The clock is ticking towards October 1, 2013 when public insurance exchanges are set to open their doors and begin offering health plan benefits to an estimated 30 million previously uninsured Americans – as mandated by the Patient Privacy and Affordable Care Act (PPACA). Americans without insurance coverage will be able to choose the insurance coverage that works best for them in a new, open, competitive insurance market. The Insurance Exchange will pool buying power and give Americans affordable choices of private insurance plans that will compete for their business based on cost and quality.
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.
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
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 Mixcommunity that enables users to
register and share best practices for leveraging the Oracle Insurance Data Exchange.