Use of IT to mitigate insurance pain points
Guest post by
Ranjan Kumar Singh, Senior Associate Consultant - Oracle Insurance COE, Oracle Practice, Enterprise Solutions, Infosys Technologies Ltd.
In the earlier blog on "Pain Points" of Insurance Industry, we discussed the key challenges faced by Insurers in the present business environment. In order to mitigate these challenges, Insurance industry is now trying to leverage information technology and web enablement to create sustainable value and maintain the rate of growth. There is also a need to integrate emerging technologies with existing products and processes in order to stay competitive.
Listed below are few key points where the industry needs to harness the power of IT for:
- Improving its core competencies in key business processes like :
o Underwriting
o Policy administration
o Claims Management - Effective Customer communications and satisfaction by delivering high levels of customer service
- Innovations in product development for meeting the market needs
- Strengthening distribution by channel development
- Improving Risk management system to support underwriting, loss minimization activities, strategic decision making and actuarial sciences
- Meeting regulatory compliance
To meet the Insurance Industry needs, all IT Product vendors are developing new and refined solutions.
In this Blog we would discuss some of the Oracle Insurance products offerings which would help insurers to mitigate their pain points. These products cater to the key process of the Insurance Business.
- Oracle Insurance Policy Administration: It is a rule based flexible policy administration solution which supports policy issue, billing, collection, policy processing and claims. The tool also helps in product development, improves speed to market and reduces total cost of ownership for a policy lifecycle.
- Oracle Insurance Insbridge Rating and Underwriting: It is a web-based rating and underwriting tool which can be used to build and manage complex rule based algorithms to support underwriting logic across various lines of business. It also helps in new rating methodology, multi-tiering and multi-variate pricing model, efficient distribution management, improved risk management and enhanced regulatory compliance.
- Oracle Documaker: It is a powerful, adaptive enterprise document automation platform used by Insurers worldwide to acquire, create, manage and present structured, on-demand, and interactive customer communications. Typical client communication which can be automated leveraging documaker is Policy copy, Claims correspondence, Marketing campaigns and Bills & statements. It helps in cost reduction, improved operational efficiency and Quick and consistent customer communication.
- Oracle Insurance Claims Solution: It is a rule based enterprise wide end to end claims processing system which enables insurers to improve quality and efficiency of claims handling. It gives an improved visibility into the claims management system thereby reducing cost of claims handling, improved customer service and efficient regulatory compliance. This tool is based on Siebel claim.
- Oracle Financial services Revenue Management and Billing for Insurance: It is a modern rule based system for billing, payment and collection in Insurance business. It increases revenue opportunities while reducing cost. It also helps in improving customer service, provides sales channel support and consolidates billing Infrastructure.
- Oracle Insurance Insight: It is a business intelligence tool that allows insurers to aggregate policy, claims and regulatory compliance data at various levels like a customer, and enterprise, a region or a line of business. It helps in better risk management as the insurers are well aware of the client's history. It also helps is cost reduction and better execution of strategic decisions. Oracle Insurance Insight is based on OBIEE framework.
In case you are aware of other Oracle tools or benefits apart from what we have covered please do post your comments as a part of the blog.
