Thursday Nov 20, 2014

Oracle Insurance Product Configuration Helps Carriers Deliver Products to Market Faster

Anton Wiryawan, Insurance Product Strategy Director, discusses the topic below:

In today’s competitive insurance market environment, the key to gaining and retaining market share is to introduce new and innovative products faster than your competitors. However, many carriers are unable to do this because the way they define, build and launch new products is not consistent. In a typical carrier’s environment, product data is scattered throughout the organization in spreadsheets and multiple systems, making it difficult and costly for carriers to introduce new, innovative products and product changes to market.

Oracle Insurance is pleased to introduce a new product called Oracle Insurance Product Configuration that can help carriers deliver product to market faster. Oracle Insurance Product Configuration is a web-based insurance product modeling solution that centralizes product data and validation rule definitions while providing a single product schema reference for integrated external systems.

Oracle Insurance Product Configuration helps insurers improve agility by externalizing all product data and validation rules from multiple, hard-coded operational systems into a central repository, where products can be easily configured and modified. With product information centralized in Oracle Insurance Product Configuration, carriers can accelerate new product introductions and bring changes to the market faster.

Some features of the Oracle Insurance Product Configuration 1.0 are:

  • Product Configuration by business user – product data and validation rules are maintained in a central product repository where qualified business users can build and modify their own products with minimal IT support.
  • Model Inheritance – users can inherit reusable components to easily make changes to existing products or create new, customized products from a common product model base.
  • Approval Workflow – an approval workflow can be utilized if a product needs to be reviewed or approved prior to releasing.
  • Product Definition Specification – for each insurance product, a product specification XSD can be generated from the repository providing a blue-print for integration among systems adhering to the specification.

Some of the benefits Oracle Insurance Product Configuration provides are:

  • Creates a reusable hierarchical schema to define multiple insurance products that can be shared across multiple systems.
  • Provides a centralized location for information so users do not have to chase down product-related data stored in spreadsheets, folders, e-mails, and other fragmented sources.
  • Improves speed to market through a streamlined, consistent, and repeatable product development process.

What differentiates Oracle's offering from other Product Configuration in the market is integration with other Oracle products. For example in the first release, Oracle included Oracle Insurance Data Capture as part of Oracle Insurance Product Configuration. Oracle Insurance Data Capture (OIDC) is a web-based data capture application system built specifically for the insurance industry that streamlines data capture by allowing insurers to create and configure questions and rules through an intelligent front-end data capture web application. Both solutions allow your business users to easily define, make changes or add new products and create custom questions for those products. It allows you to build products in days not months, therefore improving agility for your organization and building competitive differentiation in the market.

To learn more about how Oracle Insurance solutions can benefit your business, visit oracle.com/insurance.

Don’t forget to keep up with us year-round:

Thursday Oct 10, 2013

Solvency II: The Latest Developments from a Data Management Perspective

The European Commission put forward a draft Directive postponing the application date of the Solvency II Directive to 1 January 2016. The Solvency II Directive, already adopted, creates a modern and risk-based prudential regime for insurance and reinsurance undertakings. National regulatory regimes for insurance, which vary greatly, are no longer able to guarantee an efficient internal market and prevent possible future crises. Join Glenn Lottering, Senior Director of the Insurance Global Business Unit at Oracle, as he discusses the latest Solvency II developments from a data management perspective.

[Read More]

Wednesday Oct 12, 2011

Growing Distribution Channels through a Data-as-a-Service Approach

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.

Click here to access Oracle Mix, create your account, and join the Oracle Insurance Data Exchange group.

Helen Pitts is senior product marketing manager for Oracle Insurance's life and annuities solutions.

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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 oracle.com/insurance.

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