SelectQuote Accelerates Quote-to-Issue Process and Supports Expanded Sales Volume without Increasing Operational Costs with Oracle® Insurance Data Exchange
Redwood Shores, CA - June 15, 2009
SelectQuote, a direct marketing agency for life insurance, is using Oracle® Insurance Data Exchange to streamline communication among various stakeholders in the insurance application process — driving a faster quote-to-issue process and improved closure rate.
Oracle Insurance Data Exchange is a centralized internet hub that facilitates data distribution, consolidation and sharing. It enables the exchange of secure real-time data among carriers, agencies and third parties to support straight-through processing.
SelectQuote uses Oracle Insurance Data Exchange and ACORD XML messages to integrate data streams from the various parties involved in the life insurance application process — the agency, insurance carrier, attending physician and paramedical vendors, call centers and other service providers.
This integrated approach increases visibility into the application, underwriting and issuing process and automates back-office processes to avoid costly and time-consuming data re-entry in multiple systems.
When a party involved in the insurance application process enters or updates data in their systems, SelectQuote agents can view that data via its agency management system without having to access additional applications, saving time and resources.
SelectQuote says that it has shortened the policy application and issuance cycle time by integrating critical data streams with Oracle Insurance Data Exchange.
The company has increased its sales activity without increasing operational costs or the number of staff required to support the growing team. SelectQuote has achieved this outcome through auto-population of data from third-parties, which avoids data re-entry.
Oracle Insurance Data Exchange also enables SelectQuote agents to deliver better customer service with improved visibility into the status of each application.
Subsequent implementations at the agency leverage the same standard feed from Oracle Insurance Data Exchange, thus adhering to in-good-order and compliant formats as dictated by message recipients. Adding feeds seamlessly helps reduce costs for the carrier, agency and service provider.
“Oracle Insurance Data Exchange enables us to facilitate straight-through processing cross our 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 allowed us to reduce our average policy application and issuance cycle time and increase our sales without increasing operational costs,” said Andrea Hatch, director of operations, SelectQuote.