When global data enrichment and file analytics leader, Adlib Software needed a high-powered cloud to bring its new platform, Adlib Elevate, to one of the largest insurance companies in the US, the choice was clear. It had to be Oracle Cloud.
Adlib Software helps enterprise companies in energy, life sciences, insurance, and financial services industries adapt to the digital demands of the global market by automating the extraction and enrichment of information locked away in all kinds of documents. Adlib delivers efficient access to high-quality data that is critical for businesses looking to accelerate digital transformation, enhance customer experiences, simplify compliance, and improve operational efficiency.
Adlib was working with a Fortune 100 insurance company to simplify its customer-onboarding process for its excess, surplus, and specialty insurance business. The insurance company underwrites policies for this business, but the policies are written and sold by independent agents. Because each agent has their own format for writing policies, the insurance company couldn’t ingest that information into their systems without significant effort.
The insurance company wanted to simplify this process in order to provide better service to its independent insurance agents and customers, but also so it could more quickly recognize revenue—a critical factor in both sales planning and financial reporting.
Adlib’s newest platform, Adlib Elevate, could help the company accelerate its onboarding process by assisting with three primary tasks—document conversion, OCR (optical character recognition), and data extraction—while also simplifying the entire workflow. But in order to be able to use Elevate effectively, the insurance company needed to run it in the cloud.
Simultaneously, the insurance company’s new CIO had launched a cloud-first initiative and Adlib Elevate was identified as one of the applications the company wanted to move to the cloud.
The insurance company wanted to go ahead with using Adlib Elevate in the cloud, but needed to decide which cloud provider to use. Adlib tested its current cloud provider against Oracle Cloud and found that Oracle Cloud had significantly better performance—a 20-to-30 percent gain over other solutions. Oracle Cloud was over 60 percent less expensive and more secure than those solutions, as well. Adlib also discovered that Oracle Cloud offered 50 percent faster deployment and better support.
Oracle Cloud was also the only cloud that matched all of the company’s requirements, including meeting all security thresholds with zero performance loss while lowering the cost of the application.
Adlib decided that going with Oracle Cloud was a no brainer for their small and medium business (SMBs). The teams at Oracle, Adlib, and the insurance company will be work together to get the customer onboarding workflow up and running.
Once the insurance company fully implements Adlib Elevate on Oracle Cloud Infrastructure, the insurance company will have a single workflow for onboarding excess, surplus, and specialty insurance customers. Plus, by working on Oracle Cloud, the insurance company will be able to scale up their infrastructure much more quickly to process more documents during especially busy periods—but without having to pay for that extra capacity all the time.
Overall, the partnership will benefit the insurance company by enabling it to recognize revenue faster and with much less effort. The company’s independent agents will also be able to serve their clients faster, which means clients will be able to move through the onboarding process more quickly than ever before.
By Jim Battenberg, Senior Director, IaaS Product Marketing, Oracle