Thursday Jul 07, 2016

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  Manual processes and outdated systems, create huge compliance risks, but continue to be the norm for many carriers.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.

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

Friday Mar 25, 2016

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.

[Read More]

Friday Jan 15, 2016

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 discuss

  • what “mobile-first” means
  • how a mobile-first approach relates to a customer-centric approach
  • mobile behavior of customers in various industries
  • the 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 initiatives

Attend this webcast to take the first step toward executing a mobile-first strategy in your organization.

Learn more about Oracle Documaker by visiting

Additional Resources

  • Interested 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.

Wednesday Nov 11, 2015

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

thumbs-up-small 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, 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.

Read the full blog...

[Read More]

Wednesday Sep 02, 2015

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:

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. 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

For more information on Oracle Insurance Compliance Tracker, visit

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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


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