Turner Construction Company Deploys Single Rating and Underwriting Solution to Improve Insurance Rating Accuracy
 
 

Turner Construction Company Deploys Single Rating and Underwriting Solution to Improve Insurance Rating Accuracy

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Turner Construction Company is one of the largest general builders in the United States today with a centralized and innovative approach to managing risk. The Risk Management Department is a dedicated resource with the expertise to handle all matters related to insurance coverage, claims, legal, safety, and loss control. This department offers Turner’s nationwide network of business units that provide insurance quotes for its contractor-controlled insurance program, builders risk (for commercial property), worker’s compensation, general liability, and subcontractor default insurance.

 
 

 
 

Challenges

A word from Turner Construction Company

  • "Oracle Insurance Insbridge Rating and Underwriting, in addition to Oracle Documaker and Oracle Insurance Data Capture, gives us greater control to effectively support our business units.” – David Lawton, Director of Information Technology, Turner Construction Company

  • Improve rating efficiency, flexibility, and speed in providing insurance quotes to the company’s controlled insurance program customers
  • Replace company's legacy rating and quoting system with a centralized system

Solutions

Oracle Product and Services

  • Replaced a legacy rating system that relied on manually updated Microsoft Excel workbooks of rates from multiple carriers with the Oracle-based solution to enable Turner to more rapidly and efficiently modify and maintain rates
  • Delivered new functionality and scalability to meet evolving business requirements, enabling Turner to more quickly and easily update rates, executing some ad hoc changes in just minutes versus a few days with the legacy system
  • Improved productivity and enabled Turner to provide its internal and external customers with more accurate rates
  • Created, through the Web-based solution, a single source of truth for ratings, eliminating version control issues associated with distributing spreadsheets to 45 business units through the company’s intranet
  • Enabled Turner to capture a greater range of data from a wide variety of jobs, for a better understanding of associated costs and risks
  • Gained the ability to trace calculations and troubleshoot data with automated audit trails in Oracle Insurance Insbridge Rating and Underwriting and Oracle Insurance Data Capture
  • Used Oracle Documaker to provide printable documents for each project, giving the business unit the ability to analyze different insurance scenarios and costs associated with them