Penn National Insurance Deploys Oracle® Insurance Insbridge Rating and Underwriting as a Single Rating Engine and Improves Straight-Through Processing Transaction Rates
News Facts
Penn National Insurance, a Pennsylvania-based personal and commercial property-casualty insurance company with a network of approximately 700 independent agencies, has implemented
Oracle® Insurance Insbridge Rating and Underwriting as part of an initiative to profitably grow its personal insurance lines through greater pricing precision and streamlined transaction processing.
With Oracle Insurance Insbridge, Penn National has consolidated on a single rating engine, streamlining the rating process. Prior to the company’s Personal Lines Replacement Project, Penn National utilized a front-end entry system and two separate rating engines, which required it to rate all new quotes twice — a cumbersome process when the rating engines were not in synch.
Penn National integrated Oracle Insurance Insbridge with its Web-based agency portal and legacy mainframe-based policy administration platform to help ensure that a quote always matches the final issue price and to support seamless transactions
Since deploying Oracle Insurance Insbridge and Underwriting, Penn National:
In the first few months following deployment, nearly doubled new business quotes from independent agents compared to the previous year, with agents favorably comparing the system to those of much larger national carriers.
Improved straight-through processing (STP) to reduce operating expenses and improve service.
Increased its STP transaction rate, which it expects to continue to improve over time.
Streamlined rating system maintenance through consolidation..
Supporting Quote
• “Few mid-size carriers offer underwriting support systems that are as advanced as the system in place at Penn National,” said Bill Jenkins, chief information officer, Penn National Insurance. “For a mid-sized firm, our successful, early adoption of a service-oriented architecture is a significant competitive advantage. We integrated Oracle Insurance Insbridge with our Web-based agency portal and policy administration system to support both new business and policy changes.”
• “Oracle Insurance Insbridge enables carriers to expand their current infrastructure with a highly scalable Web-based rating, rules and underwriting system,” said Rick Connors, senior vice president and general manager, Oracle Insurance. “Penn National has taken advantage of Oracle’s best-in-class insurance business applications that can be implemented as components or a broader suite. In just a few months, the company has recognized immediate results that have had a positive impact on its business.”
Supporting Resources
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