Friday Oct 25, 2013

Insurers Pushed to Transform Their Business

Everyone in the P&C industry has heard it “We can’t do it.” “Nobody wants to do it.” “We can’t afford to do it.”  Unfortunately, what they’re referencing are the reasons many insurers are still trying to maintain their business processing on legacy policy administration systems, attempting to bide time until there is no other recourse but to give in, bite the bullet, and take on the monumental task of replacing an entire policy administration system (PAS). Just the thought of that project sends IT, Business Users and Management reeling.

However, is that fear real?  It is a bit daunting when one realizes that a complete policy administration system replacement will touch most every function an insurer manages, from quoting and rating, to underwriting, distribution, and even customer service. With that, everyone has heard at least one horror story around a transformation initiative that has far exceeded budget and the promised implementation / go-live timeline.   

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Monday Jul 22, 2013

Health Insurance Exchanges Go Live for Enrollments October 1, 2013. Are You Ready?

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.

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Thursday Jun 06, 2013

Conquering Healthcare Reform and Rating Complexity with a Simple, Single System

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? 
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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 mor information, visit oracle.com/insurance.

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