The program theme at the June America’s Health Insurance Plans (AHIP) Exchange Conference and AHIP’s Institute 2013 was Transforming Our Health Care System: Navigating and Succeeding in the New Marketplace. Topics included care delivery transformation, innovation for a new healthcare eco system, Health Insurance Exchanges, the nexus of consumerism, retail and healthcare, driving value through improved operations and leveraging technology, data and innovation to transform care. Oracle participated as a sponsor of both conferences, signaling the significant investment and activity Oracle continues to make in helping health plans, providers and government agencies become more efficient and more relevant in the healthcare market place.
We all know about the Patient Protection and Affordable Care Act that was upheld by the US Supreme Court in 2012. Now, how do we respond and react to embrace this legislation while also providing quality service to our customers and maintaining an edge over our competition? While states debate whether to expand Medicaid, launch health insurance exchanges, or both, payers have less than 18 months to plan their strategies, change their infrastructure and launch new products to capture market share. Payers must now learn to interface directly with end users. And they must learn the nuances of local markets. Flexible IT systems that enable unprecedented business agility will be critical to their success.
In executing on the individual mandate, payers need to take a hard look at their underlying rating infrastructure.
Is it flexible enough to accommodate new customers and roll out new products quickly?
Are the rating systems configurable so they do not require custom coding when the business needs change?
This is the theme for the 2013 IASA Annual Education Conference and Business Show that begins Sunday, June 2nd at the Gaylord National Resort & Convention Center in National Harbor, Maryland (Washington, DC area). Oracle Insurance will be there connecting with industry friends including customers, partners, and fellow vendors.
With the uncertainty in the global insurance market caused by the global financial crisis, rapidly evolving technologies, as well as shifts in customer preferences, insurers realize that big changes are necessary in order to face today’s market dynamics as well as take advantage of opportunities to innovate and gain a competitive edge. Oracle invites you to stop by Booth #817 at the IASA Annual Educational Conference and Business Show to learn how its 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. Oracle Insurance solutions represented include:
Rating and Distribution Management
Billing and Financial Management
Communications and Document Automation
Additionally, be sure to attend these Oracle Insurance Vendor Connect Tours during IASA:
Financial Software & Systems (#888)
Monday, June 3, 9:50 a.m. – 10:50 a.m.
The industry analyst and research firm recently asked
insurance carriers to name the business drivers for replacing legacy policy
administration systems.The top five cited,
according to Furtado, centered on:
Supporting growth in current lines
Improving competitive position
Containing and reducing costs
Supporting growth in new lines
Supporting agent demands and interaction
It’s no surprise that fueling growth,
both now and in the future, continues to be a key driver for modernization.Why?Inflexible,
hard-coded, legacy systems require customization by IT every time a change is
required.This in turn impedes a carrier’s
ability to be agile, constraining their ability to quickly adapt to changing
regulatory requirements and evolving market demands.It also stymies their ability to quickly
bring to market new products or rapidly configure changes to existing ones, and
also can inhibit how carriers service customers and distribution channels.
In the article, Furtado advised carriers
to ensure that the policy administration system they are considering is current
and modern, with an adaptable user interface and flexible service-oriented
architecture.She said carriers to should ask themselves, “How
much do you need flexibility and agility now and in the future? Does it support
the business processes and rules that are needed for you to be able to create
that adaptable environment?”
Furtado went on to advise that carriers “Connect
your strategy to your business and technical capabilities before you make
investment choices…You want to enable your organization to transform for the
future, not just automate the past.”
Oracle Insurance earned recognition for its continued leadership, adoption and implementation of ACORD (Association for Cooperative Operations Research and Development) industry data standards for life insurance and annuities. The recognition came during a special ceremony held on November 3 at the ACORD Implementation Forum in Fort Lauderdale, Fla.
"Oracle is to be congratulated not only for earning these awards, but for its continued leadership in showing the industry how beneficial ACORD data standards are for improving business, integration, and data flow,” said Lloyd Chumbley, Vice President, Standards, ACORD.
Oracle is a long-time member of ACORD and has been involved in the association’s working groups for life insurance and annuities, including the ACORD PnP Consortium Working Group. These latest awards from ACORD demonstrate Oracle’s ongoing commitment to the adoption of industry standards in its solutions for the insurance industry. Oracle previously received an ACORD Achievement Award in recognition of its use of ACORD messaging standards for the implementation of Oracle Insurance Policy Administration for Life and Annuity at Securian Financial Group.
Helen Pitts is senior product marketing manager for Oracle Insurance's life and annuities solutions.