Friday May 06, 2016

Exploring the Implementation of Prospective Bundling in Health Insurance

Prospective Bundling has gained much attention lately among health plans, mainly due to the Centers for Medicare & Medicaid Services (CMS) Comprehensive Care for Joint Replacement initiative. In an effort to reduce costs for joint replacement and improve care, CMS is paying for a majority of these now as bundled cases. This means all providers who treat a patient have to share one bundled payment for that procedure. This includes any foreseeable complications and readmissions.

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Tuesday Mar 01, 2016

Innovate or Perish

The days of the status quo in the life insurance industry are over.  With increased competition through the arrival of new all digital carriers, a rapidly changing customer base with little long-term loyalty and high customer service expectations, and the realization that cost pressure will never be a thing of the past, Insurance executives are realizing that continuing to do business in the same way as they have in the past will lead to certain failure.

Dave Shively, Oracle's Senior Director of Life and Annuity Policy Administration, discusses the topic in today’s blog post.

[Read More]

Wednesday Jan 27, 2016

Watch LOMA Webcast on Demand: A Progressive Approach to Insurance Policy Administration Transformation

Many carriers are embarking on a transformation journey to modernize their core policy administration systems in an effort to provide more flexibility, improve speed-to-market and increase revenue growth and profitability. However, there is simply nothing as daunting as a full policy administration system replacement project. These initiatives take multiple years to complete, and they are expensive and risky. There are many significant and high-profile policy administration system replacement programs that have ended in failure.

To reduce risk, some carriers are using progressive migration instead of full system replacement. These carriers implement some components of the system first – such as new business, commission or billing – then expand to full policy administration functionality once the technology is proven. This approach allows carriers to achieve incremental returns on the investment and minimize risk. It reduces the need for carriers to take a “big bang” approach to modernizing and gives the flexibility to implement the additional capabilities of the full policy administration system later, without having to rewrite all the rules, products and calculations.

In this webcast, Oracle and LOMA invite you to learn more about this approach and explore how insurers can use Policy Administration components to achieve enterprise agility while reducing risk.

For more information on Oracle Insurance Policy Administration, visit oracle.com/insurance.


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

Wednesday Jan 20, 2016

Continue the Transformation and Modernization Conversation during Oracle Industry Connect 2016

The impact of digital disruption is being felt across the insurance industry. For many insurers the answer lies in a progressive transformation for both the customer engagement process and the underlying systems with customer-centric processes and industrial-strength core components.

At last year’s Oracle Industry Connect, Kimberly Harris-Ferrante, Vice President and Distinguished Analyst at Gartner Research, led a panel discussion on the trends, challenges and opportunities facing insurers today. She was joined by Francine Hampleman from La Capitale and Deborah Norton from Harvard Pilgrim Health Care, who shared their recent transformation experiences.

At Oracle Industry Connect 2016, we will continue the conversation on process modernization as it affects life, annuity, P&C, and health insurers. You will not want to miss an opportunity to network with your industry peers and participate in discussions about the impact that digital disruption is having in the Insurance industry. The program will include sessions and panel discussions where industry experts and Oracle customers will review technology requirements to support product innovation and discuss how newer technologies such as Data as a Service (DaaS) can drive significant value for insurers in the future.

We look forward to seeing you in Orlando, FL.

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

Friday Jan 15, 2016

Webcast: How to Execute a Mobile-First Strategy

Many business leaders talk about the importance of a mobile-first approach, citing the growing reliance on smartphones and tablets. We all realize why offering customers user-friendly, on-the-go mobile experiences is important, yet many organizations struggle with how to make it happen. They do not have a firm grasp on how to implement a mobile-first strategy.

In this webcast, industry experts will probe further on the topic and offer guidance to enterprise organizations attempting to pursue mobile-first approaches in marketing, product offerings, and the workplace. We will discuss

  • what “mobile-first” means
  • how a mobile-first approach relates to a customer-centric approach
  • mobile behavior of customers in various industries
  • the importance of top-down leadership
  • assigning responsibility to one business unit or group to drive the mobile initiative
  • how to define success metrics of mobile initiatives

Attend this webcast to take the first step toward executing a mobile-first strategy in your organization.

Learn more about Oracle Documaker by visiting oracle.com/goto/documaker.

Additional Resources

  • Interested in understanding the major market drivers to customer-centric communications?
    • Check out the white paper, “Why Digital Transformation Should Be Every Insurer’s Top Priority.”
  • Looking for quick tips on how to pick a solution for document digitization?
    • Check out the article in Insurance Network News by Randy Skinner, Vice President, Oracle Documaker Development and Consulting.
About

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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