist change make it difficult for health plans to capitalize on new opportunities. Custom development is a costly and cumbersome approach in a business where competitors change tactics overnight. Health plans require greater agility to address their specific business requirements and adapt in real time to ever-shifting market conditions.Latin American health plans need flexibility as a central IT platform design component. They require applications that support core business processes where people may choose a private health plan as a supplement to, or in lieu of, public insurance – ultimately supporting business innovation and rapid growth.Factors such as budding economies, up-and-coming middle class, and progressive policies toward managed care make it hard for public systems to keep pace. As the population becomes wealthier due to economic growth, more Latin Americans will choose to enter a private healthcare system.The influx into the private healthcare system opens significant opportunity, and it also presents several challenges. Health plans must deal with regulatory and contractual complexities that are unique to the sector, such as waiting period requirements, co-pays, and the negotiation of in-network versus out-of-network agreements. They must also have the scalability required to process a high volume of claims. Health Plans will be well-served in the short- and long-term by moving forward with their own game plans for success in a new era of healthcare finance and coverage. There are several strategies that health plans can put into action today that will serve them well – now and in the future – regardless of how the health plan market continues to evolve.Plans need to consider that: Cost efficiency is paramount. Most insurers are expecting to reduce the costs incurred for healthcare with technology. Systems need to be agile and flexible to handle legislative changes and market demands. Security and privacy of health data is an integral element of any system. Data becomes critical to manage costs and outcomes. There must be access to data and the ability to analyze and manage that data.If you are an insurer that is looking to expand into Latin America market or currently competing in the health insurance market in Latin America then you should download the new “Health Insurance in Latin America” white paper to learn some of the ways to build competitive differentiation to be successful in this market. Download the new white paper in EnglishDownload the new white paper in SpanishFor more information on Oracle Health Insurance, visit oracle.com/insurance.Don’t forget to keep up with us year-round:Facebook: www.facebook.com/oracleinsuranceTwitter: www.twitter.com/oracleinsuranceYouTube: www.youtube.com/oracleinsurance

Healthcare in Latin America is undergoing significant change. Many factors are influencing these changes. Age, chronic disease and increasing wealth in some countries are creating a new demand for...

Policy Administration for Life and Annuity

Webcast en vivo - Aprovechando las mejores prácticas tecnológicas en el mercado de seguros de vida de América Latina

Regístrese al Webcast hoy. Español | English 7 de Octubre, 2015 1:00 p.m. ET / 10:00 a.m. PT Gracias a la tendencia consistente de reducción de pobreza, contracción de tasas de desempleo y crecimiento poblacional, el mercado de América Latina se ha convertido en uno de los más atractivos a nivel mundial para seguros de vida, salud y pensiones. Viendo lo atractivo de este mercado, muchas compañías aseguradoras están orientando sus planes de expansión hacia América Latina. Con el incremento de la competencia entre aseguradoras locales e internacionales, se espera que el crecimiento rentable constituya un reto en algún punto en el futuro. Desafortunadamente, muchos sistemas legados de administración de pólizas carecen de la flexibilidad que les permita adaptarse a la dinámica de cambio constante del mercado. Es esencial entonces, para los aseguradores en mercados emergentes como América Latina, aprovechar las nuevas tecnologías invirtiendo en la modernización de sus sistemas de Administración de Pólizas. Únase a nosotros en un webcast en vivo donde exploraremos como los aseguradores pueden: Incrementar la eficiencia para mejorar sus servicios, manteniendo los costos bajo control Lanzar nuevos e innovadores productos reduciendo el tiempo de puesta en mercado Sacar provecho de las oportunidades de crecimiento potencial de los productos de vida y pensiones En este webcast, ilustraremos como FONASA llevó a cabo este recorrido de transformación. FONASA es la entidad financiera encargada de recolectar, administrar y distribuir los fondos del estado destinados a la salud en Chile, proporcionando cobertura desde 1979 a más del 75% de la población chilena. Discutiremos los retos al competir en el mercado usando sistemas legados y las necesidades que los llevaron a adoptar un sistema basado en reglas con el fin de brindar servicios nuevos e innovadores de manera eficiente. Regístrese al Webcast hoy. Español | English

Regístrese al Webcast hoy. Español | English 7 de Octubre, 2015 1:00 p.m. ET / 10:00 a.m. PT Gracias a la tendencia consistente de reducción de pobreza, contracción de tasas de desempleo y crecimiento...

Policy Administration for Life and Annuity

Live Webcast - Leveraging Best Practices in Technology in the Latin America Life Insurance Market

Register for the webcast today. English | Español October 7, 20151:00 p.m. ET / 10:00 a.m. PTNOTE: Webcast will be conducted in Spanish.With the continued long-term trend of reduced poverty, shrinking unemployment rates and population growth, the Latin America market has become one of the most attractive markets in the world for life, health and annuity products.  Because of the attractiveness of the market, many insurers are setting their sights on expanding into the Latin America market. With increasing competition from local players and international insurers, it is expected that growing profitability will be a challenge at some point in the future.Unfortunately, many legacy policy administration systems are largely inflexible and unable to adapt to constantly changing market dynamics. Leveraging modern technology such as investing in a modern Policy Administration System has become essential for insurers in emerging markets such as Latin America. Join us for a live webcast where we explore how insurers can: Increase efficiencies to improve service, while controlling costsImprove speed-to-market by launching new and innovative productsTake advantage of growth potential for life and annuity productsIn this webcast, we will highlight FONASA’s transformation journey. FONASA is the financial entity entrusted to collect, manage and distribute state funds for health in Chile, providing coverage since 1979 to more than 75% of the Chilean population. We will discuss their challenges in competing in the market using legacy systems and how they decided to move to rules-based system in order to deliver new and innovative services faster. Register for the webcast today. English | EspañolNOTE: Webcast will be conducted in Spanish.

Register for the webcast today. English | Español October 7, 2015 1:00 p.m. ET / 10:00 a.m. PTNOTE: Webcast will be conducted in Spanish. With the continued long-term trend of reduced poverty,...

Policy Administration for Life and Annuity

Exploring the Opportunities of the Latin American Life Insurance Market

Latin America generates more than US$160 billion in annual gross written premium, which is more than the combined premiums of Central and Eastern Europe, the Middle East and Central Asia. With continued the long-term trend of reduced poverty, shrinking unemployment rates and population growth, the Latin America market becomes one of the most attractive markets in the world. The market is ripe for all insurance products but one of the more promising is for the sale of life insurance products. The young populations across the region and low penetration rates in the growing middle market consumer segment make the long-term growth prospects of selling both life insurance and retirement products very compelling. Because of the attractiveness of the market, many insurers are setting their sights on expanding into the Latin America market.  They open up subsidiaries or partnering with local insurers to penetrate the market. With increasing competition from local players and international insurers, it is expected that growing profitability will be a challenge at some point in the future. If you are insurers that are looking to expand into Latin America market or currently competing in the life Insurance market in Latin America then you should download the new “Latin American Insurance Outlook” white paper to learn some of the ways to build competitive differentiation to be successful in this market. Download the new white paper in English Download the new white paper in Spanish For more information on Oracle Insurance Policy Administration, visit oracle.com/insurance. Don’t forget to keep up with us year-round: Facebook: www.facebook.com/oracleinsurance Twitter: www.twitter.com/oracleinsurance YouTube: www.youtube.com/oracleinsurance

Latin America generates more than US$160 billion in annual gross written premium, which is more than the combined premiums of Central and Eastern Europe, the Middle East and Central Asia....

Document Automation

6 Sources of Gridlock in Insurance Product Development

Time is money. Benjamin Franklin said it back in 1748 not knowing how relevant that statement would be to insurance companies in the twenty-first century. Rapidly emerging market conditions in the last decade are driving high demand for new insurance products. Today, developing new insurance products is a matter of necessity for corporate survival, yet product development remains at a snail’s pace. Insurers are well aware of this problem. They’re concerned that they’re not adapting fast enough to changing markets. Around the world, the average time needed to launch a new insurance product from concept to sale ranges from six to twelve months, according to RGA. The longer it takes to get these products out to market, the more revenue losses insurers face. What’s the root cause of the sluggishness? Every professional knows all too well the inherent delays coordinating multiple departments within an organization. In insurance, complexity is ingrained in the industry. The process starts with the product development team bringing together people from claims, IT, underwriting, state filings, sales, marketing, and legal. They meet, discuss ideas, and set up action items. They schedule future meetings, share drafts, get input, revise drafts. And the cycle continues for several months. More meetings, more documents, more revisions, and various sign-offs—all before filing to individual departments of insurance via SERFF. After filing, the approval process is at the mercy of each state DOI. There is no single culprit responsible for the slow pace of product development. However, one thing is for sure: the day-to-day business processes that come as second nature to most of us are contributing to the gridlock. Here are five ways insurers may unknowingly be slowing down product development: Creating manual reports with spreadsheets. Product development managers rely heavily on spreadsheet reports in order to stay informed, organized, and have a quick reference handy. Many people still rely on Excel spreadsheets to manually track state filings, historical filing data, and DOI forms. Managers typically create manual spreadsheets to track staff productivity. Spreadsheets are time-consuming and leave insurers vulnerable to data entry mistakes. Insurers need to avoid manual processes like creating and updating spreadsheets as much as possible, and instead, seek automated solutions with report-generating capabilities. Using e-mail to collaborate. Consider the hundreds of e-mails that insurance staffers exchange while collaborating on the development of a single insurance product: “I missed the last conference call. Could we go over the deadlines?” “Did legal confirm the status of their approvals?” “Marketing didn’t get cc-ed on the last email. Could you resend it?” With one central database accessible to all users, insurers can radically improve efficiency and eliminate the need for time-consuming internal correspondence. Lawyers, underwriters, actuaries, and others involved in product development need to be able to log into one place, share information and immediately make it accessible to all, and post messages to other staffers. Using Microsoft Word. Insurance product development is a very document-intensive operation. Documents go through multiple rounds of revision, passing from one department to another. Word has basic track changes functionality, but it’s not the ideal solution for product development. Just as messages need to be stored in a central place accessible to all users, so do all notes, drafts, and revisions. Researching GIs (general information requirements) by visiting each state DOI website. If you’ve bookmarked all the DOI websites for every state and jurisdiction on your browser or listed them in a spreadsheet, you might think you’ve created your own research shortcuts. There are smarter ways to research if you have the right tools. Your tech solution should provide all the information you need in one place. Having separate storage places for DOI correspondence, completed state filings, filings under development, forms, requirements, and more. Again, the importance of a central database cannot be overstated. These documents need to be accessible and searchable, especially for the key players in the product development process. State filing analysts need constant access to filings, and actuaries need access to filing forms and records of historical roadblocks in each state. Converting to pdf manually. In many cases, DOIs require that certain documents be submitted as pdfs. On the surface, creating pdfs might seem to be relatively easy to do with a couple clicks. However, depending on the file you’re working with, you can run into problems in the conversion process such as loss of image quality or complications from hyperlinks, layouts, or certain fonts. The ideal tech solution for insurance product development has the ability to not only convert automatically to pdf, but also allow for native Excel format when necessary. It may be difficult to imagine eliminating the business processes above from your routine, but with the right tech solution, you can radically speed up product development, from the beginning stages all the way through approval. Oracle Insurance Compliance Tracker, the only third party software integrated with SERFF, was designed specifically for the insurance industry to speed creation and submission of regulatory filings. Insurers who use Oracle Insurance Compliance Tracker have reported huge productivity boosts of up to 50 percent. If you’re interested to see what Oracle Insurance Compliance Tracker can do for you Check out our new video. For more information on Oracle Insurance Compliance Tracker, visit oracle.com/insurance. Don’t forget to keep up with us year-round: Facebook: www.facebook.com/oracleinsurance Twitter: www.twitter.com/oracleinsurance YouTube: www.youtube.com/oracleinsurance

Time is money. Benjamin Franklin said it back in 1748 not knowing how relevant that statement would be to insurance companies in the twenty-first century. Rapidly emerging market conditions in the...

Policy Administration for P&C

A Cloud-Based End-to-End Insurance Administration Solution for P&C Insurers

Property and Casualty insurers are embarking on a transformation journey to modernize their core systems in an effort to provide more flexibility, improve speed-to-market for rate changes and new product introductions, and increase revenue growth and profitability. Now is the right time for carriers to position themselves for the long term with technology solutions and capabilities that can be deployed to address today’s challenges and set a foundation for future success.Oracle and Sunlight Solutions invites you to join us for a live webcast to learn about insurance administration solutions specifically tailored for P&C insurers. The combination of the Sunlight Suite – a flexible, cloud-based system – integrated with Oracle Insurance Insbridge Enterprise Rating and Oracle Documaker, provides end-to-end insurance administration, enterprise rating and rules, and document and forms management capabilities that can help you gain a competitive edge in the market place.  Sunlight Suite is built on open technology and can fit into a carrier’s environment to replace or supplement existing systems.The webcast will feature:Live product demonstrationDiscussion on the insurance features offered and unique highlightsExploration on the available deployment optionsA Cloud-Based End-to-End Insurance Administration Solution for P&C InsurersAugust 26, 20151:00 PM ET / 10:00 AM PT Register today

Property and Casualty insurers are embarking on a transformation journey to modernize their core systems in an effort to provide more flexibility, improve speed-to-market for rate changes and...

Oracle Health Insurance

Grow Large Group Business by Leveraging Modern Sales Tools

Profitable growth remains the key objective for many healthcare payers. However, new healthcare market reforms and increasing competition from plan sponsors and Group carriers are making it harder for payers to become more profitable. Many healthcare payers are now looking for ways to improve their profitability. One way is by increasing productivity through streamlining their sales, installation, enrollment, and renewal processes, particularly in the Large Group line of business. For many healthcare payers, managing the Large Group sales process is challenging – from opportunity management and group management to configuring the right plan for the group and presenting the proposal to large employer. There are multiple systems throughout this sales process and too often teams must rely on spreadsheets and paper forms and email to keep track. In the current IT environment for many Large Group payers, there is no single sales tool that can help sales people increase their productivity. What the large group payers need is a modern sales tool that can consolidate the multiple systems that sales reps use on the front end and provide a single rating engine on the back end to provide the best price for any plan combination. Essentially, the large group payers should make their complex product, pricing, and business rules available to Sales in real-time, so the sales rep always have the information they need to quickly and accurately configure, price and quote a deal. Using a modern sales tool can help sales rep become more productive. The tool will put all of the product, pricing, and bundling rules in the system and make it easy for sales reps to manage the configuration complexity. The sales reps do not need to know the product dependencies, compliance issues and other factors because everything is built into the system. Without many of the manual processes, sales reps will have more time to do what they are supposed to do which is selling the product and closing more deals. If you are a healthcare payer, you should consider leveraging modern sales tools to optimize your sales process and help your sales reps become more successful. We encourage you to watch this webcast on demand to learn more about Oracle solutions that can help you grow your Large Group business. Watch the webcast on demand: Grow Large Group Business by Leveraging Modern Sales Tools For more information on Oracle Insurance Insbridge Enterprise Rating and Oracle CPQ Cloud (Configure, Price, Quote), visit oracle.com/insurance. Don’t forget to keep up with us year-round: Facebook: www.facebook.com/oracleinsurance Twitter: www.twitter.com/oracleinsurance YouTube: www.youtube.com/oracleinsurance

Profitable growth remains the key objective for many healthcare payers. However, new healthcare market reforms and increasing competition from plan sponsors and Group carriers are making it harder for...

Oracle Health Insurance

Watch Now: The Changing World of Value Based Payments

The emergence of value-based contracting models represents an evolution in clinical and payment methodologies aimed at creating better quality outcomes, greater provider accountability, and improving cost efficiency. As a quick introduction to the topic, we’ve created a short video that examines the background and emerging payment models.Watch the short video: Emerging Healthcare Value-based Payment ModelsIn a recent Webcast with FierceHealthPayer, Richard Lieberman, Chief Data Scientist at Mile High Healthcare Analytics and Oracle’s Kathy McCarthy, Director of Sales Consulting, discuss the shift from fee-for-service to value-based payments. Some of the topics discussed are: How the transitions to value-based payments are being accomplishedWhere are the success storiesHow the new models of capitation are different from capitation of oldIntegrating accountability into value-based payment modelsRichard and Kathy examine the technology needed to accomplish these payments, what types of systems/models are suited to this new paradigm and how this technology can be delivered to your organization. They also discuss where and how cloud technology can fit into your transition.Watch the webcast on demand: The Changing World of Value-Based PaymentsFor more information on Oracle’s solutions for healthcare payers, visit oracle.com/insurance.Don’t forget to keep up with us year-round:Facebook: www.facebook.com/oracleinsuranceTwitter: www.twitter.com/oracleinsuranceYouTube: www.youtube.com/oracleinsurance

The emergence of value-based contracting models represents an evolution in clinical and payment methodologies aimed at creating better quality outcomes, greater provider accountability, and improving...

Document Automation

A Practical Approach to Defining the Digital Customer Experience in 2015

A decade ago, the digital experience meant simply having a functional website. We’ve seen how social media, mobile apps, and big data can enhance relationships and deepen the connection between businesses and consumers. With so many possible touch points, businesses run the risk of overwhelming customers with a hodgepodge of digital strategies gone awry. Is there a magic formula to define the ideal digital experience or measure a successful customer experience in 2015? Pose this question in a public forum, and you’ll get hundreds of answers from consultants, analysts, and other self-proclaimed experts. For this post, we’ll keep it simple. We’ll look at three successful companies that epitomize first class experiences at various stages of the customer journey:the service experience of Uberthe buying experience of Amazonthe research experience of GoogleI’m a consumer of all three companies’ services and have been on the receiving end of their digital strategy. The Uber Service Experience Uber, an app that connects riders to drivers, may be worth $50 billion if its current fundraising efforts go as planned. For those who haven’t used Uber before, you might be wondering how the tech startup achieved phenomenal success around the world in just six years. This is how it works: You download the Uber app on your smart phone and set up an account payable from PayPal. When you need a ride, you pull up the app, which immediately pinpoints your location on a Google map and indicates how long it would take for an Uber driver to get to you. The nearby vehicles appear on your map as car icons moving in real time. You enter your destination, select your vehicle type, and from there, the app tells you the maximum amount you would pay for the ride. Your Uber driver’s face and first name pop up on your screen, along with the car model and license plate number. On your map, you can see exactly where your driver is at any given moment. Your time tracker also stays updated, so your app will indicate “x minutes away” all the way down to “approaching now.” Throughout the process, you’re 100 percent informed—even more so than if you had a friend picking you up. The first time I used Uber I was in San Francisco and my ride came in two minutes. As I approached the car, the driver asked, “Are you Millie?” (Yes, he knew my name.) I didn’t have to rummage through my bag, looking for money. I didn’t have to explain where I was going or how to get there. I simply got in, sat on the shiny leather seats, and observed the new car smell. On the center console, the driver had arranged a tray filled with water bottles and gum—complimentary treats for all his passengers. It’s as if the creators of Uber considered everything that might slow you down, require extra effort, advanced planning, or would simply trigger a question in your mind. Then, they designed a system to eliminate those burdens, avoid confusion, and give customers what they need: a ride on-demand. The Amazon Buying Experience It’s almost difficult to remember a world without Amazon.com because we’ve been shopping there for 20 years. In the digital age, it’s normal to have access to a huge selection of items that are competitively priced, knowing they will be delivered to your door. We expect to see product specifications and customer reviews. But there are many more reasons behind Amazon’s explosive growth. (Source: The Motley Fool) Why has Amazon’s revenue gone up over 1,000 percent in the last decade while retail giant Wal-Mart’s revenue has increased 77 percent? More importantly, what can other companies learn from the buying experience at Amazon? Let’s dissect the Amazon buying process to gain insights. You go the website and before you even begin shopping, you see items that uniquely interest you. Amazon displays and organizes your product recommendations in categories: new for you, inspired by your shopping trends, inspired by your wish list. You type in the item you’re looking for, using search terms as specific or as generic as you like. You might get a dozen options or 200,000 options. How can you decide? Amazon understands that its customers have different priorities. For some, price is the No. 1 factor, yet for others, customer ratings are critical. You might also consider buying the item used. All these options are built into the Amazon buying experience. Next step: you sort based on your preferences. As you scroll down, you’re presented with more information relevant to your purchase. What items will you need to complement with this item? The “Frequently Bought Together” section has some options. What are similar items that might be cheaper, have more functionality, or ship faster? Scroll down to “Compare to Similar Items” and there’s a chart laid out for you. Think you’ll need to replenish your supply next month? Amazon offers “Subscribe & Save,” which offers price discounts for enrolling in regular shipments. Every time you buy on Amazon, you’re making an informed decision. Before Amazon, most shoppers didn’t do this much investigation before pulling out their wallets. With Amazon, you’ve scanned the entire landscape of prices, similar items, reviews, manufacturers, and more. You’ve researched the heck out of it, and by the time you check out, you’re more likely to feel good about your buying decision. The basic premise of Amazon is simple: you shop from the comfort of your home, buy stuff you need, and have it come directly to you. Yet, when you consider Amazon’s enormous success—270 million global customers, $89 billion in sales in 2014 alone—the key differentiator is that the company continues to evolve. Amazon is well-known for trying new strategies to modernize the buying experience. In the latest evolution of household product shopping, Amazon is experimenting with the dash button—a physical button connected to your home Wifi network that you press to replenish your supply of certain items. The Google Research Experience Pre-Amazon shopping may be difficult for some to remember, but how about navigating the Internet before Google? Those days seem ancient. Google makes information so readily available that when people ask “dumb questions,” the typical answer is “Google it”—look it up. Google is by far, the most popular Internet search engine around the world, capturing 65.73 percent of the global market share, according to Net Marketshare. Last year, Google made $66 billion in sales and ranked No. 46 in the Fortune 500. What is it about the Google research experience that makes it so appealing? Simplicity and intuitive design. Think of the last time you looked up something on Google and how quickly you found what you were looking for. You might’ve typed in your keywords in the general search bar. Or, if you’re like most people accustomed to using Google, you might’ve gone straight to your specific search type. For example, if you were looking for directions, you might’ve gone directly to maps.google.com, or if you were looking for the latest news coverage on a particular topic, you might’ve gone to news.google.com. Google offers search tools that allow you to target and filter your searches. And while you have many options for conducting your research, you only see the tools that are relevant to your particular search. For example, an image search gives you special search tools such as size or type. If you were planning to reuse an image, you could filter through the usage rights. You could choose “labeled for reuse” or even more specific, “labeled for noncommercial reuse with modification.” However, if you were looking for news articles, those options wouldn’t appear on your screen. Instead, you’d see a different set of search tools that would make more sense for your situation. You could limit your search to news stories published in the past year, week, or even hour. You could sort by relevance or by date. As we’ve seen with Uber and Amazon, Google’s search engine is structured in a way that considers the user’s thought process every step of the way. You’re never bombarded with too many search options or irrelevant options; instead, you’re presented with options when you need them. The Business Principle that Never Gets Old: Know Your Customers Uber, Amazon, and Google have explosive growth not merely because they offer useful services and products. When you look closely at their offerings, they have an intimate understanding of what consumers are thinking, needing, doing, trying, and struggling with at specific points in the customer journey. Their success stems from knowing their customers inside and out. By knowing your customers first, you’re able to do so much more. You can design efficient services, create useful products, and present specific offers that are relevant to their lives. You can personalize your customer communications, help your customers make informed decisions, and better serve them overall. The Digital Experience Your Customers Expect: An Exclusive Event for Oracle Documaker Customers Technology has made it possible to design impeccable customer experiences through digital channels. Mature companies may not enjoy the same best-in-class tech infrastructure as young startups do, but there are solutions that can transform their customer communications. Oracle Documaker customers: You’re invited to a live webcast event on July 15 at 1 p.m. ET. We’ll explore how you can leverage technology to achieve digital transformation and give you a high-level overview of Oracle Documaker’s new capabilities in document automation and mobile delivery. We’ll also discuss progressive transformation and explain why it’s your best option in the digital age.Reserve your spot today for this FREE event, exclusive to Oracle Documaker customers. Please note: You will need your Customer Number (support identifier) to register.Download and read the white paper today. If you’re interested in learning how to overcome the challenges of going digital or looking for advice on what features make the ideal document automation solution, this white paper is chock-full of useful information for you. Gain a deeper understanding of why digital customer communications is crucial in business. The white paper also covers developments in the last decade that have raised the bar for customer communications: e-commerce, millennials, hyperconnectivity, and more. Learn more about Oracle Documaker Mobile by visiting oracle.com/goto/documakermobile.

A decade ago, the digital experience meant simply having a functional website. We’ve seen how social media, mobile apps, and big data can enhance relationships and deepen the connection between...

Policy Administration for P&C

Delivering Best of Breed Solution to Manage Policy Lifecycle

In recent years, we’ve seen increasing interest from small-to-mid-sized carriers in transforming their policy administration systems (PAS). The business case for transformation is clear as leading insurers are already showing the benefits of modern and flexible policy administration systems. PAS transformation simplifies the IT environment by reducing the number of redundant systems and processes as well as reducing overall IT costs. They can also improve market agility by creating a more flexible platform for quickly responding to customer needs and regulatory requirements. Even though the business case is clear, one of the biggest considerations for PAS transformation is the selection of a technology partner for this transformation journey. Carriers must be aware that selecting a core system ties them to the product vendor for years to come, so picking the right vendor – one that can provide the latest features and technology that can support your specific business goals and optimal business processes – should be the main priority. Carriers should look at vendor’s functionality, advanced features, affordability, usability and architecture in detail and determine if the vendor provides the best solution for each of the policy lifecycle processes. With the objective of helping small-to-mid-sized carriers reducing the risk and getting the best of breed solution to make them successful in their transformation journey, Oracle is partnering with Sunlight Solutions to deliver best-in-class insurance administration solution for P&C carriers. Sunlight Solutions is a new up and coming company that provides modern policy administration system for P&C market. The joint solution will deliver greater speed-to-market, business agility and lower cost while reducing the risk. To learn more, read the Press ReleaseAdditionally, Oracle will be exhibiting at the IASA conference in Las Vegas June 7-10th. Please stop by Oracle Booth #440 to learn more about the joint solution. Learn more about other activities at the conference by visiting oracle.com/events.

In recent years, we’ve seen increasing interest from small-to-mid-sized carriers in transforming their policy administration systems (PAS). The business case for transformation is clear as leading...

Policy Administration for Life and Annuity

The Transition to Standard Software in the Insurance Industry

I spend a lot of time talking to a range of individuals within various financial services institutions (predominately Life & Annuity Insurance carriers in fact), directly and indirectly, about the “fun” aspects of maintaining and modernizing their business processing systems, especially when faced with the prospect of having to comply with  new and ever-evolving regulations requiring companies toMaintain a regulated level of charges and demonstrate itReveal your audited processes to the outside worldChange how you remunerate your distribution network – for future business only, that isStart providing enrolment services for your corporate clientsBe prepared for unannounced visits from compliance staffAnd so forthActually, these tend not to present themselves individually  but seem to be a constant part of doing business. Companies’ responses to these requests from regulators are comfortably reliable and familiar as they rely on the resourcefulness of the in house team to adequately “polish up” the existing estate. In essence, companies are dependent on a group of long-term employees who are passionate about the systems they support (and may have built) for quick fixes instead of developing a strategy for modernizing. Having been in this situation in the past, it’s not surprising to me that companies turn a blind eye to “how” things get done as long as 1) it gets done and 2) doesn’t interrupt business life as usual. So how long have businesses left themselves in a vulnerable position by relying too heavily on in-house software maintained by these types of passionate teams?  Well I forget personally, but my sources have recently informed me that this has been perpetuated since the early nineties. This historically tried and tested development regime has a cumulative “agility strangulation” cost, as I learned from personal experience and regularly try to communicate to the aforementioned financial services institutions. Being an Insurance industry expert helps when trying to convey this, but coming from a vendor they sometimes assume that I am biased. Imagine my joy when I came across the following from those nice people at McKinseyRelated article: Transitioning to standard software: Lessons from ERP pioneersI couldn’t have put it better myself, as Oracle is in an ideal position for many reasons to be an active partner in the transformation programs McKinsey so articulately and knowledgably describe as the “5 T’s”  in the “Lessons in standardization” section of the article. I recommend you read the McKinsey article as well as the most-recent Gartner Magic Quadrant report to anybody finding themselves caught up in this dilemma of how to transition to standard software.Related Report: Gartner’s Magic Quadrant for North American Life Insurance Policy Administration SystemsYou may also want to read a recent blog post on core system vendor selection.Related Blog post: Oracle’s Dave Shively Offers His Thoughts on Core System Solution and Vendor SelectionIf you want more information on Oracle’s comprehensive set of solutions for insurers and how they apply to individual parts of the business, visit oracle.com/insurance.

I spend a lot of time talking to a range of individuals within various financial services institutions (predominately Life & Annuity Insurance carriers in fact), directly and indirectly, about the...

Document Automation

Customer Communications Management for the Digital Age

The Hyperconnected Consumer Is Your New Boss Think of the last boss that drove you crazy. He had extremely high expectations, demanded everything to be done right away and always put his personal convenience above all else. If you didn’t deliver, he’d find someone else to replace you in a heartbeat. Meet the new hyperconnected consumer. In today’s digital age, mobile technology has drastically changed the power dynamic between business and consumers. Consumers literally hold in their hands more power than ever before through their digital devices. Smartphones, tablets and laptops keep them online 24/7, which empowers them with virtually unlimited information accessible within minutes. Changing Power Dynamics: Consumer vs. Business Let’s explore the analogy of the employee-boss relationship to the business-consumer relationship further. The boss has personal preferences that change according to the situation. For someone who doesn’t clarify what he wants, he sure is nitpicky! He just expects his employees to anticipate his needs. Like the demanding boss, the hyperconnected consumer dictates what they want, when they want it and how they want it. If a product or service doesn’t cater to their unique situations, the consumer can easily explore other options immediately. The consumer expects constant flexibility and multiple options. Even the consumer’s own circumstances can’t stop them from online activities. They can go online and conduct transactions in virtually any situation. Transfer money while standing in line at the grocery store? Sure. Confirm insurance coverage while riding the subway? Why not. Check investments while lounging on the beach? Definitely possible. Engagement through Innovation and Moxie On the other end of the spectrum, business takes on the role of the employee. The employee faces the monumental task of doing more, better, faster—all while maintaining high quality, resolving new problems and rising above the others. This is the challenge for businesses in the digital age. The wise employee will step up, eager to make an impact. In the big picture, it’s not only making the boss’s life easier; it’s an opportunity to cultivate a meaningful relationship. Consequently, the boss will come to trust that employee, even confide in the employee more often. And if all goes well, the boss will grant the employee a raise or a promotion. In the consumer-business relationship, we would consider this engagement. The consumer interacts with the business by exploring its website, clicking on links or initiating online chats with customer service representatives. They might even make a purchase or tell a friend about the excellent level of service they noticed about a company. If the business makes it easy for the customer by offering mobile capabilities, customers will engage on their smartphones and tablets. They’ll happily shop, pay their bills, even e-sign documents from wherever they happen to be. Mobile Strategy for Highly Regulated Industries In the last decade, hyperconnectivity has become engrained in every moment of the day. Sixty-seven percent of cell phone owners find themselves checking their phones even when their phones aren’t ringing or vibrating, according to the Pew Research Center. Even more telling, 44 percent of cell phone owners sleep with their phones next to their beds in order to prevent missing calls, text messages or other updates throughout the night, according to the same study. Hyper-connectivity is no longer a luxury. It’s the norm. As more corporations ramp up their mobile strategies, decision-makers in certain industries may feel like they’ve got their hands tied behind their backs. Insurance, financial services and healthcare face additional hurdles in government regulations. Unlike other industries, their customer communications must abide by government rules regarding mandated language, disclosures, even font sizes. For those industries in particular, the solution is a high-tech customer communications management (CCM) system. They need a modern system that makes it easy to deliver dynamic, responsive content to smartphones, tablets and laptops. The solution is an omnichannel platform that makes it possible to transform the same content, following the same rules, to mobile devices. The Omnichannel Solution To help companies meet the demands of the hyper-connected consumer, there’s Oracle Documaker Mobile. This new addition provides the critical mobile component to Documaker Enterprise Edition, the market leader for enterprise document automation. Documaker Mobile gives you the ability to generate content for the iOS and Android operating systems, as well as desktop browsers. The result? Everyone is happy: the company; its customers; and yes, the regulators. As you explore new ways to make your company fit into your hyperconnected customers’ busy lives, learn more about Documaker Mobile, Oracle’s newest addition to the Documaker family. Check out Oracle’s latest video  introducing Documaker Mobile.

The Hyperconnected Consumer Is Your New Boss Think of the last boss that drove you crazy. He had extremely high expectations, demanded everything to be done right away and always put his personal...

Policy Administration for Life and Annuity

Avoid the “Big Bang” Approach to Legacy System Replacement by Utilizing Business Process Management Solutions along with Oracle Insurance Policy Administration

Insurance companies have long recognized that they have a need to adapt quickly to new market opportunities, regulations, and technologies as well as customer and corporate needs. Many have to carefully navigate modifications to their existing complex infrastructures and processes with the introduction of new ones. Business Process Management (BPM) allows for the introduction of new technologies and streamlined business processes that can improve costs and visibility while at the same time protecting investments in legacy systems. Carriers that utilize any form of Business Process Management and Orchestration can be considered as operating in an Intelligent and structured manner, bringing the advantages of: Process orchestration Model driven Content management Human interactions Process management and Business Activity Monitoring (BAM) Effective implementation of Service Level Agreements (SLA) Connectivity Knowledge repository Using BPM solutions, business users and IT can more easily collaborate to implement and maintain a system that eliminates unnecessary manual processes and allows for end-to-end visibility of new streamlined, automated workflows. Together with the Oracle Insurance Policy Administration solution or Oracle Insurance Calculation Engine, BPM tools can be used to orchestrate new business, rating, underwriting, and claims processes while providing insight into key insurance performance measurements. A catalogue of predefined and pre-integrated template product models and rules provided by Oracle Insurance Policy Administration can be easily integrated with predefined connectors for various third-party platforms and data services. With a good BPM suite, legacy systems can still be utilized and made part of a virtual service catalog allowing for a more manageable migration from older platforms and processes to newer ones. It reduces the need for carriers to take a “big bang” approach to legacy system replacement and gives the flexibility to migrate in phased manner and reduce the risk. To learn more about Oracle Insurance Policy Administration and how Oracle’s solutions can be used to support and transform your business, visit oracle.com/insurance. Don’t forget to keep up with Oracle Insurance year-round via social media. Linked In: www.linkedin.com/groups?&gid=2271161 Facebook: www.facebook.com/oracleinsurance Twitter: www.twitter.com/oracleinsurance YouTube: www.youtube.com/oracleinsurance

Insurance companies have long recognized that they have a need to adapt quickly to new market opportunities, regulations, and technologies as well as customer and corporate needs. Many have...

Document Automation

Hyper Connected Communications for the Digital Age

As a sign of the times, I have an iPhone, iPad, a work laptop, and a home laptop all routed through a very nice broadband router – everything connected with wireless networking, of course. While my child’s phone isn’t connected yet, I still have the advantage of an unlimited data plan.  This all means that I can work from anywhere and anytime, responding to coworker requests and what not.  Healthy or not, it is the reality of more and more people as services and devices become less expensive and more capable.  What I don’t have any more is a land line at my house.  I also don’t have much room left in my paper recycling bin or a desire to complete forms manually on paper using a pen!  In my personal business dealings I’ve made the decision that if you can’t process my request digitally, then I’ll take my business elsewhere.  No, I’m not a millennial nor do I categorize myself into a fixed generation definition, but I am in my (still early) forties and I’ve adopted (or adapted) to 99% digital correspondence.  Fortunately my family, including my parents (who are in their late seventies) have adopted a similar tendency towards digitalization.  We are all connected all the time whether sitting at home at the laptop, walking through downtown, or at the office.  This level of connectivity results in an expectation that the companies we deal with are as well connected and can service us across all those connections.  David Ewell, Oracle Strategy, recently gave a webinar presentation with Xplor, “Hyper Connected Communications Management” that discussed the development of this paradigm and how business can benefit.  One tool is the new Documaker Mobile offering that extends the existing Documaker suite of offerings. Documaker Mobile was released in February 2015 and is a foundational component for content delivery for any digital banking or digital insurance strategy. Digital Strategy and Oracle Documaker Mobile Over the course of the last several years, consumers of all types have moved from just being connected to being hyper connected 24/7 across multiple devices.  The proliferation of mobile options has crossed all generations from teenagers to octogenarians and the new hyper connected consumer is demanding 24/7 instant easy access to content formatted for any device. Financial services companies, insurance carriers, and healthcare payers are all looking to address the ever increasing demand for delivering this information with rich content access capabilities on any device. Documaker Mobile fulfills this need and much more to help companies that are currently struggling with the delivery of highly regulated content so that is viewable and actionable across all the devices consumers use today. Documaker Mobile is a new addition to the Documaker family of products.  This new and exciting offering also has the added advantage of leveraging and repurposing existing document publishing assets and investments. Over one-thousand existing Documaker customers can now embrace the exploding digital consumer movement with very few changes to regulated content and rules.  Documaker Mobile produces dynamic, interactive, and device responsive documents that are targeted to consumers of all types via their mobile devices of choice. This includes the ability to generate device responsive output for the iOS and Android operating systems as well as desktop browsers. The Documaker suite now extends capabilities to address the huge mobile market as the single source of truth for all event-driven communications across all channels from an enterprise. Documaker Mobile enables output of content that is interactive, easy to navigate, and responsive to the device. It does all this while adhering to open international industry standards from the W3C to define the mobile output presentation. This allows businesses that have traditionally delivered complex documents to their customers using print or through static electronic versions (PDF) to join the customer centricity movement and reach their hyper-connected customers across all channels in ways that will engage and delight their customers. Oracle Documaker Mobile directly responds to the consumer’s expectations to “Know me, Understand Me and Wow Me”! Learn more by visiting oracle.com/goto/documaker.

As a sign of the times, I have an iPhone, iPad, a work laptop, and a home laptop all routed through a very nice broadband router – everything connected with wireless networking, of course. While...

Policy Administration for Life and Annuity

Oracle Insurance Policy Administration Named Leader in new Life and Annuity Policy Administration Systems by Two Analysts

In recent analyst reports by Gartner and CEB TowerGroup, two of the world’s leading IT research firms, Oracle Insurance Policy Administration for Life and Annuity has been named a leader among life and annuity policy administration systems. Dave Shively, Oracle's Senior Director of Life and Annuity Policy Administration, discusses the topic in today’s post: Obviously, this is very exciting news for us, as we have focused heavily on delivering a best-in-class policy administration system that can support both group and individual life policies and deliver any insurance product including life, annuities, group life and worksite/employee benefits, on a single platform. The latest release features expanded rules reuse capabilities that help insurers increase speed time-to-market and improve product agility for new products and plans. We believe placement as a leader in these reports affirms that our focus aligns well with the needs of our customers as we innovate on a flexible, centralized and rules-based solution that supports end-to-end processes including policy setup and issue, enrollment, underwriting, billing, collections, policy processing and claims. According to Gartner, Oracle Insurance Policy Administration for Life and Annuity was positioned in the Leaders Quadrant based on the combination of completeness of vision and ability to execute, the two primary criteria for the report. Oracle was ranked among the top 7 providers out of 17 competitors participated in the report. Gartner wrote that “Vendors in the Leaders Quadrant have achieved significant market share, while demonstrating an ability to respond to customers’ needs. Leaders have robust, scalable products with a wide range of features, a large installed base, acceptable financial performance and good distribution. Leaders are doing well today and are prepared for the future.” The full report is available for download from Oracle.com: Gartner Magic Quadrant for North America Life Insurance Policy Administration Systems CEB TowerGroup, another leading IT analyst firm, published a new report that focuses on solutions for the life and annuity technology space. In this report, Oracle Insurance Policy Administration was ranked as best in class in two important categories: policy lifecycle attributes and enterprise support. The CEB TowerGroup report ranked Oracle number 1 and gave a perfect 5.0 out of 5.0 score in the policy lifecycle attribute category, outpacing 10 other competing solutions. Oracle also tied for first in the enterprise support category that helps position Oracle as a strong vendor in this space. CEB TowerGroup found that Oracle Insurance Policy Administration provides product flexibility that is unmatched in the market. Oracle’s solution does not require any programmatic changes as all the rules and logic are built using the Rules Palette, a GUI configuration tool that uses drag-and-drop functionality, allowing the user to define and customize rules. The same configuration can be applied to underwriting, product management, audit trail, and other components of Oracle Insurance Policy Administration. The full report is available for download from Oracle.com: CEB TowerGroup Life and Annuity Policy Administration Systems Over the years, Oracle has continued to enhance our policy administration solution and we maintain our commitment to being the leader in the market. We are convinced that the breadth and delivery of Oracle Insurance Policy Administration for Life and Annuity helps customers accelerate product development, improve operational efficiency and reduce time-to-market. We believe this is why these leading analyst firms continue to recognize and affirm our position of leadership in the life and annuity policy administration market. Don’t forget to keep up with Oracle Insurance year-round via social media. Linked In: www.linkedin.com/groups?&gid=2271161 Facebook: www.facebook.com/oracleinsurance Twitter: www.twitter.com/oracleinsurance YouTube: www.youtube.com/oracleinsurance

In recent analyst reports by Gartner and CEB TowerGroup, two of the world’s leading IT research firms, Oracle Insurance Policy Administration for Life and Annuity has been named a leader among life...

Oracle Insurance

Join Us in Washington, DC this Month for Oracle Industry Connect

The impact of digital disruption is being felt across the insurance industry. Success is predicated on a strong "digital-first" strategy that uses social, mobile, and data to be relevant to consumers. For many insurers the answer lies in a progressive transformation for both the customer engagement process and the underlying systems with customer-centric processes and industrial-strength core components.Join us for Oracle Industry Connect, an exclusive event taking place March 25–26, 2015 in Washington DC. The Financial Services and Insurance Program delivers unparalleled insight, critical analysis, and clarity to help reshape the financial services and insurance business and technology landscape. This program includes discussions on the impact of transformation efforts across the enterprise, addressing customer experience, product processing, compliance, and risk and finance. Register Today for Oracle Industry Connect  Note: there is no registration fee to attend this conference You’ll have a unique opportunity to join your industry peers for in-depth discussions on trends, challenges and opportunities facing insurers today. Here are some reasons you won’t want to miss this event: A Different Kind of Event: Highlighting current industry challenges and opportunities as well as the role of technology in fostering business transformation. The content is discussed and presented through real life customer successes. Our goal is to create a close community of industry visionaries. A Dynamic List of Guest Speakers: Dr. Condoleezza Rice and author Warren Berger headline a group of expert speakers who share their insights on how to innovate and lead within and across industries. Keynote by Industry Leader: Alice Rivlin, Former Vice Chair, Federal Reserve Board and Senior Fellow, The Brookings Institution. Dedicated Sessions for Banks, Insurers and Healthcare Payers: Industry leaders will provide insight on the impact of transformation and modernization efforts and how to become more operationally efficient and gain an edge in an increasingly competitive landscape. Financial Services and Insurance Demonstrations: Solution experts will demonstrate Oracle’s latest applications for core banking and insurance operations as well as compliance, risk, and customer analytics. Oracle Financial Services and Insurance Industry Reception: Join us at the House of Sweden and enjoy panoramic views of the Potomac River. This will be a great opportunity to network with your industry peers and Oracle executives. Confirm your participation by completing your registration today. We look forward to seeing you in Washington, DC. Don’t forget to keep up with Oracle Insurance year-round: LinkedIn Facebook Twitter YouTube

The impact of digital disruption is being felt across the insurance industry. Success is predicated on a strong "digital-first" strategy that uses social, mobile, and data to be relevant to consumers....

Rating

What’s New with Oracle Insurance Insbridge Enterprise Rating 4.9?

Insurers today are faced with highly competitive marketplace conditions that are forcing them to look for meaningful ways to increase revenue and reduce costs. Rating quickly emerges as a core process that can help carriers achieve profitable growth.  For those insurers able to implement unique, quality rating models more rapidly, they can expect to realize a competitive advantage which will result in increased revenue. If they are also able to efficiently simplify their rate management process by using higher quality business tools such as Oracle Insurance Insbridge Enterprise Rating solution, they can also expect lowers costs and improved rating accuracy.Oracle is pleased to announce the new release of Oracle Insurance Insbridge Enterprise Rating 4.9. Continuing on the theme of innovation to deliver greater value, the Oracle Insurance Insbridge 4.9 release delivers a broad range of enhancements in many areas such as usability, productivity, performance and reporting. Several highlights of the new release are:Improved Access to Rating Data – Rating/underwriting and actuarial/predictive analytics are at the center of many of the initiatives being pursued by insurance carriers to capture opportunities, enhance financial performance, respond to increased regulation and mitigate risk.In Insbridge 4.9, a new “Reporting” database that provides customers access to rating content in a relational data structure and format has been added to the RateManager database. With this feature, users now have the ability to use Oracle or third-party reporting application(s) to generate custom reports for further analysis from information received directly from the database. Expanded Usability – We always strive to improve the ease-of-use in the product and increase the quality of user experience. In Insbridge 4.9, we added several new features such as: Custom Constants are user-defined constant values that are used in algorithm development. Custom constants that can be created and utilized at the system level as well as at the line of business level. Message Templates allow for system-wide message creation and program level variable substitution. This allows for messages that can be more easily maintained and adjusted to fit program-specific information. New Mathematical Functions such as gamma and natural log are now available. These new statistical and logarithm step types let users create calculations that better reflect their rating process. The Output Mapping screen has been enhanced with better sorting, searching, and filtering options. In addition, users can select to add or remove multiple variables, and reorder the output listing. This makes the Output Mapping screen more manageable, and easier to use. A redesigned debug report layout allows for information to be presented in a single report format where summary information is presented first. Detailed views are shown when the summary is expanded. This change makes the debug report better organized and more easily viewed. Increased Productivity – In Insbridge 4.9 we have added features that improve the time it takes to create and manage programs and increase user productivity. Users can now copy global level variables to the local level within a subline. Instead of reentering a variable that already exists at the global level, users can now just copy that variable and specify what local program within the subline that this variable needs to go with. The sequencing screen now allows users to select and move multiple items. Instead of moving algorithms, underwriting rules and driver assignments one at a time, users can select the items they need and either add or remove them all at once. This significantly reduces the amount of time needed to create a sequence. Enhanced Performance – Improving system performance is a part of every release we do. For release 4.9, we are updating to newer and faster platforms to increase performance and to reflect the systems and applications that our users have. Platform and application updates include support for: Oracle WebLogic 12.1.3 (12c) Oracle Database 12.1.0.1.0 (12c) IBM WebSphere 8.5 Microsoft SQL Server 2012 Microsoft .NET Framework 4.5 Cache enhancements also have been added to the Insbridge SoftRater Server (IBSS) for release 4.9. Administrators can limit how much SoftRater Engine cache should be held in local machine memory. Additionally, administrators can specify how to purge the data once the limit is reached. Today, the Oracle Insurance team is very excited to work with insurers to help reduce their operating costs while transforming their business processes so they can deliver products quickly to market and be more profitable in the future. Enterprise rating applications, such as Oracle Insurance Insbridge 4.9, can be the driving force behind that successful transformation.For more information, visit the Oracle Insurance Insbridge Enterprise Rating product page.Don’t forget to keep up with us year-round:Facebook: www.facebook.com/oracleinsurance LinkedIn: http://www.linkedin.com/groups?&gid=2271161 Twitter: www.twitter.com/oracleinsurance YouTube: www.youtube.com/oracleinsurance

Insurers today are faced with highly competitive marketplace conditions that are forcing them to look for meaningful ways to increase revenue and reduce costs. Rating quickly emerges as a core process...

Policy Administration for Life and Annuity

Oracle’s Dave Shively Offers His Thoughts on Core System Solution and Vendor Selection

Dave Shively, Oracle's Senior Director of Life and Annuity Policy Administration, discusses the topic of core system solution and vendor selection in today’s post: Over the past ten years, the vendor landscape for back-office Insurance solutions has changed tremendously. The number of offerings based on modern technology has increased dramatically and the breadth of capabilities offered by these solutions has also improved significantly. As the market evolves, capabilities that were once cutting edge become default and new functionality becomes differentiating. Capabilities which once were “nice to have” are now “need to have.”    The current vendor landscape can be broken down into the following classifications: Emerging Players - newer vendors who are starting to gain a foothold in the marketplace, but do not yet have a proven track record. Market Pillars - established players with very strong vendor credentials, but whose technology has not kept up with the competition. Innovators - have demonstrated innovative product strengths that act as their competitive advantage in appealing to niche segments of the market but whose solutions may not yet be ready for enterprise level deployment. Champions - have a strong market presence, modern competitive solution, and are the trendsetters for the industry. When assessing the viability of a solution vendor, it is important to not only consider the strength of their product offerings, but also their strategy and reach. For their product offerings, evaluation criteria would include functionality, advanced features, affordability, usability and architecture. The other important parameter driving a product’s strength is its adaptability –providing fundamental business capabilities along with the ability to adapt to change and support growth and changing business and regulatory requirements over time. But there are several factors that should be considered when choosing a vendor partner that go beyond the capabilities of the solution itself.  Carriers have to keep in mind that selecting a Core System ties you to the product vendor for years to come.  The average life-span of a Core System in a carrier is more than 30 years so it is important to consider not only the immediate need, for which the solution is being selected, but also the longer term needs and viability of the solution.  A few of the factors to consider include: Financial Stability and Transparency The long term stability of your vendor is critical to the success of your business. Vendors showing poor financial performance/statements are risky as there is a significant probability of acquisition or even insolvency. There are many examples of vendors who have created innovative solutions but could not weather market down cycles.  Vendors not willing to share audited financial information or shying away from providing an accurate picture of the past performance of their products/offerings are likely doing so for a reason. Hence, selecting vendors who can prove that they are financially stable, profitable is undoubtedly a critical criteria for selection. Resources – Ongoing Product Investment Significant levels of investment are required for sustained development of next generation products, maintenance of current products and customer support. Additionally, investments done in R&D that add to the performance, stability, functionality, reliability of the product demands depth of industry experience, true knowledge of the solution and a rich experience in implementing the solution. Hence, selecting a vendor who has industry experience, solution knowledge and product implementation expertise along with a proven track record of ongoing product investment is key. Additionally, as with anything you buy, there are fees and costs associated with investment products and services. Fees that seem small initially but over time grow, such as ongoing consulting fees, may have a major impact on your investment portfolio over time. All ongoing fees and charges should be well understood and vetted in order to ensure you are getting good value for each dollar paid over the life of the product. Experience in Domain Domain experience is critical not only to implementation success, but also to the long-term viability of the solution. Minute details of the industry are known only to those who’ve spent years in the Industry rather than having just researched it.  With regard to the implementation of the solution, you want to ensure the vendor team has the experience to quickly understand your business needs rather than your team having to educate them about basic insurance principles.  In addition, you want to make sure that the product development team understands the Insurance market so that the solution evolves with the market rather than stagnating and becoming irrelevant.  In addition, it is not only important that the vendor can put forward one or two industry experts, but rather you should look for a team of people supporting the solution who all have a solid understanding of the Insurance business. Scalability While most vendors profess to have a scalable solution, it is important to look for proof points around this supposition.  A vendor should be able to provide large scale implementation references, have well documented scalability testing results, and be able to succinctly articulate how their solution achieves scalability.  They should be willing to let your technical team “under the hood” so they can understand the underlying architecture and how it responds as business volume increases. Documentation Documentation detailing the use of product features and configuration capabilities are a basic requirement for a complete packaged solution. Guides providing installation and use instructions that are well-documented and readily available with the product are critical for the adoption of the solution by your organization. Product Vendor versus IT Services Provider A recent trend in the marketplace is the acquisition of industry products by services companies in order to drive services revenue.  The challenge is that services companies lack the basic product management disciplines such as providing technical support, packaging and rolling out software upgrades, supporting new releases of platform software (OS, DB, Web server), and generally having discipline around product strategy.  In addition, they are not incented to provide rich out-of-the-box functionality; rather they want to create solutions that drive services revenue by providing good core capabilities but requiring a carrier to pay for services to “customize” the solution to their needs. Experience Last, and perhaps most important, is the vendor’s relevant experience implementing their solution for similar carriers.  They should be able to provide both case studies and references for customers that are of a similar size and with similar product lines.  In addition, it is important to look at their list of customers that have the solution live and in production today to verify what they are telling you about their ability to successfully deliver their solution.  Just because they have sold to a lot of carriers does not mean they have a track record of success on the delivery side. The Bottom Line Following these criteria can result in creating long term partnerships and strategic engagements, the output of which can be the best business-product evolution in the industry. When insurers connect their business with a product and vendor well-equipped to meet today’s challenges and provide a platform for future growth, the best is sure to follow.

Dave Shively, Oracle's Senior Director of Life and Annuity Policy Administration, discusses the topic of core system solution and vendor selection in today’s post: Over the past ten years, the vendor...

Policy Administration for Life and Annuity

Transform Your Enterprise through Core Systems Consolidation

The life insurance industry is facing decreasing revenues. Written premiums have been flat or even decreasing since 2012, and coupled with interest rates that have been falling, we are now at historic lows – making it harder for life carriers to grow the business. As regulations, industry, competitors, and consumer needs change, life insurance and annuity carriers must continue to adapt their product portfolios and introduce new products faster to market to gain competitive advantage and sustain growth. Dave Shively, Oracle's Senior Director of Life and Annuity Policy Administration, discusses how insurers can approach consolidation of core systems: Unfortunately for many carriers, their aging, legacy policy administration systems prevent or inhibit rapid changes to products or processes. Many carriers are struggling with policy administration systems that are over 30 years old. These aging systems impede carriers from capitalizing on growth opportunities or reacting to competitive pressures. These systems also require significant maintenance, thus reducing profits. However, insurers can overcome these challenges by consolidating distributed and aging policy administration systems into a modern, flexible system that can improve business agility. There are many benefits that carriers can gain by replacing their old systems with a modern system such as Oracle Insurance Policy Administration for Life and Annuity. Our customers have achieved benefits such as faster time-to-market for new products, enhanced customer service, increased flexibility on product configuration, improved management and distribution by taking advantage of a modern system that is scalable and high-performance to support growth in the business. In fact, one large multi-national carrier with tens of millions of active policies in several business units is currently implementing Oracle Insurance Policy Administration. They do business in more than 15 countries and wanted to standardize their solution into one modern policy administration system. The challenge facing the company was the urgent need for new modern systems to replace multiple aging policy admin platforms across the group. The carrier recognized that none of these legacy platforms met the requirements necessary to fulfill the strategy put forward, and they decided to standardize using the Oracle Insurance Policy Administration solution. To learn more about how this company is achieving transformational results from policy modernization and is overcoming challenges by consolidating distributed policy administration systems, we invite you to watch the recent webcast hosted by LOMA and sponsored by Oracle. Webcast On Demand: Time to Transform: Business Realities Demand Newer Life and Annuity Core Systems Join Us for Oracle Industry Connect in Washington, DC, March 25-26, 2015 The impact of digital disruption is being felt in the financial services industry. Join us for open and provocative discussions during Oracle Industry Connect, an exclusive event taking place March 25–26, 2015 in Washington DC. The Financial Services and Insurance program brings together top business and IT executives from leading financial institutions including insurers, healthcare payers, and banks. Join your industry peers for in-depth conversations on trends, challenges and opportunities facing insurers today. Register Today for Oracle Industry Connect Note: there is no registration fee to attend this conference Don’t forget to keep up with Oracle Insurance year-round via social media. Linked In: www.linkedin.com/groups?&gid=2271161 Facebook: www.facebook.com/oracleinsurance Twitter: www.twitter.com/oracleinsurance YouTube: www.youtube.com/oracleinsurance

The life insurance industry is facing decreasing revenues. Written premiums have been flat or even decreasing since 2012, and coupled with interest rates that have been falling, we are now at historic...

Oracle Health Insurance

Core Technology Platform for Health System of the Future

With healthcare costs rising annually over last decade, health reform is at the forefront of many developed and emerging market countries. In many developing nations, the focus of reform is around business models that have more involvement from private sector, while the focus of the reform in the United States is on business models that incent providers to cut costs while improving quality. However health reform is in its infancy globally, and there is constant change expected over next several years as governments experiment with various business models. Under those circumstances, there is need for a new genre of technology options to cater to the health system of the future. Current inflexible platforms, and even the newer flexible platforms that require health plans to rip-and-replace entire core operational systems, aren’t going to work for emerging health plan needs. Health insurers need to consider “progressive transformation” approach where there is a phased approach to overall end-to-end core systems transformation.  Additionally, insures need to look at options that provide value-based payment support and that work in parallel with their current core processing systems. Oracle Health Insurance (OHI) business unit within Oracle is dedicated to address the needs of the global health insurance market. The OHI Claims solution was first introduced in 1994 in the Netherlands to cater to the needs of the Dutch market. Today, over 50% of the health insurers in Netherlands run their core operations on Oracle Health Insurance solutions, with many achieving over 98% auto adjudication on claims processing. Furthermore, OHI applications have now been successfully deployed in the United States and other international markets. The OHI team has spent the last couple of years on developing a technology platform for the newer and emerging health insurance business models.  As a team, we are working with governmental institutions and private companies to understand and help these organizations with their transformation projects. Given our origin in Netherlands, we routinely host health officials and delegations from the emerging market countries considering health transformation to study the Dutch system. Based on those leanings, we are starting blog series to explore different aspects of the health reform as it impacts health insurance organizations.  We will present business transformation imperatives one at a time and explore technology options to support this. We encourage you to start by downloading our new white paper Building the Healthcare System of the Future. It lays the groundwork for some of the topics we’ll be discussing in the blog series, such as: Driving Transparency with Benefit Adjudication End of Fee for Service? Gaining Popularity of Shared Saving Plans Engaging with Health Providers in Future Real-time Claims Adjudication to Enhance Member and Provider Service Technology Platform for Health Insurance Exchanges Administering Government Programs in a Cost-effective Way At the end of the series, we will summarize all of the imperatives ahnd present a holistic platform for the health system of future. Learn More at Oracle Industry Connect in Washington, DC, March 25-26, 2015 Oracle Industry Connect is a premier conference designed to promote innovation and transformation through open and provocative discussion within the Financial Services and Insurance communities. The event brings together top business and IT executives from leading financial institutions including healthcare payers, insurers and banks. Join your industry peers for in-depth discussions on trends, challenges and opportunities facing healthcare payers and insurers today. Register Today for Oracle Industry Connect Note: there is no registration fee to attend this conference Check Back for New Posts We hope to create a lively discussion throughout this blog series.  Please participate with your comments and thoughts as it will enrich the experience as we embark on this transformational journey of Healthcare Reform. Please check back soon for our next post. In the meantime, you can keep up with Oracle Insurance year-round via social media. Linked In: www.linkedin.com/groups?&gid=2271161 Facebook: www.facebook.com/oracleinsurance Twitter: www.twitter.com/oracleinsurance YouTube: www.youtube.com/oracleinsurance

With healthcare costs rising annually over last decade, health reform is at the forefront of many developed and emerging market countries. In many developing nations, the focus of reform is around...

Rating

Live Webcast with INN: Grow Business by Streamlining the Entire Opportunity-To-Quote-To-Application Process

The economic realities of today’s insurance market make it harder than ever to achieve profitable growth. There is a need for insurers to reduce costs while growing their business. The web has changed the landscape, and customers now expect products and services to be configured to meet their needs, as well as fast and accurate price quotes and fulfillment. Have you aligned your sales process with the way customers are now buying?One of the key ways that insurers can grow their business is by optimizing the conversion of sales opportunities into revenue. Insurers can transform their business process by combining their configure, price and quote system with an enterprise rating solution. The result allows insurers to streamline the entire opportunity-to-quote-to-application process including product selection, configuration, pricing, quoting, application, and approval workflows. Learn how to:Increase ease-of-use to dramatically reduce the rate creation and revision processEnhance pricing disciplineImprove sales cycles and marginsJoin Oracle and Insurance Networking News for this webcast to learn how today’s technology solutions can help insurers achieve profitable growth.January 20, 2015 2:00pm Eastern / 11:00am PacificRegister NowFor more information on how Oracle’s solutions for insurers and healthcare payers can be used to support your business, visit oracle.com/insurance.

The economic realities of today’s insurance market make it harder than ever to achieve profitable growth. There is a need for insurers to reduce costs while growing their business. The web has changed...

Rating

Impact Analysis to Help Insurers Sustain Profitable Growth

Anton Wiryawan, Insurance Product Strategy Director, discusses the topic below: The economy is showing some signs of life, company balance sheets are stabilizing, and consumer and manufacturers’ confidence indices are trending toward the positive. All of these bode well for Insurance companies. In fact, according to Insurance Information Institute, Insurers’ profitability is at its highest level in the post-crisis era in 2013 as sharply lower catastrophe losses, modestly higher premium growth, improved realized investment gains and favorable prior-year reserve loss development push the industry’s return on average surplus to 10.3 percent, up from 6.1 percent in 2012 and just 3.5 percent in 2011. However, on a more fundamental level, insurers have bigger challenges on their hands. In both personal and commercial lines, insurers are struggling to adapt to evolving customer demands and higher service expectations with more information sought and transactions conducted over the Web. It will be hard pressed for insurers to achieve more consistent and higher rates of growth going forward without system upgrades to improve efficiency, reduce operating costs, and shore up their financial results. Faced with uncertain growth prospects, many carriers have looked at the use of predictive analytics (modeling) to help optimize products and prices to meet corporate goals such as profitability, retention, and premium growth. Rating/underwriting and actuarial/predictive analytics are at the center of many of these initiatives. Unfortunately, in many cases, in-place rating systems are not able to do some of the “what if” analysis requirements well. Carriers need a modern rating system that provides the ”what if” analysis out of the box. Oracle Insurance Insbridge Enterprise Rating system is built from the ground up to handle carriers’ complex rating requirements. It provides an Impact Analysis module that enables carriers to test the impact of “what if” scenarios on their book of business before it’s launched in the production environment. It allows carriers to fine tune their product and pricing and optimize their revenues. Such a valuable tool is needed to sustain carriers’ growth in the market. To learn more about how your business can benefit from Oracle Insurance Insbridge Enterprise Rating and its Impact Analysis module, visit oracle.com/insurance. Don’t forget to keep up with us year-round: Facebook: www.facebook.com/oracleinsurance Twitter: www.twitter.com/oracleinsurance YouTube: www.youtube.com/oracleinsurance

Anton Wiryawan, Insurance Product Strategy Director, discusses the topic below: The economy is showing some signs of life, company balance sheets are stabilizing, and consumer and manufacturers’...

Policy Administration for Life and Annuity

Group Billing Made Easy With Oracle Insurance Policy Administration for Life and Annuity

For many insurers, billing is no longer just a process of generating bills, but an important part of communication between the carriers and their customers. A majority of insurance carriers find themselves constrained by aging and inflexible legacy billing systems, which limit their ability to improve operational efficiency. Also, cumbersome or inaccurate billing has led to customer dissatisfaction, creating difficulty in selling additional insurance products to existing customers/accounts. In order to address this problem, insurance carriers may be considering modern billing systems to be integrated with the policy administration systems. However, the addition of these systems creates complexities and limitations – in addition to increased investment for an external billing system – and also makes maintenance and further enhancements painful. The Oracle Insurance Policy Administration 10.1 release introduces unified Group Billing functionality to better align the solution’s capabilities with market needs and trends.  This new functionality provides an excellent billing solution that can significantly impact an insurer’s processing expenses, improve cash flow, and increase customer satisfaction, especially in case of Group Billing where reconciliation becomes overwhelming. This solution also supports efficient and effective batch processing capabilities, eliminating the need for any external billing solution. Group Billing in Oracle Insurance Policy Administration has been designed and developed with wide range of capabilities: The solution uses a two-stage process in generating a bill, which allows it to capture granular details and makes Group Billing configurable. Generate Bill Details This is a rule attached to a transaction that generates the bill details as various entity levels – usually at the Policy, Client or Coverage level. These bill details hold the most detailed information pertaining to any policy, client and coverage that can further be grouped together to generate Group Bills as required. Generate Group Bill This is an attached rule configured to find mapped bill details to a Group Customer in order to generate a single Group Bill. The system allows the ability to define a billing group, which can be a company, government agency or other organization that handles billing for individual annuity or life insurance policies held by their employees or members. This billing group will be the recipient of the Group Bill. It is also possible to aggregate bill details to a Group Bill, based on bill details generated over a period of time, or based on set levels of bill due amounts. Search capabilities are available and can be performed at various levels. The Group Bill can be searched and accessed, so all bill details associated with the Group Bill can be viewed. The system can be setup to automatically generate a Group Bill on a given billing date and can be configured to support multiple client billing cycles (e.g. weekly, bi-weekly, semi-monthly, monthly, quarterly, semi-annual, annual or any other client defined frequency). The system is also capable of defining a configurable or system status with the Group Bill (for example Pending, Active, Released, Deleted). The status is changed as billing activities are processed for a specific Group Bill. Group Bill Reconciliation Once a Group Bill is generated for an entity (such as a Group Customer) and payments are received from the payer, these are adjusted against the individual Bill Detail entries and reconciled. The Billing Reconciliation enhancement introduces new screens, business rules and other functionalities needed to process the reconciliation and generate the required policy level activities to ensure the payments are adjusted to the policy. User-friendly screens allow the billing/payment representative to easily find a bill and reconcile it manually and provide the ability to do adjustments anytime in future. The system allows the addition or removal of a policy for a member that has already been generated, and reconciliation handles the associated adjustments needed. The system has the ability to produce periodic discrepancy reports at the participant level, providing insight to into which employer-billed premium payments need to be resolved (e.g. may be missed deduction or underpayment) and to produce a periodic past due report, based on remittance frequency, to communicate the receivables that are not paid and past due. Oracle Insurance Policy Administration’s Group Billing functionality can also identify and track unallocated cash (through suspense) and support retroactive enrollment, retroactive termination, and reinstatements. It also allows reallocation of payments or adjustments to individual receivables within system. After reconciliation of the amount received, the bill can be released and the status changed. The system will automatically generate individual remittance activities for the policies included in the list bill for the amount received (reconciled amount). If there is an amount that is not reconciled, it can be applied to the appropriate level of suspense at the lowest level known, which can be at Group Customer, invoice, billing class or policy level.  The system also allows reversal of reconciliation in cases of erroneous payments (over payments, under payments or incorrect allocations). Batch Processing using Data Intake Oracle Insurance Policy Administration can receive an electronic format file from the employer or payroll provider for employee payroll deductions at participant (member/dependent) level – within a benefit by employer selected schedule (by pay period, weekly, monthly or any client-defined frequency) – and batch process it to generate scheduled Group Bills. The system has the ability to support tracking, research and follow-up of unallocated payments (i.e., a batch of suspense items where all of the money was not applied as premium to contracts in the group, the unapplied suspense detail would be available). It is capable of receiving payments by means of lockbox, EFT, payroll deduct or manual check. The system also supports search capabilities for missing or improperly applied payments in order to provide corrective processing to address improperly applied payments located in search. This includes the ability to remove payment, apply to another account or reopen suspense. Learn more Oracle Insurance Policy Administration provides a highly configurable and flexible platform that enables the carriers to innovate to keep pace with changing demands, simplify their IT environments and transform the business into an agile, cost-effective enterprise. The addition of Group Billing functionality offers an excellent billing solution that can significantly impact an insurer’s processing expenses, improve cash flow, and increase customer satisfaction To learn more about Oracle Insurance Policy Administration for Life and Annuity and how Oracle’s solutions can be used to support your business, visit oracle.com/insurance. Don’t forget to keep up with us year-round: Facebook: www.facebook.com/oracleinsurance Twitter: www.twitter.com/oracleinsurance YouTube: www.youtube.com/oracleinsurance

For many insurers, billing is no longer just a process of generating bills, but an important part of communication between the carriers and their customers. A majority of insurance carriers find...

Product Configuration

Oracle Insurance Product Configuration Helps Carriers Deliver Products to Market Faster

Anton Wiryawan, Insurance Product Strategy Director, discusses the topic below: In today’s competitive insurance market environment, the key to gaining and retaining market share is to introduce new and innovative products faster than your competitors. However, many carriers are unable to do this because the way they define, build and launch new products is not consistent. In a typical carrier’s environment, product data is scattered throughout the organization in spreadsheets and multiple systems, making it difficult and costly for carriers to introduce new, innovative products and product changes to market. Oracle Insurance is pleased to introduce a new product called Oracle Insurance Product Configuration that can help carriers deliver product to market faster. Oracle Insurance Product Configuration is a web-based insurance product modeling solution that centralizes product data and validation rule definitions while providing a single product schema reference for integrated external systems. Oracle Insurance Product Configuration helps insurers improve agility by externalizing all product data and validation rules from multiple, hard-coded operational systems into a central repository, where products can be easily configured and modified. With product information centralized in Oracle Insurance Product Configuration, carriers can accelerate new product introductions and bring changes to the market faster. Some features of the Oracle Insurance Product Configuration 1.0 are: Product Configuration by business user – product data and validation rules are maintained in a central product repository where qualified business users can build and modify their own products with minimal IT support. Model Inheritance – users can inherit reusable components to easily make changes to existing products or create new, customized products from a common product model base. Approval Workflow – an approval workflow can be utilized if a product needs to be reviewed or approved prior to releasing. Product Definition Specification – for each insurance product, a product specification XSD can be generated from the repository providing a blue-print for integration among systems adhering to the specification. Some of the benefits Oracle Insurance Product Configuration provides are: Creates a reusable hierarchical schema to define multiple insurance products that can be shared across multiple systems. Provides a centralized location for information so users do not have to chase down product-related data stored in spreadsheets, folders, e-mails, and other fragmented sources. Improves speed to market through a streamlined, consistent, and repeatable product development process. What differentiates Oracle's offering from other Product Configuration in the market is integration with other Oracle products. For example in the first release, Oracle included Oracle Insurance Data Capture as part of Oracle Insurance Product Configuration. Oracle Insurance Data Capture (OIDC) is a web-based data capture application system built specifically for the insurance industry that streamlines data capture by allowing insurers to create and configure questions and rules through an intelligent front-end data capture web application. Both solutions allow your business users to easily define, make changes or add new products and create custom questions for those products. It allows you to build products in days not months, therefore improving agility for your organization and building competitive differentiation in the market. To learn more about how Oracle Insurance solutions can benefit your business, visit oracle.com/insurance. Don’t forget to keep up with us year-round: Facebook: www.facebook.com/oracleinsurance Twitter: www.twitter.com/oracleinsurance YouTube: www.youtube.com/oracleinsurance

Anton Wiryawan, Insurance Product Strategy Director, discusses the topic below: In today’s competitive insurance market environment, the key to gaining and retaining market share is to introduce new...

Document Automation

Insurers Embrace Customer-centricity and Other Thoughts from the Recent Insurance Distribution Strategies Forum in Rome

I attended the 6th annual Insurance Distribution Strategies Forum for 2014 held in Rome last month. This event was organized by Fleming Europe and chaired by David Webster from Oracle. In the five years Oracle has been lead sponsor of the conference, it has grown from a European regional event to a much more global event that includes delegates from Africa, Indonesia, Russia and Eastern Europe and the UK. This year’s forum had over 100 delegates in attendance and was a terrific success with some great speakers. This was my third year as a speaker at the forum, and it was much different than the previous two years. In years past much of the conversation and presentations focused around product, pricing and distribution channels. This year’s forum was overwhelming dominated with presentations and discussions around customer centricity. During a breakout session we were asked "what are the top three take a ways from this forum?"  I’d like to share my top three... Customer centricity – The customer is now in more control than ever before, with multiple purchasing options and online research with multiple digital touch points.  It is critical to be relevant and speak to the customer in their voice. There were two main themes around customer centricity; the first – Omni Channel Communications and the unified communications approach across all channels. A variety of Mobile OS, social media, online research are all necessary touch points for bidirectional customer communications. Second – Managing the full customer life cycle. There were many presentations that talked about the customer journey from prospect, through on-boarding, to servicing and growing the customer through retention and customer satisfaction. This requires rich customer profile information, strong business analytics, and contextual communications and customer satisfaction surveys/health checks.  Regulations – The reality is insurance is a heavily regulated industry and the regulatory environment is getting more complex. A recent survey* shows that “regulatory and legislative changes” ranks #2 in risk just behind the financial slowdown and is projected to remain the second highest risk through 2016. The budgets within the regulatory bodies continue to grow as their workforce increases year over year. New regulations require resources and staff that can take focus away from customer centricity projects and add complexities to simplification projects. Balance – Launching an Omni Channel Communications  strategy to simplify the customer journey while adhering to the ever growing regulatory requirements is a balancing act. Companies need to get creative to make the complex seem simple, to make the legal terms understandable and to make the information readable across any device. In summary, it is apparent to me that companies are taking an approach where they think about customers and how they engage, interact, and nurture them. The Insurance Distribution Strategies Forum has been a great event for exchanging ideas and trends for the last 6 years. I hope everyone that attended will be back next year, and strongly urge any other people in the industry that have not attended to register and go next year, you will not be disappointed. Here are a few photos from this year’s conference:    Stefano Varasi, Oracle Cloud Marketing, spoke about modern marketing automation After hours networking event where attendees relax while discussing trends and sharing ideas with their industry peers. Please click here for more information regarding the Forum: http://finance.flemingeurope.com/insurance-distribution-strategies-forum/program Oracle is a proud sponsor of the Insurance Distribution Strategies Forum, for more information about Oracle please click here: www.oracle.com/goto/documaker www.oracle.com/insurance *Source Aon (2013): Global risk management survey (1,415 respondents from 70 countries) Don’t forget to keep up with Oracle Insurance year-round: Facebook: www.facebook.com/oracleinsurance Twitter: www.twitter.com/oracleinsurance YouTube: www.youtube.com/oracleinsurance

I attended the 6th annual Insurance Distribution Strategies Forum for 2014 held in Rome last month. This event was organized by Fleming Europe and chaired by David Webster from Oracle. In the five...

Policy Administration for Life and Annuity

Live Webcast with LOMA: Time to Transform: Business Realities Demand Newer Core Systems

Facing ever-changing market demands, life insurance and annuity carriers must continue to adapt their product portfolios—and business processes—as regulations, industry, competitors, and consumer needs change. Unfortunately for many carriers, their aging, legacy policy administration systems prevent or inhibit rapid changes to products or processes. However, insurers can overcome these challenges by consolidating distributed policy administration systems. Join Oracle and LOMA for this webcast on November 11, 2014 at 2:00pm Eastern / 11:00am Pacific. We will discuss the advantages that one integrated Policy Administration platform offers for the Life, Annuity, Wealth, Group, Worksite, and Health Insurance market, and how it can improve growth opportunities for the future. We also present case studies on how carriers larger and small, domestic and international, have increased business agility and reduced costs and are achieving transformational results from policy modernization.November 11, 2014 2:00pm Eastern / 11:00am Pacific Register NowFor more information on Oracle Insurance Policy Administration for Life and Annuity and how Oracle’s solutions can be used to support your business, visit oracle.com/insurance.

Facing ever-changing market demands, life insurance and annuity carriers must continue to adapt their product portfolios—and business processes—as regulations, industry, competitors, and consumer...

Policy Administration for Life and Annuity

Market Value Adjusted Annuities

Changes in market conditions are leading carriers to make changes to their product offerings. “A lot of annuity carriers already have MVAs, but those that don’t are busy adding them to their products right now,” says Danny Fisher, president of the Fisher Agency, a Dallas brokerage general agency. The carriers are persisting on securing MVA approvals largely because of concerns about the interest rate environment, Fisher says. Today’s fixed annuities are paying very low interest rates, he explains. MVA Annuities on the Rise Let’s take a look at what’s happening in the MVA annuities market. Last year, while MVA annuity sales were up 88 percent over second quarter compared to fixed-rate non-MVA products were up 71 percent, income annuities were up nearly 19 percent, and indexed annuities were up 10 percent, according to Beacon’s third quarter report.  Similarly, when compared with third quarter performance of the previous year, MVA annuities in third quarter 2013 were up by staggering 131 percent, while fixed-rate non-MVA gains were less than half, about 61 percent. $2.5 billion worth MVA sales in third quarter were up from $1.3 billion in second quarter. That growth says a lot about the current direction of the MVA segment: Sales are chasing rates. With this level of growth, carriers will need tools to help them manage this business in an efficient way.Selecting the Right Core Admin Solution to help with MVA Annuity Management Generally,  MVA annuity is treated as a fund that tracks the prevailing rate. Some products use calculated values stored in fields on the policy in lieu of a fund. A good life insurance policy administration system that maintains MVA annuity products should be: Configurable to allow each carrier's version of MVA Calculations should be customizable based on their product's profileBe able to carry out a series of calculations using the results of each prior calculation, so as to arrive at the finalized; Cash Surrender Value after the MVA factor and then MVA has been calculated per set formulae.Capable to quickly apply any changes/modifications to the formulae.With the consistent growth in sales of Market Value Adjusted annuities, inevitable indications with various surveys have lead to suggest that Market Value Adjusted annuity products can boost growth in business for carriers of any size. Oracle Insurance Policy Administration provides a highly configurable and flexible platform that enables the carriers to quickly build and sell various custom products including Market Value Adjusted annuities with record speed-to-market times leveraging the highly customizable calculation capabilities and pre-built templates.To learn more about Oracle Insurance Policy Administration for Life and Annuity and how Oracle’s solutions can be used to support your business, visit oracle.com/insurance.Don’t forget to keep up with us year-round:Facebook: www.facebook.com/oracleinsuranceTwitter: www.twitter.com/oracleinsuranceYouTube: www.youtube.com/oracleinsurance

Changes in market conditions are leading carriers to make changes to their product offerings. “A lot of annuity carriers already have MVAs, but those that don’t are busy adding them to their products...

Document Automation

Leveraging New Technologies to Improve Customer Engagement

Social media and new technologies dominate the marketing landscape, which means consumers’ attention spans are shorter than ever.  New apps, call-to-actions, and other customer communications tools are being thrown in consumers’ faces each day.  The task of attracting an audience’s interest and maintaining it for the long term is a daunting one.  If your company can’t attract an audience’s attention from their very first visit, you risk the chance of them never returning. Customer Communications Management systems allow institutions to effectively monitor customer engagement and transform that data into results. Guest blogger A.D. Kent, Managing Partner for DocVentive, discusses the topic in today’s post: In a world where everything is interconnected with information at your fingertips, technology is fundamentally changing how consumers engage content. The rapid adoption of smart phones and tablets affords convenience and control over content, while easy access to social media sites creates an unprecedented sense of community and engagement at the touch of a button. In short, consumers are demanding information that is contextually relevant with their interests and provides an experience that they can interact with. So, what does this mean if you're an Insurer or Financial Institution looking for a competitive advantage? Well, you should view each piece of correspondence with your customers as a chance to engage and monetize through personalized content. This means looking for opportunities to gather information with each encounter, and using that information to refine targeted messaging and content on the next communication event. This also necessitates reliance upon a robust Customer Communication Management (CCM) platform capable of delivering on these goals – an exercise that isn't exactly native to the present-day CCM vendor solutions. Nonetheless, through this continual refinement of correspondence, you can empower and satisfy the consumer in ways that fit the social patterns and behaviors that they desire most. At DocVentive, we specialize in helping companies achieve their customer communications objectives and goals. Based on our experience, we believe organizations need to do the following five things to implement an effective customer communications strategy: Engage – create opportunities to engage the customer with each piece of correspondence. Provide customer-specific URLs, QR codes, barcodes and other feedback mechanisms that create a source of measurement for customer interaction. It’s important to ensure that your correspondence is channel- and device-aware, not generic in nature. Create unique opportunities for the customer to interact and communicate their interests and needs, including FAQ sections, links to cross-selling campaigns, and customer support tools. Mobile – learn how to effectively communicate with your customers through the channels and mediums they use the most. With global smartphone use approaching two billion connections today, forecasted to grow three-fold over the next six years to reach six billion by 2020 [Source: Smartphone forecasts and assumptions 2007 - 2020 (GSMA Intelligence)], it's more important than ever to ensure that mobile delivery plays a central role of your overall CCM strategy. Harvesting – gather any and all engagement information from the customer, including metrics such as time, place, interest, demographics, platform (mobile, web, etc.), channel, referral source, and others with each event. By gathering this data, you can determine how to optimize your content and features to target appropriate demographics at the right time and place. Analytics (Big Data) – as you continue to harvest and analyze key data, you can start to extrapolate a CCM "genome" (a set of content interests by demographic) through analytics that determines how certain groups and individuals choose to engage content and the type of information they find interesting. This creates transparency for organizations looking to determine what works and what does not for their customer-base. Great analytics enable companies to improve their personalized content offerings, turning first-time users into repeat visitors and advocates. Refinement and Personalization – personalized correspondence tailored to each individual based upon their individual interests and who best matches a CCM "genome". By delivering information that the consumer will likely find interesting, this approach creates the highest statistical likelihood of engagement, leading to opportunities for cross-selling other products and services. Your most engaged customers will also become your strongest advocates, leading to increased customer referrals and a larger subscriber base. To implement this strategy, you need a robust CCM technology platform capable of omni-channel delivery that can produce output that is medium- and device-aware. Today, most of the major CCM vendors do a very good job of producing content that is highly-accurate and "full-fidelity" across a wide variety of channels.  However, they are challenged to produce personalized content that is device-aware and capable of self-formatting to accommodate the optimum viewing conditions of a particular mobile device. CCM vendors who manage to add these game-changing personalized mobile content capabilities without fundamentally compromising the normal document-creation and production process will be poised as market-leaders in the area of marketing automation and personalized communication. A CCM vendor able to produce personalized content optimized across a broad variety of mobile platforms would be able to engage audiences more efficiently and more effectively than through static content offerings.  For example, a financial institution can offer targeted promotions and cross-selling opportunities optimized perfectly for an iPhone user that would bring the customer straight to their website. These types of offerings enable organizations to engage users with little time, who may be on the go, or who use their mobile devices to access banking information frequently. I'm pleased to say that we're starting to work with a number of forward-thinking organizations who see tremendous value in leveraging new technologies to implement a strategy of engagement and personalization. In doing so, they've come to understand that every engagement with the customer is an opportunity to gather information and provide personalized content. In return, they'll be able to monetize their investments in CCM by empowering and engaging the consumer to purchase products and services that interest them the most. Importantly, a comprehensive CCM strategy that is capable of engagement and personalization through mobile delivery ensures that customers will become repeat purchasers and likely advocates for their organizations. Learn More Oracle Documaker Enterprise Edition enables insurers to dynamically create, manage, publish and deliver adaptive enterprise content throughout the insurance business lifecycle – across all distribution channels and lines of business. Oracle Documaker Enterprise Edition offers a cost-effective way to address the design, production, and omni-channel delivery of a broad spectrum of documents, from highly structured transactional documents delivered in high-volume batch to highly personalized interactive correspondence delivered on-demand. Oracle Documaker Enterprise Edition delivers rules-driven document lifecycle automation for improved customer satisfaction, business agility, efficiency and reduced costs. Get more details on Oracle Documaker at oracle.com/goto/documaker. For more about DocVentive, visit www.docventive.com.

Social media and new technologies dominate the marketing landscape, which means consumers’ attention spans are shorter than ever.  New apps, call-to-actions, and other customer communications tools...

Oracle Insurance Calculation Engine

Utilizing a Centralized Calculation Repository for Increased Business Agility in Life and Annuity Insurance

There have been different strategies adopted to contend with the many challenges facing life and annuity insurers today, from tactical product and service offerings through more strategic programs involving significant front and back office developments to support them. The use of a centralized robust calculation capability can be a key element in the life and annuity product supply chain.David Punter, Global Product Specialist at Oracle, discusses the topic in today’s post: I’ve been looking at market trends recently, around Insurance specifically, around Life and Annuity even more specifically. There is growth and there is contraction, it all depends on where you look, what cannot be denied is that it is sometimes a disappointing experience. But beyond that last bit, I see a realization amongst insurance carriers that in order to do more than survive in this capricious market, some significant investment in revitalizing their infrastructure is in order. This is not the now classic tinkering around the edges with a spot of workflow here, a code conversion there or some productized patch from another insurer’s system to deal with enrolment from somewhere else. There seems to be something more to it this time. The image below outlines some statistics to substantiate this view.But where to start, now there’s the rub, to borrow a quote from Shakespeare’s Hamlet. The “big bang” approach is pretty daunting, lengthy and costly, and ROI can be a long awaited thing. It can get out of control quite quickly, bringing in an additional intangible element of reputational risk. So who wants to go there? Nope, the key to breaking down the barrier resides in starting with something that gets you off on the right foot with measurable incremental results, as well as having a long-term controlled strategy. So let us turn our attention to identifying significant and common stuff, which all carriers rely upon, and most have a problem with. Take an insurance business with upwards of fifteen (15) significant legacy platforms, with some variable endowments, traditional annuities, annuities in payment, group retirement arrangements amongst others – spread across the lot. Then consider annual statutory report time, when all policyholders of all status are required to be issued with statements that meet with pretty strict regulatory requirements around precision of benefit projections across products and format of documentation. Co ordinate and standardize all that between a multiplicity of systems and silos, each of which has its own individual and specific ways of producing these things, and you have quite a project on your hands. Each year, the process is vulnerable to going wrong every time, subject to regulatory scrutiny constantly and generally something of an overhead. This exquisite quandary is in line for being made more exciting by trying to maintain consistency across the market as well as managing regulators on a regular basis, for reasons of product and charge transparency. The common aspect of this process is that of chunking through the calculations. The disparate aspect is that in our scenario it’s done in upwards of fifteen different places, the results of which all ideally end up on one piece of paper per product line. Actually, from personal experience I know this latter piece rarely happens; my own provider (who shall remain nameless) sends me ten separate documents, in ten separate envelopes, each year. This requirement can be achieved by putting in a centralized engine. You can see evidence of this being performed in house, or by use of a purpose built product from a vendor. Still quite a task, but it does have a clear benefit across the business as it addresses much more than the benefit statement enchantment that I’ve experienced with my own provider. We also need to discuss the need for carriers to have a long term strategy associated with the implementation of a system that helps stabilize calculations. Using a centralized calculation repository is just an initial step on the way towards far more rewarding consolidation, ultimately to be manifest into reality through manageable low risk increments. Support for this greater journey is quite beyond the capability of most calculation solutions. Therefore, you need additional and suitably aligned enablement. Oracle has committed to help solve these challenges and offers Oracle Insurance Calculation Engine to streamline operations in key business areas, around process, development and reporting. To learn more read our recent strategy brief.Don’t forget to keep up with us year-round:Facebook: www.facebook.com/oracleinsuranceTwitter: www.twitter.com/oracleinsuranceYouTube: www.youtube.com/oracleinsurance

There have been different strategies adopted to contend with the many challenges facing life and annuity insurers today, from tactical product and service offerings through more strategic programs...

Oracle Health Insurance

The Need to Shift to Oracle Health Insurance Value-Based Payments

Kathy McCarthy, Director of Sales Consulting for Oracle Health Insurance, discusses the topic in today's post: The healthcare system is dramatically changing within the United States – both out of necessity and want.  In the current economy, the US spending on healthcare is more than any other nation, more even than this country can sustain.  With the fastest rate of growth compared to any other nation on gross domestic product, the US does not have the best action plan to solving this dilemma. Consumers are left with higher costs and decreased attention to their care, when the focus should be primarily on their well-being.  The Affordable Care Act (ACA) is putting consumers back in charge of their health by requiring the government to ensure that payers improve outcomes, lower cost and increase access to care.  This application of value-based reimbursement will have four plans that will be implemented by 2015. Physicians in group practices of 100 or more who participate in Fee-for-Service Medicare will be subject to the value modifier in 2015, based on their performance in calendar year 2013. Physicians in group practices of 10 or more provider who participate in Fee-for-Service Medicare will be subject to the value modifier in 2016, based on their performance in calendar year 2014 For 2015 and 2016, the value modifier does not apply to groups of physicians in which any of the group practice's physicians participate in the Medicare Shared Savings Program, Pioneer ACOs, or the Comprehensive Primary Care Initiative. The value modifier starting in 2017 will affect all physicians who participate in Fee-for-Service Medicare. The value-based payment models are aligned with better outcomes for the consumers and the healthcare providers are forced to work more closely with their patients. Capitation payment is managed by care organizations to control the cost of healthcare.  The fixed amount of money per time period is determined on age, how many individuals and services provided in the geographical area.  Shared Savings Program is services established for Medicare and Medicaid (CMS). This program simplifies communication among providers to improve and ensure optimal healthcare for those using CMS.  Pay for Performance is an incentive payment used to improve the quality of healthcare through a collaboration of measuring the overall care of the patient, resources used and other factors. Bundle Payment is a single payment made to providers or healthcare facilities based on treatments and conditions given.  This method was designed to focus on improved care that providers have clear metric to follow in order to maximize their payments. Fee-for-Service is a specific reimbursement for an individual service done to a patient. Payment is based on formula and funding levels by what the consumer wants to pay, the cost of service and type of service provided. As a result, healthcare payers need to have better access to data, tools, efforts and a significant increase in time to carry out the implemented models. Therefore, there will be an emerging need for payers to have agile and open systems to meet the new market demand.  Data will need to be merged by payers, in order to provide crucial information that will accurately determine payment. As the models change so will the need for flexibility and delivery methods.  Cloud-based solutions that have insight, agility and operational efficiency will be the game changers. The Oracle Health Insurance Value-Based Payments solution supports a wide range of models that formalizes and automates data. Oracle Health Insurance holds accountable details for contracts, products, providers and members to create financial messages. To learn more, download and read the white paper, Emerging Healthcare Value-based Payment Models for Improving Patient Outcomes and Cost Efficiency. Don't forget to keep up with us year-round: Facebook: www.facebook.com/oracleinsurance Twitter: www.twitter.com/oracleinsurance YouTube: www.youtube.com/oracleinsurance

Kathy McCarthy, Director of Sales Consulting for Oracle Health Insurance, discusses the topic in today's post: The healthcare system is dramatically changing within the United States – both out of...

Rating

What’s New with Oracle Insurance Insbridge Enterprise Rating 4.8?

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. Don’t forget to keep up with us year-round: Facebook: www.facebook.com/oracleinsurance Twitter: www.twitter.com/oracleinsurance YouTube: www.youtube.com/oracleinsurance

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...

Policy Administration for Life and Annuity

Accelerating Speed to Market with Product Templates

To drive competitive advantage, life insurance and annuity carriers must continuously innovate within their product portfolio to move new products to market rapidly and efficiently. However, traditional lengthy product lifecycle management processes are still slowing the time required to launch new products to the market. Around 70% of small and mid-sized insurance businesses are still using manual or partially automated methods, taking several months to launch new products. This drives up development costs, delays ROI and leads to the loss of potential new business. What if you could accelerate development and launch products to market in days rather than By extending each predefined product template (also called a chassis), insurers can quickly define custom products, create user-defined transactions, and add new business processes and regulatory requirements at the product, product line, and company levels. Use of templates can help reduce time by providing a vision of what is possible within the policy administration system. Also, it provides a starting point of common best practices that can be adapted to business - so the carriers do not have to start from scratch, allowing them to better align business processes to get the most value out of new IT investments. Product Templates: Templates are documented, predefined set of product definitions built out to demonstrate a particular way to address policy life-cycle processing. The template specifications include the definition of the underlying features, transactions, calculations, tables and business processes. This will help carriers to get a jump start of the product life cycle for implementation of traditional and non-traditional life products, increasing the ability to help reduce the time and cost to launch new products. Key components to look forward from a Wide variety of products need to be available as part of Templates Pre-Configured (Reusable) calculations to support standard regulatory calculations Pre-Configured (Reusable) set of standard life cycle events/transactions Clear documentation for Product specifications and implementation design Utilities to easily copy these templates to new plan/product This template-based approach gives insurance carriers several benefits Faster product life cycles with enhanced speed to market New sources of ROI, delivered faster. Efficient product management cycle. Increased productivity with reduction in efforts for product-development stage. Build better relations with distribution partners due to greater flexibility and market responsiveness. Oracle Insurance Policy Administration (OIPA) Template Library Template Plan Name Availability NBU Term Life GA Level Premium term GA Indexed Universal Life GA Group Disability GA Group Term Life GA Whole Life Will be available soon Life Bonus Variable Annuity Will be available soon Term Life ROP Will be available soon *GA – General Availability For more information on Oracle Insurance Policy Administration for Life and Annuity, visit oracle.com/insurance. Don’t forget to keep up with Oracle Insurance year-round: Facebook: www.facebook.com/oracleinsurance Twitter: www.twitter.com/oracleinsurance YouTube: www.youtube.com/oracleinsurance

To drive competitive advantage, life insurance and annuity carriers must continuously innovate within their product portfolio to move new products to market rapidlyand efficiently. However,...

Oracle Health Insurance

IT Modernization, The Key to Success in the Private Health Plan Market in Brazil

Brazil has undergone significant political, economic, and demographic changes over the years, and today faces historic transformation with regard to its healthcare system. While Brazilians have free access to healthcare through a public system – the Unified Health System or the Sistema Único de Saúde – the private healthcare system is growing at a rapid pace. Kathy McCarthy, Director of Sales Consulting for Oracle Health Insurance, discusses the topic in today’s post: Individuals are increasingly seeking care in the private sector. Over the next few years, Brazil expects that more than 20 million additional individuals will purchase insurance through a private health plan, bringing the total number of participants in the private system to more than 75 million. This projected growth presents significant opportunity for private health plans, but are they ready? Brazil’s budding economy, up-and-coming middle class, and progressive policies toward managed care make it a high-growth market, and the public system is struggling to keep pace. The private system, by and large, operates much more efficiently, with shorter waits and quality care. As the population becomes wealthier as the result of economic growth, more Brazilians – approximately 55 million individuals totaling a quarter of the population − are choosing to enter the private healthcare system. The influx into the private healthcare system opens significant opportunity for Brazil’s health plans. It also presents several challenges: Healthcare payers must deal with regulatory and contractual complexities that are unique to the sector, such as waiting period requirements, co-pays, and the negotiation of in-network versus out-of-network agreements. They must also have the scalability required to process a much higher volume of claims than in life and P&C lines of business. Healthcare payers can expect to handle dozens of claims per member, adding up to tens of millions of claims annually, and they must do so rapidly and cost effectively. Processing these large volumes of transactions can place tremendous strains on payers who continue to adhere to manually intensive systems. Healthcare payers – which for the most part employ decades-old core technology – have limited business process scalability in a fast growing market, and struggle to keep pace with change. Payers seek greater agility to address their specific business requirements and adapt in real time to ever-shifting market conditions. By consolidating legacy systems onto a single health insurance-specific platform, payers can support core business processes and emerging opportunities in the private sector, while establishing critical flexibility in their IT infrastructure that increases visibility, reduces operational costs, and drives innovation within the business. For this reason, Brazilian payers need flexibility as a central IT platform design component. They require applications that support core business processes in Brazil’s increasingly blended public and private systems, in which people may choose a private plan as a supplement to, or in lieu of, public insurance – ultimately supporting business innovation and rapid growth. Payers need to do three things to be successful: Get Agile - Invest in an IT infrastructure that can respond to the rapidly changing market Amplify Business Intelligence - Business intelligence and analytics will make the difference for payers. It will aid in determining risk, provider effectiveness, fraud, market trends and more Help Members Help Themselves - Employ self service options that make it easy for members to sign up, pay premiums, obtain information While Brazilian healthcare payers’ challenges are complex as they seek opportunities in a growing market, they are not unique. Oracle Health Insurance is focused on helping healthcare payers around the world with their modernization challenges by providing applications that support payers’ business processes, enabling them to implement changes and provide consumers with tailor-made products while using uniform administrative processing. Learn more by reading the strategy brief, Prescription for a Healthier Tomorrow: Considerations for Health Plan IT Modernization in Brazil. The Oracle Health Insurance suite of applications have proven their scalability at customers with sizes ranging from 100,000 to 4,200,000 members (with approximately 10 million product enrollments) in a single instance. In addition, Oracle offers engineered systems or hardware, software, and storage tuned to address specific health insurance challenges including high availability, performance, and scalability. Don’t forget to keep up with Oracle Insurance year-round: Facebook: www.facebook.com/oracleinsurance Twitter: www.twitter.com/oracleinsurance YouTube: www.youtube.com/oracleinsurance

Brazil has undergone significant political, economic, and demographic changes over the years, and today faces historic transformation with regard to its healthcare system. While Brazilians have free...

Oracle Health Insurance

What Providers Should Consider Before Jumping into the Payer Market

The evolution of ACOs in the market has led to an increase in provider based payer organizations, the addition of some 400 this year require a new level of data sharing and analytics. The ability to analyze impacts of changing payment models and care guidelines on healthcare delivery and payment will define the stability and growth of the integrated organization. Kathy McCarthy, Director of Sales Consulting for Oracle Health Insurance, discusses the topic in today’s post: With the ACO model, healthcare organizations will continue to acquire groups and services within a specific demography.  Using integrated analytics to predict the impacts when entering new markets where different services and payment models overlap will be a key for accelerated expansion. Providers need to consider several criteria before entering the payer market. The provider organizations needs to:Understand the complexity of the marketHave clear goalsConduct the necessary researchEvaluate delivery systems Research has shown that there is no correlation between success and market share, location or deep pockets. Providers need to:Have positive relationships with other health systems in your area.Have existing risk-based contracts with your providers.Look at your market.Have a relationship with a  payer organizationProviders will require systems that can:Respond to rapid changes in policyMerge clinical and financial dataProvide quality cost-efficient careSupport HIPAA PHI requirementsCreate new sustainable payment and delivery models Operational efficiency will be a key to success. Payers will need to have IT and analytics that will play an important role .Being able to merge clinical and financial data will be crucial to success. They need to improve the overall IT efficiency and gain more predictable costs and outcomes. IT needs providers should consider:Be prepared to implement changes required to improve performance.Need for analytic capabilities.Need for alternate payment arrangements.Need to quickly introduce new plans, support efforts to reduce operating costs and take advantage of the emerging opportunities. Many legacy systems are decades old and require costly and time-consuming hard coding to make even simple changes.Seek and require rules-based systems.Seek new payment models.Provide quality care for a reasonable cost.Oracle Health Insurance components help address these issues by providing:Rules-based componentized products allow plans the agility and flexibility needed for success.SOA-based components allow plans to purchase solutions that do not require an entire new system.Scalability and reliability are built into all Oracle products.Solutions can be delivered in multiple ways. Learn more by watching the recent webcast, How to Navigate the Emerging Trend of Providers Shifting Focus to Healthcare Financing. Don’t forget to keep up with us year-round: Facebook: www.facebook.com/oracleinsuranceTwitter: www.twitter.com/oracleinsuranceYouTube: www.youtube.com/oracleinsurance

The evolution of ACOs in the market has led to an increase in provider based payer organizations, the addition of some 400 this year require a new level of data sharing and analytics. The ability to...

Rating

The Case for Stand-alone Rating System

Anton Wiryawan, Insurance Product Strategy Director, discusses the topic below: Recently, I was at the IASA conference in Indianapolis. Oracle had a large booth with several demo pods, and I was showcasing Oracle Insurance Insbridge Enterprise Rating. An attendee stopped by our booth and had questions about how to decide on a rating solution. His company is looking to modernize their IT infrastructure and one of the systems that they want to replace is the policy administration system. So his question was: do they still need to invest in a stand-alone rating system or can they just use the rating components that come with the new policy admin system? Historically, carriers have relied on policy admin systems to provide all functions to manage the policy lifecycle from quick quote to application to underwriting to policy issuance and even servicing the policy. Even today, in markets outside North America such as in Europe and Asia, many carriers are still relying on their policy admin systems to handle everything. However, over time, there are vendors that now specialize in one particular function of the policy lifecycle (i.e. rating, underwriting, etc.) and deliver more robust systems to address that one specific need. Now, carriers have more options and need to choose between standalone systems that perform one function very well or one integrated system that offered modules for each function, but with varying degrees of functional depth. According to Celent through their conversations with many carriers and vendors, the central consideration in choosing best of breed or best of suite is one of architecture. The stand-alone rating solution enables carriers to centralize all product and rating information in one place. Rates can be built once by business users and distributed to any application that needs it. This will position carriers with a more agile business, reduce total cost of ownership, speed time to market and improve distribution management. Because of the benefits of stand-alone rating solution architecture, many policy admin system providers are now offering their rating functions in a stand-alone manner. So should you buy rating solution from these policy admin vendors? We believe that even though these vendors position their rating as a stand-alone solution, the reality is the rating system is somewhat tied into their policy admin offering, and often customers might need to install some of the policy admin components to make the rating module work. Rating users might be impacted by policy admin system inefficiencies and scalability issues. A better alternative is to invest in a stand-alone rating solution to achieve the architecture benefits mentioned above from a vendor that built the rating system from the ground up (i.e. not part of the policy admin system). The vendors that provide a true stand-alone rating solution have resources that are dedicated to delivering more advanced features for rating only and not for other policy admin functionality. Using modern technologies, these vendors make their stand-alone rating solution open and more easily integrated to different systems. If you want to know more about the true standalone rating solution and its benefit, you can download a white paper. Related ResourcesWhite Paper: Stand-Alone Rating Engine: Leading Force Behind Core Transformation Projects in the P&C MarketDon’t forget to keep up with us year-round:Facebook: www.facebook.com/oracleinsuranceTwitter: www.twitter.com/oracleinsuranceYouTube: www.youtube.com/oracleinsurance

Anton Wiryawan, Insurance Product Strategy Director, discusses the topic below: Recently, I was at the IASA conference in Indianapolis. Oracle had a large booth with several demo pods, and I was...

Policy Administration for Life and Annuity

Core System Selection Process for Mid-Market Insurance Carriers – An unavoidable challenge? Or a great opportunity?

The insurance industry is going through a lot of changes and insurance carriers are looking for new avenues to create a competitive advantage – innovative products, quicker time-to-market, better utilization of customer touch points, etc. Meanwhile the business context has changed both internally and externally. The challenge for the IT organization of a mid-market insurance carrier in this context is to enable such business initiatives while at the same time keeping costs down. The critical and most costly piece of the Insurance IT landscape is their core business systems. Mid-tier carriers struggle with having the same needs for business agility, process efficiency, and support for a growing portfolio of products as large carriers but with IT budgets that are a fraction those of their larger peers. Typically their core systems consist of inflexible legacy applications cobbled together through a patchwork of brittle system interfaces. Most carriers understand that they must do something about these core systems in order to achieve their business goals, but the challenge is to identify the systems that can achieve their goals at a price they can afford. At first glance, the core system selection process might seem to be a staggering set of challenges but when analyzed carefully, there are quite a number of opportunities a well-selected core system can provide to an Insurance organization. Considering the challenges first, the typical concerns include: high cost of implementation, speed to market for new products, diverse portfolio of products existing on multiple legacy systems, maintenance overhead of existing legacy systems, manual processes, localization, burden of implementing large systems as well as back office customer service costs and user training. The opportunities that can be addressed through a new core system implementation include: product innovation, new service delivery channels and distribution channel options, rationalization of IT resources and easier regulatory compliance processes. To mitigate these challenges and address them in the most effective way and to ensure the organization can benefit from these opportunities and get the best benefit from the new core system implementation, the core system and vendor selection criteria should be exhaustive to provide appropriate weights to all these factors. Ideally, the system and vendor selection criteria should be an exhaustive but easy-to-use checklist for the Policy Administration (PAS) and System Implementation (SI) vendors. For a more detailed look at all the challenges and opportunities and recommendations on setting up the system and vendor selection criteria, you could refer to the strategy brief on “Addressing the Challenges and Opportunities Mid-Market Insurance Carriers face in a Core System Selection Process” in the Oracle Strategy Brief:Download and Read the Strategy Brief TodayTo learn more about Oracle Insurance Policy Administration for Life and Annuity and how Oracle’s solutions can benefit mid-market insurers, visit oracle.com/insurance.Don’t forget to keep up with us year-round:Facebook: www.facebook.com/oracleinsuranceTwitter: www.twitter.com/oracleinsuranceYouTube: www.youtube.com/oracleinsurance

The insurance industry is going through a lot of changes and insurance carriers are looking for new avenues to create a competitive advantage – innovative products, quicker time-to-market, better...

Document Automation

Healthcare Payers Need Agility and Flexibility to Implement Medicare Changes for 2015

Since the Affordable Care Act was passed in 2010, Medicare Advantage premiums have fallen by 10 percent and enrollment has increased by nearly 33 percent.  Today, enrollment in Medicare Advantage is approximately 15 million beneficiaries. Over half of these beneficiaries are enrolled in a four star or greater plan, which improves their access to care as well as the quality of care they receive.Kathy McCarthy, Director of Sales Consulting for Oracle Health Insurance, discusses the topic in today’s post:Many Changes Are in the Cards for Medicare Advantage Plans in 2015 The change in Stars ratings is significant. Plans receiving fewer than 4 stars will no longer be eligible for bonus payments.  Bonus payments for 4 and 5 star plans will be reduced. This can result in the loss of revenue for affected plans. Insurers need to look for new ways to reduce costs to account for the revenue shortfall. This can include anything from lowering administrative costs to improving quality of care. Some other changes include: Changes in payment models, capitation rates and reconciliation calculationsChanges to  out-of-pocket drug spending amountsImproved notification for beneficiaries regarding changes in Medicare Advantage plan networks Greater protection for beneficiaries:Improved access to preferred cost-sharing Improved coordination of carePayers must act quickly and decisively to implement changes required to improve performance, whether boosting quality, outcomes, operational efficiency, or profitability. As such, healthcare payers should seek greater agility – including in their IT systems, which support modern enterprises. Specifically, they require the ability to quickly introduce new plans as well as support efforts to reduce operating costs and take advantage of emerging opportunities. As a means to control TCO, healthcare payers are also looking to leverage engineered systems – solutions that combine hardware and software optimized to work together. In addition, many seek more open as well as scalable solutions that can cost effectively expand to meet changing requirements.To learn more, read the white paper: Time for an IT Check Up: Preventive IT Care Supports a Healthy Future for Medicare Advantage PlansDon’t forget to keep up with us year-round:Facebook: www.facebook.com/oracleinsuranceTwitter: www.twitter.com/oracleinsuranceYouTube: www.youtube.com/oracleinsurance

Since the Affordable Care Act was passed in 2010, Medicare Advantage premiums have fallen by 10 percent and enrollment has increased by nearly 33 percent.  Today, enrollment in Medicare Advantage is...

Oracle Insurance

Join Us in Boston this Month for Oracle Industry Connect

The global insurance industry is undergoing unprecedented change driven by an uncertain economic outlook, increased regulation, and changing consumer needs. In the midst of this volatility, Oracle’s customers and partners are achieving transformational growth and we want to share their insights with you. Join us for Oracle Industry Connect, a premier conference designed to promote innovation and transformation through open and provocative discussion within the Life, Property & Casualty and Health Insurance communities. The event will take place March 25-26, 2014 in Boston and features sessions where you can talk to the leaders from the carriers who are embracing innovation. Hear from the carriers themselves about how the Oracle Insurance is helping them streamline their business and technology operations. Register Today for Oracle Industry Connect Note: there is no registration fee to attend this conferenceYou’ll also have a unique opportunity to join your industry peers for in-depth discussions on trends, challenges and opportunities facing insurers today. Reasons to attend include:A Different Kind of Event: Highlighting current industry challenges and opportunities as well as the role of technology in fostering business transformation. The content is discussed and presented through real life customer successes. Our goal is to create a close community of industry visionaries.Content Relevant to the Current Business Environment: This year’s theme is “Time to Transform.” We will explore investments in different functional areas and present multiple approaches to IT investments covering both Business Transformation and IT Transformation. Keynotes by Insurance Industry Leaders and Executives: Hear Celent CEO Craig Weber deliver the insurance program keynote and attend best practices sessions by executives from ING, HPHC, NCB, TIAA CREF, VGZ, Wellpoint and many others.Over 25 Sessions: Focused on Insurers and Healthcare Payers: Insurance and healthcare leaders will discuss the impact of transformation and modernization efforts and how insurers can position themselves to achieve operational efficiency and cost reductions for competitive advantage. Review the full agenda.Breakouts on Special Topics for Deeper Insight: Given the disruptive potential of the Affordable Care Act, we provide insight into technologies that can help leverage this regulation for growth.Customer Appreciation Night: Join us for an electric evening of world-class entertainment, food, and drink at the legendary House of Blues. We are thrilled to present American pop-punk band the Gin Blossoms and the soulful Jermaine Paul. Don’t forget to keep up with Oracle Insurance year-round:LinkedInFacebookTwitterYouTube

The global insurance industry is undergoing unprecedented change driven by an uncertain economic outlook, increased regulation, and changing consumer needs. In the midst of this volatility,...

Policy Administration for Life and Annuity

Consolidating Legacy Systems on a Single Platform. Learn more at Oracle Industry Connect.

Dave Shively, Oracle's Senior Director of Life & Annuity Policy Administration, discusses how insurers can approach consolidation of legacy systems:Carriers are faced with a growing portfolio of legacy core applications segmented by business line and tied together through a complex network of systems interfaces running on a multitude of platforms.  This is leading to high costs for infrastructure, operations, maintenance, support, and build activities.  It also forces carriers to either employ a large workforce with very diverse skill sets or rely on third party service providers.  The need to support ever changing business requirements and to enable the business to enter new markets and launch new products continues but adding additional IT cost and complexity is not an option.A number of carriers have found a way to address their short term need to support new products while at the same time beginning a journey to rationalizing their core system portfolio.  That solution is the Oracle Insurance Policy Administration (OIPA) platform.  Those who have been in the life insurance policy space for some time are probably familiar with the OIPA solution and its ability to support any type of individual life or annuity product regardless of complexity and the fact that new products or changes to existing products can be made in a matter of hours with OIPA.  What is new is the fact that Oracle has enhanced this solution to support Group lines of business.  Now a carrier can not only accelerate their time to market, they can also consolidate any type of business on to one modern platform.  For the first time, carriers can actually simplify their systems portfolio with the implementation of a new policy application rather than adding to an already complex web of interconnected legacy headache.Does this sound too good to be true?  Don’t take my word for it; listen to the carriers that are in the process of taking this revolutionary step towards process and technological efficiency by watching our recent webcast or joining us in person at Oracle Industry Connect.Oracle Industry Connect is a premier conference designed to promote innovation and transformation through open and provocative discussion within the Financial Services and Insurance communities. The event will take place March 25-26, 2014 in Boston and features sessions where you can talk to the leaders from the carriers who are embracing this innovation. Hear from the carriers themselves about how the OIPA platform is streamlining their business and technology operations. You’ll also have a unique opportunity to join your industry peers for in-depth discussions on trends, challenges and opportunities facing insurers today.Register Today for Oracle Industry ConnectNote: there is no registration fee to attend this conference If you are unable to attend Oracle Industry Connect, we encourage you to download and watch our recent webcast on Consolidating Individual and Group Business on a Single Platform. In the webcast, you can hear from industry analyst Chad Hersh about why carriers are finally starting to address their core systems issues as well as Olivier Lafontaine from Equisoft about how they are helping Jamaica-based carrier NCB realize the potential of this transformational technology. Webcast On Demand: Consolidating Individual and Group Business on a Single Platform - It Can Be Done Don’t forget to keep up with Oracle Insurance year-round:LinkedIn Facebook Twitter YouTube

Dave Shively, Oracle's Senior Director of Life & Annuity Policy Administration, discusses how insurers can approach consolidation of legacy systems: Carriers are faced with a growing portfolio of...

Oracle Insurance Calculation Engine

Finding Peace of Mind in the Midst of Rapidly Changing Dynamics in Life and Annuity

There’s no doubt that the Life and Annuity industry has had its fair share of challenges over the years with new regulatory requirements as well as stiffer competition from within and outside of the insurance industry, but there are signs of life as carriers tackle more strategic planning and attempt to deliver more innovative products. Dave Shively, Oracle's Senior Director of Life & Annuity Policy Administration, discusses the topic below: Even with new signs of life, there still remains the age-old challenge of getting new products to market quickly and managing those products across multiple systems. So why don’t insurers just bite the bullet and tackle the monumental task of replacing their legacy systems to support growth? I believe that sometimes what’s needed isn’t a complete overhaul, but a simple solution to a big problem. Here’s a prime example of the problem: the calculation of product pricing duplicated across multiple systems including New Business, Illustrations, Underwriting, Actuarial and Commissions. If a carrier wants to modify the pricing for the product they need to make changes across all of these applications. And as if the IT challenges weren’t enough, the overall industry is still experiencing high expectations around growth rates as well as the need for improved profitability, customer service and competitive differentiation. Here at Oracle, we love solving pressing challenges which is why we created the new Oracle Insurance Calculation Engine for Life and Annuity. The purpose-built software provides Life and Annuity carriers with a single engine on which to standardize their rules and calculations – without a complete policy administration transformation. Oracle Insurance Calculation Engine for Life and Annuity enables carriers to gain a competitive advantage and accelerate time to market with a single environment for managing, maintaining and reusing complex calculation algorithms.  The highly configurable solution allows carriers to centralize their calculation algorithms on a single rules-based platform for use across lines of business by enabling the setup, copying, modifying and maintaining of calculations through configuration without additional costly and time-consuming code development.  The platform also enables users to test and debug their calculations without having to create complex test scenarios in legacy environments.  So for insurers who aren’t ready for a total policy administration transformation, Oracle Insurance Calculation Engine for Life and Annuity offers peace of mind that a small step can alleviate a major challenge. 

There’s no doubt that the Life and Annuity industry has had its fair share of challenges over the years with new regulatory requirements as well as stiffer competition from within and outside of the...

Rating

Insurers Pushed to Transform Their Business

Everyone in the P&C industry has heard it “We can’t do it.” “Nobody wants to do it.” “We can’t afford to do it.”  Unfortunately, what they’re referencing are the reasons many insurers are still trying to maintain their business processing on legacy policy administration systems, attempting to bide time until there is no other recourse but to give in, bite the bullet, and take on the monumental task of replacing an entire policy administration system (PAS). Just the thought of that project sends IT, Business Users and Management reeling. However, is that fear real?  It is a bit daunting when one realizes that a complete policy administration system replacement will touch most every function an insurer manages, from quoting and rating, to underwriting, distribution, and even customer service. With that, everyone has heard at least one horror story around a transformation initiative that has far exceeded budget and the promised implementation / go-live timeline.   But, does it have to be that hard?  Surely, in the age where a person can voice-activate their DVR to record a TV program from a cell phone, there has to be someone somewhere who’s figured out how to simplify this process. To be able to help insurers, of all sizes, transform and grow their business while also delivering on their overall objectives of providing speed to market, straight-through-processing for applications, quoting, underwriting, and simplified product development. Maybe we’re looking too hard and the answer is simple and straight-forward. Why replace the entire machine when all it really needs is a new part…a single enterprise rating system? This core, modular piece of the policy administration system is the foundation of product development and rate management that enables insurers to provide the right product at the right price to the right customer through the best channels at any given moment in time.The real benefit of a single enterprise rating system is the ability to deliver enhanced business capabilities, such as improved product management, streamlined underwriting, and speed to market. With these benefits, carriers have accomplished a portion of their overall transformation goal. Furthermore, lessons learned from the rating project can be applied to the bigger, down-the-road PAS project to support the successful completion of the overall transformation endeavor.At the recent Oracle OpenWorld Conference in San Francisco, information was shared with attendees about a recent “go-live” project from an Oracle Insurance Tier 1 insurer who did what is proposed above…replaced just the rating portion of their legacy policy administration system with Oracle Insurance Insbridge Rating and Underwriting.  This change provided the insurer greater flexibility to set rates that better reflect risk while enabling the company to support its market segment strategy. Using the Oracle Insurance Insbridge enterprise rating solution, the insurer was able to reduce processing time for agents and underwriters, gained the ability to support proprietary rating models and improved pricing accuracy.      There is mounting pressure on P&C insurers to produce growth and show net profitability in the midst of modest overall industry growth, large weather-related losses and intensifying competition for market share.  Insurers are also being asked to improve customer service, offer a differentiated value proposition and simplify insurance processes.  While the demands are many there is an easy answer…invest in and update the most mission critical application in your arsenal, the single enterprise rating system. Download the Podcast to listen to “Stand-Alone Rating Engine - Leading Force Behind Core Transformation Projects in the P&C Market,” a podcast originally recorded in October 2013. Related Resources:White Paper: Stand-Alone Rating Engine: Leading Force Behind Core Transformation Projects in the P&C MarketWebcast On Demand: Stand-Alone Rating Engine and Core Transformation for P&C InsurersDon’t forget to keep up with us year-round:Facebook: www.facebook.com/oracleinsuranceTwitter: www.twitter.com/oracleinsuranceYouTube: www.youtube.com/oracleinsurance

Everyone in the P&C industry has heard it “We can’t do it.” “Nobody wants to do it.” “We can’t afford to do it.”  Unfortunately, what they’re referencing are the reasons many insurers are still trying...

Document Automation

Solvency II: The Latest Developments from a Data Management Perspective

In pure Brussels' style, as Members of the European Parliament (MEPs) start packing to hit the campaign trail at home for the 2014 European election, many of the dossiers that have been lingering during the past legislature are being pushed across the finish line. Even Solvency II, which holds many sluggishness records, appears about to be resurrected from the induced coma it has suffered since QIS5. Over the past couple of weeks, EIOPA published the interim measures followed by the European Commission's quick fix proposal which sets the implementation date to 1st January 2016. This legally final timeline and momentum is now in place to make this regulatory framework a reality. Obviously, as for all things Solvency II related "it ain't over till it's over" but some certainty is already emerging; and as I stated back in January, there are steps you can take now to ensure you are prepared for this delayed timing. First, in a changing world there won't ever be such a thing as a final version of the regulatory regime. While the Solvency II framework is considered a model even beyond Europe and is promised to a long lasting legacy, some adjustments over time are inevitable. Not only between now and 2016 as level 2 and 3 are finalised, but also well after implementation. In addition, Solvency II will undoubtedly lead towards greater convergence in the approach taken by the various National Supervisory Authorities (NSAs), but there is still room for some differences of interpretations. This is materialised by the "comply or explain" procedure during the interim period. Realistically, even after the implementation, some variations to the Solvency II requirements are expected to subsist for some time. This ever changing and polymorph regulatory landscape requires some highly flexible IT infrastructure. When choosing to rely on a vendor, subject matter expertise along with long term commitment are key in order to be provided with regular updates which are in sync with the regulatory timeline. Second, the countdown to implementation has already started. EIOPA guidelines published on 27th September give the industry a busy two years timeline in order to get ready by 2016: The internal model pre-application applies from 1st January 2014 and should give rise to an ongoing dialogue between the firm and the regulator(s) on the firm's progression and on the step toward completion as well as contingency planning. ORSA (Own Risk Solvency Assessment now rebranded Forward Looking Assessment of Risk or "FLAOR") is to be provided on a yearly basis from 2015 (based on 2014 numbers). First Pillar 3 reporting dates: Annual : 28 weeks after 2014 YE (i.e. July 2015 based on YE 2014) Quarterly: 3rd quarter 2015 As already highlighted by the various industry representative bodies, the schedule is looking particularly tight. Especially considering that interim guidance primarily concern Pillar 2 and 3, which according to the major consultancies are the area that still require most of the remaining work. While the majority of firms would have at least done a dry run of the ORSA and the Pillar 3, it is one thing to be able to produce a one-off report through a manual process and it is another one to establish an automated workflow able to cope with the reporting deadlines. In this context, the IT environment supporting the ORSA and Pillar 3 needs to: easily integrate with the existing infrastructure, be customisable to fulfill the particular needs of each firm and have the ability to be gradually switched on as the firm progress on its roadmap towards full compliance. Third, the strategic aspect of the changes induced by Solvency II. The ORSA is widely considered the measure that had the most profound effects on business practices across the industry. It places a greater emphasis on Enterprise Risk Management (ERM) and the need to have an alignment between risk appetite, available capital and underwriting. Out of the prudential sphere, the other major change currently reshaping the industry is the greater reliance on digital interface to interact with customers. It provides a strong incentive to establish a digital underwriting cycle from end to end. A significant added benefit is that the data collected are easily usable for client acquisition/retention and to refine the underwriting and reserving models. In this context, system integration is a must, but optimising the value added presupposes a robust yet flexible and scalable IT infrastructure with the ability to sustain gradual changes over time. A clear trend is that insurance companies are going to have to manage vastly increasing volumes of data in order to remain agile, competitive and compliant. Not using the current phase of regulatory driven changes to at least consider the broader design of the IT infrastructure could prove a costly missed opportunity in the long run. For more information on the latest developments, visit here. I would love to hear your feedback on this and how your organization is addressing this latest update.  Glenn Lottering is the Senior Director of the Insurance Global Business Unit, EMEA at Oracle.  He can be reached at glenn.lottering AT oracle.com.

In pure Brussels' style, as Members of the European Parliament (MEPs) start packing to hit the campaign trail at home for the 2014 European election, many of the dossiers that have been...

Policy Administration for Life and Annuity

Upcoming Webcast: Transform Business Operations: BPS = Efficiency and Innovation

Transform Business Operations – buzz words in the insurance industry for sure.  But how can a carrier really accomplish this transformation?  How should you rethink the business you’re in and develop new ways to sustain a profitable, competitive advantage? How and where does BPS fit in this equation? Cognizant and Oracle have a long and tested partnership with Cognizant utilizing Oracle Insurance Policy Administration for Life and Annuities processing that supports several of their clients and a broad spectrum of services for product rollout and versioning, policy administration integration, upgrade, and testing.  Join us on August 15, 2013, as Oracle and Cognizant industry experts team up for a joint webcast to share how these two companies have improved performance and productivity through end-to-end business processing. Topics to be discussed include:   How an integrated BPM solution helps achieve business process automation Lowering operational and conversion costs while enabling growth, product innovation and speed to market Improving the customer experience and processing efficiencies through best in class technology platforms and service delivery Consolidating multiple LOBs, increase workflow efficiency and boost workflow productivity and operational adeptness Service oriented architecture providing enhanced capabilities for real-time business processing Thursday, August 15, 2013 2:00 pm ET / 11:00 am PT Register Today Listen to the Related Podcast: Cognizant also recently discussed how their Business Process Services can help transform a carrier’s business operations through process modernization, automation, and providing the platform for carriers to become agile.  To deliver these Business Process Services, Cognizant often uses the core of the platform powered by best in class policy administration system, thereby leveraging their partnership with Oracle.  Download and listen to the podcast “Delivering Business Process Services.” Related Resources Webcast: A Single Source of Truth: Using a Single Rules Engine to Solve Life Insurance Challenges Spanning Multiple Business Areas Webcast: Core Systems Modernization: Factors for Successful Transformation White Paper: Core Systems Modernization: Harnessing the Power of Rules-Based Policy Administration Don’t forget to keep up with us year-round: Facebook: www.facebook.com/oracleinsurance Twitter: www.twitter.com/oracleinsurance YouTube: www.youtube.com/oracleinsurance

Transform Business Operations – buzz words in the insurance industry for sure.  But how can a carrier really accomplish this transformation?  How should you rethink the business you’re in and develop...

Rating

Health Insurance Exchanges Go Live for Enrollments October 1, 2013. Are You Ready?

The clock is ticking towards October 1, 2013 when public insurance exchanges are set to open their doors and begin offering health plan benefits to an estimated 30 million previously uninsured Americans – as mandated by the Patient Privacy and Affordable Care Act (PPACA). Americans without insurance coverage will be able to choose the insurance coverage that works best for them in a new, open, competitive insurance market. The Insurance Exchange will pool buying power and give Americans affordable choices of private insurance plans that will compete for their business based on cost and quality. Risk and rating applications are central to payers being able to provide plan designs that meet new rating criteria, enable regulatory compliance and management of coverage requirements.  Outdated rating systems and spreadsheet manipulation do not provide the most current features or required security that a modern rating system can deliver.  Other key rating system requirements include: Proficiency in supporting company-specific underwriting rules, rating rule definitions, and form determination rules Ability to improve the efficiency of audit and compliance processes Capacity to separate rate/rule development and maintenance from policy administration functions Capability to provide infinite segmentation/tiers options which allow payers to develop specific risk factors that can increase or decrease an insured’s premium. Testing, debugging and modeling tools and reports Download the article, The Impact of Private Exchanges on Health Insurance Payers and How Modern Rating Systems Can Help, to learn how industry experts from Oracle and the Aite Group examine the impact of private exchanges on health insurance payers and how modern rating systems can help increase opportunities and reduce the stress for payers as they comply with the PPACA.  Join Us for a Live Webcast on August 6, 2013 You also won’t want to miss the Oracle Insurance webcast on August 6, “Managing Healthcare Modernization - The Blueprint to Accelerating Innovation.” The webcast will examine how payers will manage the changing focus of the healthcare market.  Register today. Related Resources Strategy Brief: Enterprise Rating Agility Improves Payer Response to Healthcare Reform Webcast On Demand: Oracle Healthcare Quoting and Rating Automation Webcast On Demand: Strategies for Success: Driving Business Transformation in the Growing Health Insurance Exchange Market Don’t forget to keep up with us year-round: Facebook: www.facebook.com/oracleinsurance Twitter: www.twitter.com/oracleinsurance YouTube: www.youtube.com/oracleinsurance

The clock is ticking towards October 1, 2013 when public insurance exchanges are set to open their doors and begin offering health plan benefits to an estimated 30 million previously uninsured...

Document Automation

Compliance Challenges Associated with Health Care Reform

We are all aware of the complex challenges associated with the Patient Protection and Affordable Care Act.There are also many unforeseen compliance challenges that insurance executives will likely confront with this changing regulatory environment. Companies will be taxed to face changes from multiple processes, risk management, new distribution channels, and a fragmented IT approach. To address all of the challenges, companies will need to change market dynamics and business models. Changing regulations, demographics and aging baby boomers will force new markets and product mix. Companies will need to adopt new technologies to address many of the challenges, while addressing their current processes to minimize the impact to IT resources. How can companies use new technology to help drive growth and gain competitive advantage? A rip and replace method is an expensive proposition, so new technologies must be integrated to power modern product development demands. Download our new white paper, Compliance Challenges Associated with Health Care Reform: Managing Data, Documents, and Product Development for Market Advantage, and learn about the challenges compliance executives are facing with the impact of new legislation, and look deeper into using technology to address payers’ needs to: Track a new product through all its various stages. Ensure input received from all appropriate parties. Measure the time required to bring a new product to market. Related Resources Data Sheet: Oracle Insurance Compliance Tracker Data Sheet: Oracle Documaker Enterprise Edition Don’t forget to keep up with us year-round: Facebook: www.facebook.com/oracleinsurance Twitter: www.twitter.com/oracleinsurance YouTube: www.youtube.com/oracleinsurance

We are all aware of the complex challenges associated with the Patient Protection and Affordable Care Act.There are also many unforeseen compliance challenges that insurance executives will likely...

Policy Administration for Life and Annuity

New Business Now Available in Oracle Insurance Policy Administration for Life and Annuity

Oracle Insurance is excited to announce release 9.7 of Oracle Insurance Policy Administration for Life and Annuity. In addition to showcasing support of client upgrades, release 9.7 streamlines the New Business application process from application receipt through approval with capability to integrate with external providers. Its unique requirement engine can automatically manage requirement ordering and receiving, approve simple cases and summarize data for underwriter and case manager review.  In addition, Oracle Insurance Policy Administration release 9.7 allows companies to: Share a common rules engine between Policy Administration and New Business Leverage ACORD industry standards Provide direct benefits to customers that include decreased Underwriting time and cost, ensuring Underwriting consistency, minimizing the invasiveness of Underwriting, providing customers the ability to enter a new channel / market and enabling Straight-Through-Processing Oracle Insurance Policy Administration for Life and Annuity is Oracle’s next-generation, flexible, rules-based insurance solution for life and annuities that supports policy processing across multiple lines of business. Oracle Insurance Policy Administration greatly enhances ease of use and speed for business analysts, actuaries and others involved in the product configuration process. Robust navigation also makes it easy for users, including CSRs, to locate policy information and drill down into a granular level of customer detail. This allows insurers to respond more rapidly to customer inquiries, reduce call times and improve customer service.  Oracle Insurance Policy Administration can provide a complete core administration solution for all Life and Annuity products to help fuel your company’s business transformation. Oracle Insurance delivers a powerful combination of technology and comprehensive, pre-integrated business applications, including key functionality, built specifically for insurance.  Let us show you how Oracle Insurance Policy Administration for Life and Annuity and Oracle’s other insurance applications can: Assist customers in navigating and embracing changes in their industry Provide one-stop shopping with our agile front and back-office systems Lower risk product options by accelerating products in new markets (change and uncertainty often times create opportunities for carriers to enter new markets and create those new products) Assist customers in achieving business results Related Resources Webcast: A Single Source of Truth: Using a Single Rules Engine to Solve Life Insurance Challenges Spanning Multiple Business Areas Webcast: Core Systems Modernization: Factors for Successful Transformation White Paper: Core Systems Modernization: Harnessing the Power of Rules-Based Policy Administration Don’t forget to keep up with us year-round: Facebook: www.facebook.com/oracleinsurance Twitter: www.twitter.com/oracleinsurance YouTube: www.youtube.com/oracleinsurance

Oracle Insurance is excited to announce release 9.7 of Oracle Insurance Policy Administration for Life and Annuity. In addition to showcasing support of client upgrades, release 9.7 streamlines the...

Oracle Health Insurance

Challenges and Opportunities to Drive Change in the Healthcare System Explored at America’s Health Insurance Plans Exchange Conference and Institute 2013

The program theme at the June America’s Health Insurance Plans (AHIP) Exchange Conference and AHIP’s Institute 2013 was Transforming Our Health Care System: Navigating and Succeeding in the New Marketplace.  Topics included care delivery transformation, innovation for a new healthcare eco system, Health Insurance Exchanges, the nexus of consumerism, retail and healthcare, driving value through improved operations and leveraging technology, data and innovation to transform care. Oracle participated as a sponsor of both conferences, signaling the significant investment and activity Oracle continues to make in helping health plans, providers and government agencies become more efficient and more relevant in the healthcare market place. AHIP is a national trade association representing the health insurance industry. AHIP’s members provide health and supplemental benefits to more than 200 million Americans through employer-sponsored coverage, the individual insurance market and public programs such as Medicare and Medicaid.   AHIP advocates for public policies that expand access to affordable health care.Health plans are focusing on the Health Insurance Exchanges and the opportunities they offer to provide better access and higher quality healthcare.  With the opportunities come operational challenges to implementation and innovative technology solutions to consider.   At the Exchange Conference, Oracle hosted a breakfast symposium on “Strategies for Success:  Driving Business Transformation in the Growing Health Insurance Exchange Market”. With Health Insurance Exchanges as catalysts for change, attendees learned about how to achieve integration within an Exchange and deploy new business strategies to support health reform initiatives. Discussion covered steps and processes to successfully establish and implement enrollment systems, quote to card activities, program pricing, claims billing, automated claims processing and new customer service tools. Piyush Pushkar, COO of Benefitalign, an Oracle partner that provides solutions to adopt innovative business models for retail, HIX, consumer-centric health plan and benefits administration, spoke on the state of the Exchanges in the U.S. and the activities health plans are engaged in to support individuals entering the healthcare system, including sales automation, member enrollment automation/portals and integration strategies with the Exchanges. The Oracle and Benefitalign partnership allows seamless integration between a health plan enrollment solution with the HIX individual market and allows for the health plan to customize and characterize the offerings available to the HIX that may or may not be available through other channels.  This approach can benefit the health plan through separation of interests, but also because some state-run HIXs require such separation. Janice W. Young, Program Director, Payer IT Strategies, IDC Health Insights, reviewed a survey of health plans on their investment priorities for this last year as well as this year.  She also identified the 2013-2015 strategies of go/get to market with front end and compliance investments; leveraging existing business processes and internal technologies; and establishing best practices.  Of key interest to the audience was a reform era payer solutions platform overview mapping technologies to support the business operations. David Bonham of the Oracle Health Insurance organization moderated the panel and spoke on Oracle’s presence in healthcare and products for payers to help them drive efficiencies and gain a competitive advantage in an ever changing market. Oracle serves healthcare stakeholders with applications such as billing, rating and underwriting, analytics, CRM, enrollment, and products for processing of health insurance claims including pricing and benefits administration, as well as payment of providers through alternative, non-fee for service reimbursement methods. Oracle in Healthcare….Did you know? More than 80 healthcare payers run Oracle applications. More than 300 leading healthcare providers run Oracle applications. 10 out of the top 12 fortune Global 500 healthcare organizations run Oracle applications. For more information on Oracle solutions for healthcare payers, please visit oracle.com/insurance or these individual solution pages: Oracle Health Insurance Components Oracle Insurance Insbridge Rating and Underwriting Oracle Insurance Revenue Management and Billing Oracle Documaker Oracle Healthcare Oracle CRM Related Resources Webcast On Demand: Strategies for Success: Driving Business Transformation in the Growing Health Insurance Exchange Market Strategy Brief: Executing on the Individual Mandate: Opportunities and Challenges for Healthcare Payers White Paper: White paper: Navigating Alternative Provider Reimbursement Models of the Future Strategy Brief: Enterprise Rating Agility Improves Payer Response to Healthcare Reform Podcast: Technology Implications of Healthcare Reform Don’t forget to keep up with us year-round: Facebook: www.facebook.com/oracleinsurance Twitter: www.twitter.com/oracleinsurance YouTube: www.youtube.com/oracleinsurance

The program theme at the June America’s Health Insurance Plans (AHIP) Exchange Conference and AHIP’s Institute 2013 was Transforming Our Health Care System: Navigating and Succeeding in the New...

Oracle

Integrated Cloud Applications & Platform Services