Monday Jul 08, 2013

Compliance Challenges Associated with Health Care Reform

We are all aware of the complex challenges associated with the Patient Protection and Affordable Care Act.There are also many unforeseen compliance challenges that insurance executives will likely confront with this changing regulatory environment. Companies will be taxed to face changes from multiple processes, risk management, new distribution channels, and a fragmented IT approach. To address all of the challenges, companies will need to change market dynamics and business models. Changing regulations, demographics and aging baby boomers will force new markets and product mix. Companies will need to adopt new technologies to address many of the challenges, while addressing their current processes to minimize the impact to IT resources.

How can companies use new technology to help drive growth and gain competitive advantage? A rip and replace method is an expensive proposition, so new technologies must be integrated to power modern product development demands. Download our new white paper, Compliance Challenges Associated with Health Care Reform: Managing Data, Documents, and Product Development for Market Advantage, and learn about the challenges compliance executives are facing with the impact of new legislation, and look deeper into using technology to address payers’ needs to:

  • Track a new product through all its various stages.
  • Ensure input received from all appropriate parties.
  • Measure the time required to bring a new product to market.

Related Resources

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

Thursday Jun 30, 2011

News about Oracle Documaker Enterprise Edition

Updates come from the Oracle Documaker front on two counts:

Oracle Documaker Awarded XCelent Award for Best Functionality, and

Documaker User Group in Wisconsin Holds First Meeting

[Read More]

Friday Jun 10, 2011

2011 IASA Show Wrap Up

The spring 2011 trade show season is winding down, and what better way to spend it than in Nashville, TN?  I attended the IASA Educational Conference and Business Show this past week. It was another great opportunity for Oracle Insurance to connect with industry friends including customers, partners, and fellow vendors.  

This show in particular sees a high amount of accounting- and financially-focused attendees. It was a great opportunity to talk about our billing offering as well as how Oracle Insurance Insight works with Oracle Business Intelligence Enterprise Edition to expose information from financials to insurance operations.

Oracle Insurance had a couple of newsworthy announcements. First, Oracle Insurance Insbridge announced the availability of version 4.5, which enables international usage.  Check out the news here. Also, a new release of Oracle Insurance Revenue Management and Billing was announced. See it here.

Being in Nashville, it was only appropriate that Vanderbilt alum, Al Gore, gave Monday's keynote speech.  On Tuesday, the keynote was presented by Afterburner, Inc., a team of elite military professionals that are experts in helping teams pursue Flawless Execution. they  introduced us to their Flawless Execution Model that is a proven process used by elite military professionals around the world to execute missions when the stakes are high and failure is not an option.

And what completes a country-inspired trade show better than a closing party with Clint Black? He delivered one-of-a-kind music with some good ol' boy storytelling. IASA guests were entertained for the evening.

Clint Black performs at IASA

Tuesday Apr 26, 2011

April 27 Webcast: Streamlining Document Management through the Automated Document Factory

Simplicity and transparency are key to efficient and accurate communication, but these qualities continue to elude insurers when it comes to the creation, distribution and archiving of documents. The typical insurer maintains multiple document creation systems corresponding to lines of business and other main operational areas. These systems are not only costly to maintain but also increase the possibility of inconsistency, inaccuracy and irregularities that can run afoul of regulatory compliance requirements. Multiple platforms also present systems integration challenges that often exceed the capabilities of commonly available hardware and software, introducing inefficient and error prone manual processes.

In this one-hour webcast, you will learn how insurers can take an industrial approach to document creation that eases integration challenges, eliminates costly redundancy, enables the efficient creation of consistent and compliant documents, and provides transparency and control to the document creation process at the enterprise level. Among the topics discussed will be:

  • Consolidating the document creation environment
  • Designing an "assembly line" approach to enterprise document management
  • Achieving a dashboard view of enterprise document creation tasks
  • Gaining visibility into bottlenecks in the publishing process
  • Managing the shift toward on-demand and interactive document creation

Register today.

Monday Oct 11, 2010

Transforming Enterprise Content Management through Document Business Intelligence

How can my company become more efficient at managing increasing volumes of content enterprise-wide?  It's a topic I discuss frequently with insurers (and have highlighted in previous Oracle Insurance blogs) - and has become increasingly more important to the industry.

The October digital issue of Insurance and Technology explores the continued explosion of content and its ongoing impact on how carriers do business internally within their own organizations as well as externally with their distribution channels, partners, and insureds. 

The need to more effectively manage content and be better positioned to adapt to shifting market dynamics and regulatory compliance requirements is top of mind for insurers when rationalizing their enterprise document automation and content management capabilities.  This is particularly true as they strive to meet evolving consumer preferences and demands, including improved interactive, real-time communication and servicing capabilities across multiple channels.

"Never have insurers had to communicate via so many diverse channels with such speed, and seldom have they been under such pressure to accomplish these tasks efficiently," notes Insurance and Technology  Executive Editor Anthony O'Donnell in the issue's cover story on page seven.

Seizing the Power of Enterprise Document Automation

My Oracle Insurance colleague James "Jim" Mullarney notes in the article that "the automation of content creation offers insurers the best chance to keep up with an exponential expansion of content resulting from both the changing definition of the document and the proliferation of communication channels.  'The notion of documents has been changing from locked-down PDF to living, breathing organisms adapted to a range of communications platforms.'"

He explains that "more than 80 percent of the content created within the enterprise today is unstructured", with that number "projected to grow at rates ranging from 60 percent to 200 percent."

Mullarney adds that insurers not only need to address the challenges associated with managing large volumes of content.  They also need to address the impact of "changing customer expectations on their ability to filter and package external content. 'Many insurers are trying to allow customers to choose the channels for various kinds of communication, and this can get very onerous to manage...Publishing eight or 10 types of communication becomes very difficult unless you have a single (enterprise document automation or Customer Communications Management) system to manage it.'"

Three Tips for Achieving "Document Intelligence"

He goes on to explain in the "Industry Voice" column on page 14 of this month's digital issue how insurers can maximize the value of their content by running content creation - or document automation - like a manufacturing business.  

Insurers require the ability to measure and improve efficiency, productivity and impact of their document creation and production by leveraging "a combination of BI (business intelligence), next-generation automation, and content management."  In an environment of rapid regulatory change where compliance may come down to changing or removing policy clauses this type of "document intelligence," can dramatically reduce time and cost associated with making changes.

To achieve this goal insurers require improved:

  • Visibility - The ability to mine content, enabled through smart archiving, and analyze in real time thousands of forms, identify key content and understand when and how it is used.  Analytic capabilities integrated into a document automation platform can help identify opportunities to reduce costs, optimize resources and accelerate production.  Ideally these tools empower business users to create and run reports without little or no IT intervention.
  • Automation - A flexible, end-to-end enterprise document automation platform that optimizes the production and delivery of high volumes of individualized documents through multiple channels - and that can scale support new channels and content streams.
  • Control - A single point of management via dashboards for greater visibility into the entire document enterprise.  Insurers can troubleshoot problems to avoid delays in document production and make changes to better utilize resources or address changing business priorities at the push of a button.

Want to learn more? 

Click here read to both articles in this month's digital issue of Insurance and Technology or go directly to Business Intelligence Brings Potential for Managing Content Enterprise-Wide.

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

About

Oracle's flexible solutions can help insurers navigate the change necessary to meet today’s challenges and have the business agility to be prepared for the future.

For mor information, visit oracle.com/insurance.

Search

Archives
« April 2014
SunMonTueWedThuFriSat
  
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
   
       
Today