Thursday Jun 04, 2015

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 to

  • Maintain a regulated level of charges and demonstrate it
  • Reveal your audited processes to the outside world
  • Change how you remunerate your distribution network – for future business only, that is
  • Start providing enrolment services for your corporate clients
  • Be prepared for unannounced visits from compliance staff
  • And so forth

Actually, 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 McKinsey

I 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.

You may also want to read a recent blog post on core system vendor selection.

If 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.

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.

Read the full article to learn more...

[Read More]

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.

About

Oracle’s solutions provide the modern, rules-driven flexibility insurers need to support Digital Insurance transformation, simplify their IT environments, and innovate to keep pace with changing demands.

For more information, visit oracle.com/insurance.

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