Oracle Insurance Data Exchange

Oracle Insurance Data Exchange is one of the largest data exchange services for life and health insurance and annuities in North America, used by a robust network of carriers, producers and service providers. It provides a single, secure touchpoint for carriers to exchange data in real time with producers and service providers, improving the ease of doing business across their distribution channels and enabling straight-through processing.

With Oracle Insurance Data Exchange, carriers have a ready-made, cost-effective way to expand their reach into independent producer channels. Oracle Insurance Data Exchange provides Oracle Insurance QuickView, a front-end Web portal used by thousands of independent life insurance producers to view real-time data exchange. General agencies and agents can view pending case status and commission statements from multiple carriers through a single login, eliminating the need to go to each carrier's Web site. Carrier personnel also can use the Oracle Insurance QuickView portal to view this same data, as well as access production reports to support their distribution channels.

Oracle Insurance Data Exchange is agency management system "agnostic." It can be seamlessly integrated with agency management systems such as Oracle Insurance General Agent, providing agencies with increased visibility into the application, underwriting, and issuance process. Integration with back-office systems also helps agencies streamline business processes and avoid costly and time-consuming data re-entry in multiple systems.

Customer success story: SelectQuote, a direct marketing agency for life insurance, is leveraging Oracle Insurance Data Exchange to facilitate straight-through processing across its growing business. By integrating critical data streams across all stakeholders in the application process and automating key aspects of the quote-to-issue process, the Oracle solution has enabled the company to reduce its average policy application and issuance cycle time, as well as increase sales—without increasing operational costs.

Oracle Insurance Data Exchange provides one touchpoint for key stakeholders involved in the new business application submission process. Expanded visibility into the status of policy applications helps the companies deliver more informed and responsive customer service by putting information at the fingertips of their customer service representatives.

• Secure, single touchpoint across distribution channels — Provides increased visibility into the application, underwriting, and issuance process
• Robust network of carriers, producers and service providers — Ready-made method streamlined communications accelerates quote-to-issue process
• Support for various data feeds throughout policy issuance lifecycle — Includes state appointment status, new business submissions, service orders and status, pending case status, commission statements, and inforce data
• Data aggregation — Aggregates carrier, service provider, and agency data, regardless of format, by translating data from one format to another for seamless integration and distribution throughout the network
• Data format translation — Accepts industry standard formats, including the National Association of Independent Life Brokerage Agencies (NAILBA) and the Association for Cooperative Research and Development (ACORD) XML, as well as proprietary formats
• Easy access to real-time data — Allows users to view information in real time via Oracle Insurance QuickView, a front-end Web portal, or through direct data connections to agency management systems
• Two-way messaging — Is available with select carriers