Wednesday May 06, 2015

Avoid the “Big Bang” Approach to Legacy System Replacement by Utilizing Business Process Management Solutions along with Oracle Insurance Policy Administration

Insurance companies have long recognized that they have a need to adapt quickly to new market opportunities, regulations, and technologies as well as customer and corporate needs. Many have to carefully navigate modifications to their existing complex infrastructures and processes with the introduction of new ones. Business Process Management (BPM) allows for the introduction of new technologies and streamlined business processes that can improve costs and visibility while at the same time protecting investments in legacy systems.

Carriers that utilize any form of Business Process Management and Orchestration can be considered as operating in an Intelligent and structured manner, bringing the advantages of:

  • Process orchestration
  • Model driven
  • Content management
  • Human interactions
  • Process management and Business Activity Monitoring (BAM)
  • Effective implementation of Service Level Agreements (SLA)
  • Connectivity
  • Knowledge repository

Using BPM solutions, business users and IT can more easily collaborate to implement and maintain a system that eliminates unnecessary manual processes and allows for end-to-end visibility of new streamlined, automated workflows. Together with the Oracle Insurance Policy Administration solution or Oracle Insurance Calculation Engine, BPM tools can be used to orchestrate new business, rating, underwriting, and claims processes while providing insight into key insurance performance measurements.

A catalogue of predefined and pre-integrated template product models and rules provided by Oracle Insurance Policy Administration can be easily integrated with predefined connectors for various third-party platforms and data services. With a good BPM suite, legacy systems can still be utilized and made part of a virtual service catalog allowing for a more manageable migration from older platforms and processes to newer ones. It reduces the need for carriers to take a “big bang” approach to legacy system replacement and gives the flexibility to migrate in phased manner and reduce the risk.

To learn more about Oracle Insurance Policy Administration and how Oracle’s solutions can be used to support and transform your business, visit oracle.com/insurance.


Don’t forget to keep up with Oracle Insurance year-round via social media.

Monday Mar 23, 2015

Hyper Connected Communications for the Digital Age

As a sign of the times, I have an iPhone, iPad, a work laptop, and a home laptop all routed through a very nice broadband router – everything connected with wireless networking, of course. While my child’s phone isn’t connected yet, I still have the advantage of an unlimited data plan.  This all means that I can work from anywhere and anytime, responding to coworker requests and what not.  Healthy or not, it is the reality of more and more people as services and devices become less expensive and more capable. 

What I don’t have any more is a land line at my house.  I also don’t have much room left in my paper recycling bin or a desire to complete forms manually on paper using a pen!  In my personal business dealings I’ve made the decision that if you can’t process my request digitally, then I’ll take my business elsewhere.  No, I’m not a millennial nor do I categorize myself into a fixed generation definition, but I am in my (still early) forties and I’ve adopted (or adapted) to 99% digital correspondence.  Fortunately my family, including my parents (who are in their late seventies) have adopted a similar tendency towards digitalization. 

We are all connected all the time whether sitting at home at the laptop, walking through downtown, or at the office.  This level of connectivity results in an expectation that the companies we deal with are as well connected and can service us across all those connections.  David Ewell, Oracle Strategy, recently gave a webinar presentation with Xplor, “Hyper Connected Communications Management” that discussed the development of this paradigm and how business can benefit.  One tool is the new Documaker Mobile offering that extends the existing Documaker suite of offerings.

Documaker Mobile was released in February 2015 and is a foundational component for content delivery for any digital banking or digital insurance strategy.

Digital Strategy and Oracle Documaker Mobile

Over the course of the last several years, consumers of all types have moved from just being connected to being hyper connected 24/7 across multiple devices.  The proliferation of mobile options has crossed all generations from teenagers to octogenarians and the new hyper connected consumer is demanding 24/7 instant easy access to content formatted for any device. Financial services companies, insurance carriers, and healthcare payers are all looking to address the ever increasing demand for delivering this information with rich content access capabilities on any device. Documaker Mobile fulfills this need and much more to help companies that are currently struggling with the delivery of highly regulated content so that is viewable and actionable across all the devices consumers use today.

Documaker Mobile is a new addition to the Documaker family of products.  This new and exciting offering also has the added advantage of leveraging and repurposing existing document publishing assets and investments. Over one-thousand existing Documaker customers can now embrace the exploding digital consumer movement with very few changes to regulated content and rules.  Documaker Mobile produces dynamic, interactive, and device responsive documents that are targeted to consumers of all types via their mobile devices of choice. This includes the ability to generate device responsive output for the iOS and Android operating systems as well as desktop browsers. The Documaker suite now extends capabilities to address the huge mobile market as the single source of truth for all event-driven communications across all channels from an enterprise.

Documaker Mobile enables output of content that is interactive, easy to navigate, and responsive to the device. It does all this while adhering to open international industry standards from the W3C to define the mobile output presentation. This allows businesses that have traditionally delivered complex documents to their customers using print or through static electronic versions (PDF) to join the customer centricity movement and reach their hyper-connected customers across all channels in ways that will engage and delight their customers.

Oracle Documaker Mobile directly responds to the consumer’s expectations to “Know me, Understand Me and Wow Me”! Learn more by visiting oracle.com/goto/documaker.

Wednesday Mar 18, 2015

Oracle Insurance Policy Administration Named Leader in new Life and Annuity Policy Administration Systems by Two Analysts

In recent analyst reports by Gartner and CEB TowerGroup, two of the world’s leading IT research firms, Oracle Insurance Policy Administration for Life and Annuity has been named a leader among life and annuity policy administration systems.

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

Obviously, this is very exciting news for us, as we have focused heavily on delivering a best-in-class policy administration system that can support both group and individual life policies and deliver any insurance product including life, annuities, group life and worksite/employee benefits, on a single platform. The latest release features expanded rules reuse capabilities that help insurers increase speed time-to-market and improve product agility for new products and plans.

We believe placement as a leader in these reports affirms that our focus aligns well with the needs of our customers as we innovate on a flexible, centralized and rules-based solution that supports end-to-end processes including policy setup and issue, enrollment, underwriting, billing, collections, policy processing and claims.

According to Gartner, Oracle Insurance Policy Administration for Life and Annuity was positioned in the Leaders Quadrant based on the combination of completeness of vision and ability to execute, the two primary criteria for the report. Oracle was ranked among the top 7 providers out of 17 competitors participated in the report.

Gartner wrote that “Vendors in the Leaders Quadrant have achieved significant market share, while demonstrating an ability to respond to customers’ needs. Leaders have robust, scalable products with a wide range of features, a large installed base, acceptable financial performance and good distribution. Leaders are doing well today and are prepared for the future.”

CEB TowerGroup, another leading IT analyst firm, published a new report that focuses on solutions for the life and annuity technology space. In this report, Oracle Insurance Policy Administration was ranked as best in class in two important categories: policy lifecycle attributes and enterprise support. The CEB TowerGroup report ranked Oracle number 1 and gave a perfect 5.0 out of 5.0 score in the policy lifecycle attribute category, outpacing 10 other competing solutions. Oracle also tied for first in the enterprise support category that helps position Oracle as a strong vendor in this space.

CEB TowerGroup found that Oracle Insurance Policy Administration provides product flexibility that is unmatched in the market. Oracle’s solution does not require any programmatic changes as all the rules and logic are built using the Rules Palette, a GUI configuration tool that uses drag-and-drop functionality, allowing the user to define and customize rules. The same configuration can be applied to underwriting, product management, audit trail, and other components of Oracle Insurance Policy Administration.

Over the years, Oracle has continued to enhance our policy administration solution and we maintain our commitment to being the leader in the market. We are convinced that the breadth and delivery of Oracle Insurance Policy Administration for Life and Annuity helps customers accelerate product development, improve operational efficiency and reduce time-to-market. We believe this is why these leading analyst firms continue to recognize and affirm our position of leadership in the life and annuity policy administration market.


Don’t forget to keep up with Oracle Insurance year-round via social media.

Monday Mar 09, 2015

Join Us in Washington, DC this Month for Oracle Industry Connect

The impact of digital disruption is being felt across the insurance industry. Success is predicated on a strong "digital-first" strategy that uses social, mobile, and data to be relevant to consumers. 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.

Join us for Oracle Industry Connect, an exclusive event taking place March 25–26, 2015 in Washington DC. The Financial Services and Insurance Program delivers unparalleled insight, critical analysis, and clarity to help reshape the financial services and insurance business and technology landscape. This program includes discussions on the impact of transformation efforts across the enterprise, addressing customer experience, product processing, compliance, and risk and finance.

You’ll have a unique opportunity to join your industry peers for in-depth discussions on trends, challenges and opportunities facing insurers today. Here are some reasons you won’t want to miss this event:

  • A Different Kind of Event: Highlighting current industry challenges and opportunities as well as the role of technology in fostering business transformation. The content is discussed and presented through real life customer successes. Our goal is to create a close community of industry visionaries.
  • A Dynamic List of Guest Speakers: Dr. Condoleezza Rice and author Warren Berger headline a group of expert speakers who share their insights on how to innovate and lead within and across industries.
  • Keynote by Industry Leader: Alice Rivlin, Former Vice Chair, Federal Reserve Board and Senior Fellow, The Brookings Institution.
  • Dedicated Sessions for Banks, Insurers and Healthcare Payers: Industry leaders will provide insight on the impact of transformation and modernization efforts and how to become more operationally efficient and gain an edge in an increasingly competitive landscape.
  • Financial Services and Insurance Demonstrations: Solution experts will demonstrate Oracle’s latest applications for core banking and insurance operations as well as compliance, risk, and customer analytics.
  • Oracle Financial Services and Insurance Industry Reception: Join us at the House of Sweden and enjoy panoramic views of the Potomac River. This will be a great opportunity to network with your industry peers and Oracle executives.

Confirm your participation by completing your registration today.

We look forward to seeing you in Washington, DC.

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

Tuesday Feb 24, 2015

What’s New with Oracle Insurance Insbridge Enterprise Rating 4.9?

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 12.1.0.1.0 (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.

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

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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 more information, visit oracle.com/insurance.

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