Friday May 15, 2015

Customer Communications Management for the Digital Age

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.

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Thursday May 07, 2015

Webcast with FierceHealthPayer: The Changing World of Value Based Payments

The emergence of value-based contracting models represent an evolution in clinical and payment methodologies aimed at creating better quality outcomes, greater provider accountability, and improving cost efficiency. In this webcast we will examine the shift from fee for service to value based payments. Some of the issues being discussed are:

  • How the transitions to value based payments are being accomplished
  • Where are the success stories
  • How the new models of capitation are different from capitation of old
  • Integrating accountability into value-based payment models

We will also examine the technology needed to accomplish these payments, what types of systems/models are suited to this new paradigm and how can this technology be delivered to your organization. We will also discuss where and how cloud technology can fit into your transition.

Join us for the webcast:

  • Tuesday, May 19, 2015
  • 1:00 pm EDT / 10:00 am PDT
  • Register now

Wednesday May 06, 2015

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.

Monday Mar 23, 2015

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.

Wednesday Mar 18, 2015

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.”

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.

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.

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Oracle's flexible solutions can help insurers navigate the change necessary to meet today’s challenges and have the business agility to be prepared for the future.

For more information, visit oracle.com/insurance.

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