By Anton Wiryawan-Oracle on Feb 24, 2015
Insurers today are faced with highly competitive marketplace conditions that are forcing them to look for meaningful ways to increase revenue and reduce costs. Rating quickly emerges as a core process that can help carriers achieve profitable growth. For those insurers able to implement unique, quality rating models more rapidly, they can expect to realize a competitive advantage which will result in increased revenue. If they are also able to efficiently simplify their rate management process by using higher quality business tools such as Oracle Insurance Insbridge Enterprise Rating solution, they can also expect lowers costs and improved rating accuracy.
Oracle is pleased to announce the new release of Oracle Insurance Insbridge Enterprise Rating 4.9. Continuing on the theme of innovation to deliver greater value, the Oracle Insurance Insbridge 4.9 release delivers a broad range of enhancements in many areas such as usability, productivity, performance and reporting. Several highlights of the new release are:
- Improved Access to Rating Data – Rating/underwriting and actuarial/predictive analytics are at the center of many of the initiatives being pursued by insurance carriers to capture opportunities, enhance financial performance, respond to increased regulation and mitigate risk.
In Insbridge 4.9, a new “Reporting” database that provides customers access to rating content in a relational data structure and format has been added to the RateManager database. With this feature, users now have the ability to use Oracle or third-party reporting application(s) to generate custom reports for further analysis from information received directly from the database.
- Expanded Usability – We always strive to improve the ease-of-use in the product and increase the quality of user experience. In Insbridge 4.9, we added several new features such as:
- Custom Constants are user-defined constant values that are used in algorithm development. Custom constants that can be created and utilized at the system level as well as at the line of business level.
- Message Templates allow for system-wide message creation and program level variable substitution. This allows for messages that can be more easily maintained and adjusted to fit program-specific information.
- New Mathematical Functions such as gamma and natural log are now available. These new statistical and logarithm step types let users create calculations that better reflect their rating process.
- The Output Mapping screen has been enhanced with better sorting, searching, and filtering options. In addition, users can select to add or remove multiple variables, and reorder the output listing. This makes the Output Mapping screen more manageable, and easier to use.
- A redesigned debug report layout allows for information to be presented in a single report format where summary information is presented first. Detailed views are shown when the summary is expanded. This change makes the debug report better organized and more easily viewed.
- Increased Productivity – In Insbridge 4.9 we have added features that improve the time it takes to create and manage programs and increase user productivity.
- Users can now copy global level variables to the local level within a subline. Instead of reentering a variable that already exists at the global level, users can now just copy that variable and specify what local program within the subline that this variable needs to go with.
- The sequencing screen now allows users to select and move multiple items. Instead of moving algorithms, underwriting rules and driver assignments one at a time, users can select the items they need and either add or remove them all at once. This significantly reduces the amount of time needed to create a sequence.
- Enhanced Performance – Improving system performance is a part of every release we do.
- For release 4.9, we are updating to newer and faster platforms to increase performance and to reflect the systems and applications that our users have. Platform and application updates include support for:
- Oracle WebLogic 12.1.3 (12c)
- Oracle Database 220.127.116.11.0 (12c)
- IBM WebSphere 8.5
- Microsoft SQL Server 2012
- Microsoft .NET Framework 4.5
- Cache enhancements also have been added to the Insbridge SoftRater Server (IBSS) for release 4.9. Administrators can limit how much SoftRater Engine cache should be held in local machine memory. Additionally, administrators can specify how to purge the data once the limit is reached.
Today, the Oracle Insurance team is very excited to work with insurers to help reduce their operating costs while transforming their business processes so they can deliver products quickly to market and be more profitable in the future. Enterprise rating applications, such as Oracle Insurance Insbridge 4.9, can be the driving force behind that successful transformation.
For more information, visit the Oracle Insurance Insbridge Enterprise Rating product page.
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