Oracle Insurance Demonstrates Commitment to Customers, Innovation and Industry Standards at ACORD LOMA
By firstname.lastname@example.org on May 23, 2011
Oracle Insurance team members are blogging from the show floor of the 2011 ACORD LOMA Insurance Systems Forum this week.
Seeing customers and hearing how they are leveraging Oracle Insurance solutions to reduce risk, be more efficient and better support the business is always a highlight of attending the annual ACORD LOMA Insurance Systems Forum—and this year’s event being held this week in San Diego, Calif., promises many opportunities for this and much more.
The Oracle Insurance team arrived earlier this weekend to gear up for our participation as a platinum sponsor, exhibitor (Booth #225), and also for the ACORD Plug and Play (PnP) Tooling Jamboree on Sunday. Hosted by the ACORD PnP Consortium, a working group of which Oracle Insurance is a member, the Jamboree provided an opportunity for insurers and vendors alike to test their implementation of ACORD's Life & Annuity standards and plug and play services using ACORD Web Services Profile 2.0. We were excited to demonstrate Oracle Insurance Policy Administration for Life and Annuity capability to support ACORD LAH XML transactions that can operate in a plug and play interactive environment—and to receive recognition during a special awards ceremony on the exhibit floor for Oracle’s continued commitment to supporting industry standards in our insurance solutions.
Another popular destination Sunday was “Business Intelligence for Insurance: Learn How to Get it Faster” presented by Oracle Insurance Strategy Director Jason McDonald. Jason discussed his experience with Property & Casualty insurers and the challenges they face in getting access to accurate, timely business intelligence. Often, such projects take months; and Jason related the story of one customer who struggled for eight months to produce a report requested by senior management.
So why does it take so long? The reason is that separate individuals or departments are responsible for separate parts of the business intelligence (BI) project. In a traditional approach, business analysts are responsible for business requirements; data modelers for modeling; developers create the ETL; and when changes need to be made, the process has to start all over again. In addition, the business requirements often get lost in translation, so that false starts and rework are common.
Adaptive data modeling takes a different approach. Approximately 80 percent of an insurer’s data structures are similar to every other insurer (because of actuarial science, which is based on mathematical formulas and regulatory requirements). The other 20 percent varies greatly between insurers—this is your competitive advantage. These data structures vary according to how you define your products, how you rate them, underwrite them, which lines of business you support, and other factors.
Adaptive data modeling focuses on this variable 20 percent. Business users use tools instead of documents to define business requirements. Once they define the lines of business, Oracle’s BI solution automatically generates the database structures, warehouse ETL, and data mart ETL. Business users then consume dashboards and reports. With these manual steps removed, the whole process goes much faster. Instead of relying on developers to write code, Oracle Insurance Insight turns the business requirements into business rules.
Aside from the speed this approach offers, one significant advantage is that it allows for “what-if” BI development. This is the ability to create an entire data warehouse in a matter of days, load test data, let business users see and interact with the reports, and find out if it does indeed fulfill their needs. Business users can immediately provide feedback and make changes, and all of this can be done in a matter of weeks.
The session is one of several featuring Oracle Insurance team members or customers throughout this year’s forum, including Oracle Insurance Platinum Session: 21st Century Insurance: A Play in Three Acts.” This innovative, theater-style performance will take audience members through three different scenarios where Alamere Insurance, Oracle’s fictional model insurer, has leveraged Oracle Insurance applications for L&A, Health, and P&C to better serve customers facing life-changing challenges. Stop by for this informative and entertaining session, Monday, from 4:15 – 5:00 p.m., and enjoy some popcorn!
Among my favorite sessions are those that feature insurers sharing how their using technology, in particular policy administration systems, to adapt to change, transform, and grow their business. One session in particular I’m looking forward to attending is “Clearing a Path to Performance with an Adaptive Systems Approach, featuring Jim Klauer, Fidelity Investments Life Insurance Company, on Tuesday, from 11 a.m. – 12 p.m.
Finally, red is sure to be the color of the evening at the Oracle Insurance Customer Celebration Monday evening at the Hard Rock Hotel. The event will provide a great opportunity for our customers to come together, network with the Oracle Insurance team and their peers in the industry, and make new connections. Be sure and stop by the Oracle Insurance booth on the exhibit floor of the San Diego Convention Center. While there learn how you can innovate your business with a demonstration of Oracle’s adaptive insurance solutions including policy administration, business intelligence, enterprise document automation, rating and underwriting, claims, CRM.
We look forward to visiting more with of our customers and making new connections this week in San Diego.
Helen Pitts is senior product marketing manager for Oracle Insurance's life and annuities solutions.