Growing Distribution Channels through a Data-as-a-Service Approach
By firstname.lastname@example.org on Oct 12, 2011
Growth continues to be foremost for North America life, health and annuity insurers, with carriers recognizing the need to refresh their distribution strategies to achieve this critical business imperative. To remain competitive in today’s dynamic market, insurers require the ability to accelerate the quote-to-issue process, while improving their speed of service through streamlined data distribution, consolidation and sharing with their producers and service providers.
During Oracle OpenWorld last week Kevin Walma, vice president, Insurance Products, and Tanya Ho-Wai, product strategy director, shared Oracle's vision for life, health and annuities. They also discussed the benefits that a centralized distribution approach can bring to carriers—in particular one that provides direct data-as-a-service connectivity to their producers and service providers. (You can learn more by downloading my new Oracle Insurance strategy brief, "Making Profitable Connections: A Data-as-a-Service Approach to Growing Insurance Distribution Channels." )
Slow application processing that involves multiple points of connection can negatively impact new submission turnaround times and placement ratios for new policies. In addition, the need for data reentry into multiple carrier and back-office agency systems can further slow time-to-issue and contribute to the risk of errors.
By integrating critical data streams across all stakeholders in the application process and automating key aspects of the quote-to-issue cycle, insurance companies can reduce their average policy application and issuance cycle time and increase sales opportunities—all without increasing their operational costs.
Carriers that leverage a solution such as the Oracle Insurance Data Exchange—one of the largest, online data-as-a-service exchanges for life, health, and annuities—can improve service to current producers by providing a single, secure destination for accessing spending case status, commissions statements and carrier state appointment status. It also provides producers with a single touch point to submit new business applications to multiple carriers.
In a YouTube interview last week Ho-Wai shared some recent enhancements to Oracle Insurance Data Exchange, including expanded service ordering capabilities. Producers can place orders for services—such as paramedical examinations, attending physician’s statements and more—with leading service providers to initiate the fulfillment process and speed processing. Each participating carrier’s underwriting tables are maintained on the data exchange to enable ease of use when entering and submitting service orders, while ensuring accuracy. Plus, service ordering is available both as a direct connect data service and through the Oracle Insurance QuickView web portal.
In another YouTube interview Ho-Wai along with IE Network’s Nathan Collins highlighted how the direct connect integration services available through data exchange benefits carriers, producers, and carriers. They also announced the launch of a new Oracle Mix community that enables users to register and share best practices for leveraging the Oracle Insurance Data Exchange.
Helen Pitts is senior product marketing manager for Oracle Insurance's life and annuities solutions.