West Bend selected Oracle Insurance Insbridge as its personal lines rating engine because of its intuitive, easy-to-use, rules-based interface, and for its scalable engine. These features make it easier for business users, such as actuaries and underwriters, to build and manage rates without IT support – helping insurers respond quickly to market changes, effectively manage the lifecycle of a policy and meet regulatory requirements.
The company's long-term vision is to use Oracle Insurance Insbridge as the rating engine for all lines of insurance.
“Oracle Insurance Insbridge Rating and Underwriting will help us advance our mission of being the insurance company of choice for our associates, agents and policyholders. We expect the user-friendly system to improve our efficiency in managing our rating structures. This will allow us to bring new rating features to market more quickly and at lower cost, which benefits our associates, agents and policyholders. Since Oracle Insurance Insbridge is built on a service-oriented architecture, it will integrate easily with our other systems, including our policy administration system – jump starting our return on investment,” said Jim Schwalen, West Bend’s vice president, Personal Lines and Marketing.
“Oracle Insurance Insbridge helps insurers, like West Bend, to compete profitably in a changing market by enabling them to improve the speed and agility of their rating and underwriting processes. The adaptive, rules-based system places greater control in the hands of business users for expanded collaboration, greater flexibility, improved product development accuracy and faster speed to market – all prerequisites for success in today’s business environment,” said Srini Venkatasantham, vice president, Product Strategy, Oracle Insurance.